New Accounting Standards Adoption effect Chinese firm's culture

Kwak Jae won

doi:10.18212/cccs.2009..14.016

Adoption of the New Chinese Accounting Standards (reflect IFRS(International Finance Reporting Standards)) is expected not only to affect preparation and reporting of financial statements, but also to influence firms ' culture in general such as accounting process, information system, and personnel organization significantly. Unfortunately, companies and accounting firms are likely to fail to precisely predict amounts of impact caused by changes such as consolidated finance statements, valuation method, accounting event management and so forth. Companies need to minimize impact of New Chinese Accounting Standards and its risk by taking advantage of experience on Financial Group's Multi-GAAP conversion and benchmarking the best practices in Europe & China's subsidiary company. This study attempts to infer the risk of potential impact of New Chinese Accounting Standards adoption on firms ' financial statements and accounting transparency from analyzing the financial statement data of china's famous Bank case which already adopted the IFRS & New Chinese Accounting Standards. Also provides companies with 4 strategy plans -Unification, Accuracy, Timeless, Effectiveness- (with Critical Success factor)in order to effectively comply with timely financial report disclosure. Unless we do not fully recognize and are not well prepared for such risk and success factors of New Chinese Accounting Standards adoption, further would notice best way for accounting transparency in the global market.

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REFERENCES (33)
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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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