Conclusions

To cope with modern business management and funding requirements, the internationalization of accounting standards of principles is becoming more important as it facilitates the provision of reliable and comparable information to both domestic and overseas investors. A system of auditing will undoubtedly enhance the reliability of financial statements. In view of the rapid development of accounting reform in China, the above is only a representation of the latest information available at the time of writing and it is recommended that professional advice should be sought on the latest position before making any business commitments.