In 2005, China announced plans to "agree with", but not fully adopt IFRS. China has also started to lobby for changes in the specific provisions of IFRS, such as the disclosure of related party at the state-owned enterprises in order to bring them in line with Chinese interests. The accounting system in China has undergone significant reform over two decades, when its economy grew to become the fourth largest in the world. However, compliance with accounting standards remained weak, the financial system was relatively immature, and large state-owned enterprises continue to dominate many sectors of the economy. "Hide
by Karthik Ramanna, GA Donovan, Nancy Hua Dai Source: Harvard Business School 16 pages. Publication Date: 09 November 2009. Prod. #: 110037-PDF-ENG
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