ACC 002 Chinese national accounting standards with International Financial Reporting Standards (IFRSs) – [Solved Assignment]
Trends in Contemporary Accounting Coursework Brief – Individual Assignment Due Date: Sunday 29 May 2022, 23:59 (11:59pm) Answer BOTH questions Question 2 (word limit: maximum 800 words) China’s rapid economic growth in the past decades has amazed the rest of the world. China’s influence on the world’s economy continues to increase. China fully understands that a sound financial-reporting system plays a key role in the process of economic development. The Chinese Ministry of Finance (MOF) has set itself the objectives of fostering investors’ confidence in financial information, increasing transparency of financial-reporting, and harmonising Chinese national accounting standards with International Financial Reporting Standards (IFRSs). Since then, China has already made significant progress in harmonising Chinese accounting standards with IFRSs. Adapted from: https://www2.deloitte.com/cn/en/pages/audit/solutions/financial-reporting-mainland-china.html Evaluate the benefits for Chinese Accounting Standards (CAS) to converge with IFRS. (100 marks)
