Chinese accounting standards are converging with International Financial Reporting Standards, but there are still differences in practice, according to a new study by the Institute of Management Accountants.
The report, "Costing Methodologies and Cost Management Practices in the Peoples' Republic of China," found that the adoption in 2006 by China of the Accounting System for Business Enterprises has created substantial convergence of Chinese accounting standards with IFRS. However, while companies are largely following Chinese accounting regulations, there is still diversity in actual practice, including costing practices.
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