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ACCT 301 DB1 Reply

Group Discussion Board Forum Instructions

For this collaborative discussion board, the instructor will place you into a group at the beginning of the course. You will create a thread in response to the provided prompt for each forum. Each thread must be at least 500 words and demonstrate course-related knowledge. You must support your assertions with at least 2 citations other than the textbooks; the Bible may be 1 of those sources. The composition must be attached as a word document within a new thread of the forum. Put the chapter and case in the subject line of your thread, as in “Chapter 1 Case 1-1.” In addition to the thread, the student will reply to the thread of at least 1 classmate. The reply must be at least 250 words. Citations for the replies are not required, but are encouraged. Everything must be in current APA format.


Note: Due to constant updates and revisions, you must always consult the most current style guide in completing citations and formatting. The sample provided is the work of a student and must not be used as an official sample.


Submit your thread by 11:59 p.m. (ET) on Thursday of the assigned modules/weeks, and submit your reply by 11:59 p.m. (ET) on Monday of the same modules/weeks.



Caitlin Mudd

RE: Research 1-5, #1



Research Case 1-5 – Institutional factors influencing China’s accounting reforms and standards; research an article in Accounting Horizons


Requirement 1

?????????????????????????????????? From Jerry Falwell Library database, I could obtain a digital copy of Bing Xiang???s article in Accounting Horizons, ???Institutional factors influencing China’s accounting reforms and standards??? (Xiang, 1998). The article analyses the economic reforms in China when they adopted the International Accounting Standards. Xiang briefly describes the economic reforms that led to increase external reporting in China. Xiang also goes into detail about the development of the reform, the accounting reforms in China since the 1980???s, and asses the accounting standard in its relation to China. Xiang also debated the topic of the International Accounting Standard and the reasons that the International Accounting Standard could potentially cause problems for China.

Requirement 2

?????????????????????????????????? In 1978 China migrated to an ???open door??? policy initiating a transition from a command economy to a market economy. This change caused the structure of the industrial and commercial enterprises in China to become more diverse. Also changing the State enterprises to decrease, leading to much of the industrial output to be produced by non-state enterprises. These changes have reshaped China???s accounting atmosphere and ???have resulted in a fundamental change in the role of financial reporting in China??? (Xiang, 1998). On July 1, 1993 the Accounting Standards for Business Enterprises enforced a regulation that changed China???s conceptual framework. This reform has transformed China???s accounting from a rigid and uniform system to an Anglo-Saxon approach to reporting. ???China furthered its accounting reform in 1992 with the enactment by the Ministry of Finance of two sets of new accounting regulations??? (Xiang, 1998) going into effect on July 1,1992 it changed the rules so that they are applied to all enterprises that involved foreign investments. This reform broke the connection between financial accounting and taxation and brought accounting for China to conforming with international practices.



Requirement 3

?????????????????????????????????? Xiang states in the article that he does not believe that International Accounting Standard is the right choice for China and the SOE???s. Xiang states that ???certain salient attributes of China’s accounting environment deviate sharply from what is typically presumed under International Accounting Standard??? (Xiang, 1998) the most crucial difference being the lack of professional independent audits. The enforcement of standards and of professional independent audits are two critical issues in international auditing (Stamp and Moonitz 1982).???????? The reason that audits are going to be an issue in China is because auditing of the SOEs are conducted by firms that are state audit bureaus or state-owed bureaus. These bureaus are often owned by the same firm in which they are auditing. These auditors might often bend the rules to please their owners or for their own benefit and ???bear little economic consequences for their improper auditing behavior??? (Xiang, 1998). ????Another aspect that halts development is the shortage of accounts and auditors in China. It is estimated that the reform will need a substantial increase of additional accountants and auditors.


Our structure. (n.d.). Retrieved August 31, 2017, from http://www.ifrs.org/about-us/our-structure/

Spiceland, J. D., Sepia, J. F., Nelson, M., & Thomas, W. (2017).??Intermediate accounting. Dubuque: McGraw-Hill Education.

Xiang, B. (1998). Institutional factors influencing china’s accounting reforms and standards.??Accounting Horizons,??12(2), 105-119. Retrieved from http://ezproxy.liberty.edu/login?url=https://search-proquest-com.ezproxy.liberty.edu/docview/208911562?accountid=12085



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