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    STUDIA NEGOTIA - Issue no. 2 / 2003  

  Abstract:  The Accounting System in China is all about changing everything and not so much in the same time. This article talks about the struggle to overcome cultural, political and social constraints on implementation and development of a true and in depth accounting reform. A comparison between the current Chinese practices and the International Accounting Standards is really not an easy task to carry out. Some experts say that the main problem with China`s Accounting System is not the standards themselves but the way they are implemented in the real life situations.Regardless of whether there is a problem of standards or application of standards, answers to the major problems that this article mentions must be found. If China wants to continue receiving foreign investments and international aid, then it must develop meaningful financial reporting. If China is to continue to utilize the international financial reporting system as base for its own, as well as simultaneously applying a true and transparent social, economic and political reform, then this will be a good start.  
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