The convergence of international financial reporting standards in China: A view on the influence of political ideology on Chinese accounting profession
Despite the debates over the merits and feasibilities of global accounting standards in many years, the spread of multinational operations and the flourish of global capital markets have summoned more and more nations to either adopt International Financial Reporting Stmdards (!FRS), or to base their local stmdards on !FRS. China, as the world's fonrtb-biggest economy, has turned ally since the MinistIy of Finance (MOF) of China released the new Chinese Accounting Stmdards (CAS) in February 2006, which have become mandatory for all1isted companies after January 1, 2007. The new CAS substantially changes the nation's old accounting system and covers nearly all topics under the current IFRS literature (pricewaterhouse Coopers 2006).
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