Abstract
As the global economy becomes more integrated, Chinese Accounting Standards (CAS) are gradually moving towards convergence with International Financial Reporting Standards (IFRS). So far, CAS and IFRS do still have a number of variations including content, format and setup mechanisms. This paper analyzes three main differences in the content between CAS and IFRS regarding the financial instrument, biological asset, and lease measurement. These differences may cause problems for international practitioners and investors. In addition, the paper discusses the influences of the global convergence of CAS and the challenges faced by the technology industry, listed companies, and government. It is recommended that China need to consider the domestic economic situation and policies when adopting IFRS, and properly adjust the content of the standard accordingly, so as to better meet the domestic needs and development prospects. And industries should balance convergence and market challenges and work together to shape a practical and comprehensive China accounting system to enable China to develop globally further.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Advances in Economics, Management and Political Sciences
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
