Category: Business

  • Oprah Winfrey

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  • Lehman Brothers Too Big to Fail

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  • Cola Wars Continue Coke and Pepsi in 2010

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    IFRS came into China in April 2015. The implementation process was slow at first. For the first few months, there were significant changes in financial reporting policies. The new accounting standards required that the Chinese companies have a “debt-free” or “negative net income” position. This change made it very difficult for Chinese companies to borrow capital. Many Chinese companies initially refused to adopt the standards. This is because they believed that it was against their national interests. They had a long-standing tradition of promoting domestic equities and preferring local lenders

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    The impact of international financial reporting standard (IFRS) on Chinese financial industry and company’s behavior has been extensively discussed in literature. However, Chinese companies’ application of IFRS in financial reporting and accounting is still a developing area of interest to academics, investors, and practitioners. The objective of this paper is to evaluate the impact of IFRS on Chinese financial industry by examining the reporting systems of China’s listed companies and compare them with IFRS standards in other Asian markets. 1. Background Foreign private issuer (FPI)