What recommendations would you make to Big Four firms to help them (1) avoid confrontations with governmental officials in an
What recommendations would you make to Big Four firms to help them (1) avoid confrontations with governmental officials in an authoritarian society and (2) deal effectively with such confrontations that do arise?
In 2005, the MOF announced that it was working with the International Accounting Standards Board (IASB) to converge CAS with International Financial Reporting Standards (IFRS). The deadline for completing this convergence process was extended on multiple occasions, but the process was ultimately expected to be completed no later than 2012.
Most Chinese business organizations were required to adopt the revised CAS. The IASB reported that it would help Chinese officials develop IFRS-consistent CAS to meet the special needs of China's economic system, including an accounting standard addressing the controversial issue of disclosing material related-party transactions.
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