Journal Article

Accounting for the Chinese context: a comparative analysis of international and Chinese accounting standards focusing on business combinations

Yuri Biondi and Qiusheng Zhang

in Socio-Economic Review

Published on behalf of Society for the Advancement of Socio-Economics

Volume 5, issue 4, pages 695-724
Published in print October 2007 | ISSN: 1475-1461
Published online October 2007 | e-ISSN: 1475-147X | DOI: http://dx.doi.org/10.1093/ser/mwm015
Accounting for the Chinese context: a comparative analysis of international and Chinese accounting standards focusing on business combinations

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This paper aims at understanding the recent evolution of Chinese accounting standards while focusing on accounting for business combinations as a case of reference. A comprehensive comparative analysis between the standards of the International Accounting Standards Board and Chinese accounting standards is provided, based upon a dualistic approach towards two opposing perspectives of accounting, static (fair value) and dynamic (matching based). The comparison casts doubt on the ultimate convergence of Chinese and international accounting standards. Main differences remain and are explained by taking into account: (i) the special Chinese context, (ii) the massive industrial development experienced by business enterprises in China and (iii) the dynamic accounting perspective that leading accounting theorists and Chinese regulatory authorities agree with and wish to encourage.

Keywords: accounting; corporate finance; China; international standards; business combinations; G34 corporate finance and governance; mergers; acquisitions; M41 accounting; O16 economic development; financial markets; saving and capital investment; corporate finance and governance

Journal Article.  11683 words. 

Subjects: Moral Philosophy ; Corporate Social Responsibility ; Welfare Economics ; Political Economy ; Economic Sociology

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