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Chinese GAAP VS US GAAP
Transcript of Chinese GAAP VS US GAAP
How is China Ruled
The government has three branches which are the: legislative, executive, & judicial.
Chinese History and Culture
Growth of China
founded by Confucius
Key doctrines are Obedience, Nonviolence and living a virtuous life
created by Lao Zi
virtue of Wu Wei (non action), Let things go their own course
Called the “Cradle of Chinese civilization”
The economy became extremely developed. Chang’an, the capital of Tang, was a center for international trade.
Foreigners bring products and goods through Silk Road from Europe
Americans of Chinese descent, including those with partial Chinese ancestry constitute 1.2% of the total U.S. population as of 2010. According to the 2010 census, the Chinese American population numbered approximately 3.8 million.
China education system is the largest in the world.
Education is required and free for chinese citizen age 6- 15.
All children get a primary and middle school education
China's Economic Model
US GAAP vs. PRC GAAP
PRC GAAP VS.US GAAP
Trade and Exports
Foreign Direct Investment
Chinese Economy Growth Model
Rule-based versus Principle-based
Presentation of Financial Statements
Reversal of Inventory Write-downs
Corruption and Fraud
Increasing labor cost
Shortage of Mgmt and skilled workers
Business Risk and HR Issue
TANG DYNASTY (618-907AD)
Originated from India and spread to other countries in Asia
Silk Road （138-126BC)
Non State Actors
Case - WTO
Open Accounting Market
Influence on Chinese Accounting System
Impact of Globalization on China
Consumer Revolution of the 1970s and 1980s
Relatively egalitarian distribution early-on
Growing portfolio of US debt
The Bad and the Ugly
Foreign direct investment created regional disparities
Export-driven industrialization led to marginalization of factory workers
Income gap between rural and urban areas grew from 1.8 in the late-1980s to more than 3 today
Negative environmental impact, especially on air quality