Comparison of Accounting System - 3708 Words

Comparison of United States, United Kingdom, and Chinese Accounting Systems, Accounting Standards, Accounting Practices This report discusses the accounting practices of the following countries U.K, U.S.A and China. An analysis of these different accounting systems will be conducted on issues such as the growth and background, social, economic and fiscal pressures that have led to each nations current characteristics. Concluding on the direction each nations accounting systems and practices seem to be heading towards. Introduction The main characteristics of U.K accounting is that it is highly dominated by organised accounting profession, which only relate to limited liability companies, no other such entity. A separate fiscal†¦show more content†¦The three government entities in China that are involved in regulating the accounting sector include the following: MOF - Ministry of Finance CSRC - China Securities Regulation Committee CICPA - Chinese institute of certified public accountants From the above three the MOF governs the accounting law therefore one could say is the key factor that dictates the sector. The MOF has also received loans from the World Bank to reform the accounting profession and to extend the accounting statements in China. Company Law and Standards The UK have developed and issued only a few number of accounting standards. The standards that have been introduced evolve around the set of forth-broad principles. The main current legal instrument used in the U.K to govern the accounting practices of limited liability companies is the Companies Act 1985 amended in 1989, introducing provision of the EC 7th directive. Reporting requirements in the U.K are governed by the FRS (financial reporting standards) issued by the ASB (accounting standards board) that introduce the basic provisions contained in company law in the U.K The companies act consists of a number of statutes which broadly govern the activities of U.K companies. These acts are frequently updated and amended therefore seem to be developing further. The major change seen in the Companies act which was consolidated in 1985 and revised in 1989, was that small and medium sizedShow MoreRelatedKudler Fine Foods - Accounting System972 Words   |  4 PagesFine Foods - Accounting System Eric Raymond BSA/310 September 3, 2012 Dr. Marcia Reid Kudler Fine Foods - Accounting System The purpose of this paper is to describe the value of a new accounting system for Kudler Fine Foods. The author will cover the key features, core technology, benefits, and cost of the proposed system. 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