IFRS in China
Posted: 19 May 2010
Date Written: November 30, 2009
Abstract
In 2005, China announced plans to "converge with," but not completely adopt, IFRS. China also began to lobby for changes to specific IFRS provisions, such as for related party disclosures by state-owned firms, to bring them more into line with Chinese interests. China's accounting system had already undergone significant reforms during the two decades when its economy had grown to become the fourth largest in the world. However, enforcement of accounting standards remained weak, the financial system was relatively immature, and large state-owned firms still dominated many sectors of the economy.
Suggested Citation: Suggested Citation
Ramanna, Karthik and Donovan, G. A. and Dai, Nancy, IFRS in China (November 30, 2009). HBS Case No. 110-037, Harvard Business School Accounting & Management Unit, Available at SSRN: https://ssrn.com/abstract=1611221
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