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Comparitive Term Paper on US, UK, and China Accounting

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 accounting has been developed entirely from commercial accounting. Public sector in the U.K follows its own different rules in accounting.

U.K was one of the initial and first countries in the world to develop and have Companies acts containing provisions and also one of the first professional accounting bodies was established in the U.K. Professional accountants and company law play a key role in dominating the U.K corporate financial reporting and play a significant influence varying from external and domestic factors. Britain's financial market is structured around a "capital financial market based financial system" where the stock market funds large scale businesses, trading securities and pricing role. The stock exchange and taxation system have very little influence in financial reporting. Having said that, the stock market has involvement in developing financial reporting standards for listed companies. Although U.K seems to have developed its own companies act and regulations, it still has received indirect foreign influence from member states of the European union through EU directives and from U.S.A with their new accounting standards.

Financial reporting and accounting in the U.S.A seems to have a large and dominant influence on accounting in the world today with its largely consistent standards promulgated by the international accounting standards committee. However, the U.S.A accounting is very similar to U.K accounting due to the fact that us accounting was initially an export from the U.K, which is often known to be the funding fathers of US accounting. For example many of the largest accounting firms in the US such as Ernst & Young and ICPMG were expatriate Britain.

The U.S.A has taken that initial guidance and is becoming the accounting sector leaders in their accounting standards by exploring and developing rapidly in the accounting field. Standards have become largely voluminous and detailed due to the...

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