IASB China

Sometimes wonder why China, which could be setting its own accounting standards for the foreseeable future, supports International Financial Reporting Standards, as established by the International Accounting Standards Board. The ultimate power to set accounting standards, which is a legislative act, rests with the state. A one party state would appear to be disinclined to see such power eroded through adherence or accommodation to international accounting standards.

Then sometimes wonder if it is not so much an erosion of state power, as actions in furtherance of expanded global influence. Who controls the International Accounting Standards Board? China is represented on the Board; Canada is not.

Advertisements

About brucelarochelle

Practising Lawyer and Part-Time University Instructor (Accounting, Commercial Law, Organizational Behaviour); Part-Time Federal Tribunal Member. Non-practising Chartered Professional Accountant (Chartered Accountant and Certified Management Accountant).
This entry was posted in Accounting Issues, China. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s