Perspectives on Accounting and Finance in China 1st Edition by John Blake, Simon Gao 0415834570 9780415834575

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ISBN 10: 0415834570

ISBN 13: 9780415834575

Author: John Blake, Simon S. Gao

The rush of entrepreneurial activity in China has been watched with interest by the financial world. This book, the result of an international symposium on Chinese accounting and financial management, assesses the little-known accounting scene in China which up until 1978 remained behind closed doors. Divided into four sections, the volume covers: Chinese perspectives on accounting the business and financial structure of China, including the re-emergence of a Chinese stock market the regulatory framework of accounting in China and comparisons with international accounting standards; the impact of current reforms in Chinese accounting practice the emergence of a new accounting profession in China. The concluding chapter provides an overview of the cultural context of the reforms which took place in the 1990s. By using comparisons with other Asian countries’ accounting systems, like Taiwan, the contributors to the volume give an analysis of the state of accountancy in China during the 1990s.

Perspectives on Accounting and Finance in China 1st Table of contents:

Part I Introduction

Chapter 1 A Chinese Perspective on International Variations in Accounting
Introduction
Fund Management Accounting
International Variations in Accounting
Sources of finance
Economic environment
Economic consequences
Nationalism
Other country influences
Tax accounting link
Different user groups
Legal context
Language
Influence of theorists and professional bodies
History
Ideology
Conclusion
References

Chapter 2 Accounting in China: Developments and Opportunities
Introduction
An Overview of the Traditional Accounting System in China
The background
Impact of economic reform
Phases of the Accounting Reform
Phase 1: Recognition of equity joint ventures
Phase 2: Recognition of domestic share capital enterprises
Phase 3: Issue of accounting standards
The Standards Setting Process
The Accounting Profession in China
Co-Operation Between Chinese and Foreign CPA Firms
The establishment of foreign public accounting firms in China
The work of the international accounting bodies
The Risks and Rewards
Conclusion
References
Chinese publications

Part II Business and Financial Structure

Chapter 3 Joint Venture Legislation in China
Introduction
The Legislative Framework
Recent Developments
The Legal Characteristics of Equity Joint Ventures
The Legal Characteristics of Wholly Foreign-Owned Enterprises
Other General Provisions for Joint Ventures
An International Comparison
Simultaneous liberation and decentralization
Devoting more attention to investment incentives
Harmonizing with international practices
Differences Between Intention and Practice
Implications and Suggestions
References

Chapter 4 Corporate Investment in China: More Problems Than Solutions?
Introduction
Chinese Encouragement of Foreign Investment
Forms of Investment
Wholly foreign-owned ventures
Equity joint ventures
Contractual joint ventures
Joint development
Compensation trade
Processing and assembling
Reasons for Investing in China
Strategic
Looking for new markets
Looking for new sources of raw materials
Raising the efficiency of production
Market Related
Domestic market attraction
Market and customer knowledge
Service industries
Service of third country markets
Production Related
Cheap land and low wages
Raw materials
Special incentives
Tax incentives
Preferential treatment
Potential Problems
Bureaucracy and time delays
Incomplete regulatory and legal framework
Lack of reliable statistics
Evaluation of the respective contributions
Supply of raw materials
Quality of finished product
Infrastructure deficiencies
Transport
Communications
Energy
Labour availability and quality
Management style differences
Cultural differences
Remittance of profits
Expatriate working and living conditions
Identifying the approval authority
Difficulty of liquidating
Conclusion
References

Chapter 5 Chinese and Western Stock Markets: International Influences and Development
Introduction
The Development of Chinese Securities Markets
Foreign Investment in China
Comparison of Chinese and Western Securities Markets
Auditing, Accounting, Disclosure, and Reporting Standards by Listed Companies
Supply of Stocks
Development and Professionalism of the Securities Industry
Information and Communication Systems
Trading Floor Supervision
Conclusion
Bibliography

Chapter 6 Re-emergence of the Chinese Stock Market
Introduction
The Economic and Financial System in the Pre-Reform Period
Economic and Financial Reform
Development of Financial Markets
The Emergence of the Stock Market in China
History of China’s Stock Market
Re-emergence of the Stock Market
Re-emergence of Share and Bond Markets
The Primary Market
Secondary Market
The Role of the Stock Market
Role of a Stock Market in the Economic Reform
The Role of the Stock Market in Corporate Finance
Current Practice of the Stock Market
Characteristics of the Market
Market Operation
Trading Activities
Depth of the Market
Market Performance
Indices
Returns and Risks
Regulation and Supervision
Summary
Problems and Future Prospects
Accounting and Disclosure Standards
A Shares vs. B Shares
Illegal Trading
Future Prospects
The Infrastructure of the Stock Market
Further Reform of the Financial System
Deepening of the Economic Reform
Conclusion
Notes
References
Bibliography
Books
Articles
Articles Published in China
Publications from Government and Other Organizations

Chapter 7 Current Financial Problems and Reforms in China
Introduction
Literature Review
Factors Contributing to the Crisis
The Recent Reforms
Separation of Ownership and Management of State Enterprises
Lessening Price Control
Legislation on Land-User’s Right
Improving the Banking System
Establishing Money and Capital Markets
Allowance for Merger, Consolidation, and Reorganization
Conclusion
References

Part III Developments in Accounting Regulation

Chapter 8 Developments in Accounting Regulation
Introduction
Forces Affecting the Setting of Accounting Standards
The First Step
The Second Step
Setting Accounting Standards
Accounting Standards for Business Enterprises
Conclusion
References

Chapter 9 The New Accounting Standard in China: A Critical Analysis
Introduction
Main Contents and Characteristics of the Accounting Standard
Main Changes in Accounting Practices Through This Standard
Basic Accounting Equation
Financial Management
Manufacturing Cost Method
Conservatism
Financial Reports
Bookkeeping Methods
The Impact of Parochial Factors on Accounting Standards
Economic Development
Foreign Investment
Reforms of the Enterprise Structure
The Diversity of Ownership and the Stock Exchange Markets
Other Factors
Comparison with Western Experience
Procedures to Develop Conceptual Frameworks
Contents of Conceptual Framework
Predictions of Further Chinese Accounting Reforms
Conclusion
Notes
References

Chapter 10 The Chinese Approach to Accounting Standards and a Conceptual Framework
Introduction
An Introduction to BAS
Objectives of the Statement
Postulates
Objectives of Financial Accounting and Reporting
Accounting Principles and Qualitative Characteristics
Elements of Financial Statements
Recognition
Measurement
Financial Statements
Changes Proposed and Their Implications
Domestic Harmonization
International Harmonization
Market Economy Orientation
BAS as a Conceptual Framework
Framework vs. Standard
User Information Needs and Objectives
Qualitative Characteristics
Balance Sheet Centred Approach vs. Income Statement Centred Approach
Measurement System
Capital Maintenance
Conclusion
Notes
References

Chapter 11 A Comparison of International and Chinese Accounting Standards
Introduction
International Accounting Standards
An Abbreviated History of Chinese Accounting Development
Chinese Accounting Before 1949
Chinese Accounting 1949–78
1949–57: New Accounting Systems Established
1958–61: Set-backs for Accounting Development
1962–June 1966: A Renewed Emphasis on Accounting
July 1966–1978: The Effects of the Cultural Revolution
Chinese Accounting History 1978–93
1978–88: The Role of Accounting Reasserted
1988–93: The Development of Modern Chinese Accounting
Summary
Chinese Accounting Standards and Financial Regulation
Accounting Standards
Financial Guidelines for Business Enterprises
The Relationship Between Accounting Standards and the Financial Regulations
The Future of Accounting Standards in China
Comparison of Chinese and International Accounting Standards
General Approach
Examples of Individual Areas of Accounting Treatment
Depreciation
Unusual Items
Contingencies and Events Occurring After the Balance Sheet Date
Accounting for Leases
Accounting for Group Interests
Valuation of Inventories
Conclusion
References

Part IV Developments in Accounting Practice

Chapter 12 The Development of the Computerization of Accounting in China
Introduction
Current Developments in the Computerization of Accounting in China
Current Problems in the Computerization of Accounting Information in China
Lack of Macro-Management
Lack of Qualified Personnel Plus Limited Availability and/or Underuse of Equipment
Insufficient Commercialization of Accounting Software
Lack of an Internal Control System
Incompatibility of the Traditional Accounting System and Computerization
Lack of Long-Term Planning in the Application of Accounting Software
Lack of Attention to Computer Auditing
Further Measures
Prospects for the Computerization of Accounting in China
References

Chapter 13 Accounting Research in China
Introduction
General Observations
The Change from Pure Theoretical Research to Applied Theoretical Research
The Minimal Effects on Practice of Research Results
Lack of Sound Methodology in Accounting Research
Some Data on Accounting Research in China
Recommendations for Improving Accounting Research in China
Bibliography

Chapter 14 The Trend of Accounting Reform in China: Issues and Environment
Introduction
Economic Environment
Political Influences
Accounting Reform
Establishment of a Socialist Market Economy
Increasing Internationalization
Changes in Legislation
Progress to Date
Conclusion
Notes
References

Chapter 15 Chinese Accounting Reform: Reasons and Effects
Introduction
Analysis of Reasons
Economic Reform
Academic Research and Education
Legal and Political Influences
Assessment of Effects
Financial Reporting
Management Control
International Influence
Conclusion
Notes
Appendix
References

Part V Developments in the Accounting Profession

Chapter 16 China’s CPA Examination: Preparing for the Expanding Profession
Introduction
Historical Development
China’s CPA Certification
Certification by Evaluation
Certification by Examination
Certification Processes in Hong Kong and China
Analysis and Recommendation
Changes in the CPA Examination
Conclusion
References

Chapter 17 Accounting Education and Practice in China: Perceived Problems and Solutions
Introduction
Background
Problems in Accounting Education
Accounting Curriculum
Links Between Accounting Education and the Accounting Profession
‘Political Accounting’
Students’ Expectations of Prospective Employers
Conclusion
Notes
References

Chapter 18 The Auditing System in China and the UK: A Critical Comparison
Introduction
Historical Perspective
Expectation Gap
Audit Reports
Publication of Professional Auditing Statements
Materiality and Audit Risk
Auditors’ Independence
Personnel Shortages
Conclusion
Notes
References

Part VI An Overview

Chapter 19 Accounting in China: A Case of Vanishing Cultural Influence
Introduction
Relationship Between Accounting and Culture
Cultural Influences and Their Explanatory Value
Accounting and Its Societal Context
Culture and Accounting in Traditional China (-1949)
Theory of Opposing Yi (Justice) and Li (Profit)
Opposition of Trust and Contracts
Dogmatic Attitude
Conservative Thought
Collectivism
Religion
Chinese Culture and Accounting (1949–78)
State Theory
Class Theory
Marxism
The Cultural Revolution
Chinese Culture and Accounting (1978–92)
Chinese Culture and Accounting (1992-Present)
Conclusion
Notes
References

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