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Chinese GAAP VS US GAAP

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by

Shannon Zhao

on 9 May 2015

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Transcript of Chinese GAAP VS US GAAP

China's Political/Legal System
How is China Ruled
Communist Party
The government has three branches which are the: legislative, executive, & judicial.
Education
Yellow River

Chinese History and Culture
Growth of China
Buddhism
founded by Confucius
Key doctrines are Obedience, Nonviolence and living a virtuous life
Confucianism
Taoism
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
Feiran Chen
David Schmoeller
Yue Sha
Shuang Zhao

PRC GAAP VS.US GAAP
Trade and Exports
Private Enterprises
Foreign Direct Investment
Chinese Economy Growth Model
China
United States
Gray-Based Comparison
Professionalism
Flexibility
Optimism
Transparency

Rule-based versus Principle-based
Presentation of Financial Statements
Inventory
Borrowing Costs
IFRS-Based Comparison
Presentation of
Financial Statements
Inventory
Costing Method
Measurement
Reversal of Inventory Write-downs

Property Rights
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
Statutory Control
Uniformity
Conservatism
Secrecy

Silk Road (138-126BC)
Non State Actors
MNCs
Inter-governmental
Organizations
International Media
Religious Group
Case - WTO
Transparent Disclosures
Professionalism---Function Change
Open Accounting Market

Influence on Chinese Accounting System
Green Economy
Anti-Terrorist
Medical Assistance
Educational Assistance
Impact of Globalization on China
The Good
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

The End
Any questions?
Broader Impacts
Full transcript