Us Gaap vs. Prc Gaap

Topics: Generally Accepted Accounting Principles, Balance sheet, Financial Accounting Standards Board Pages: 4 (276 words) Published: October 8, 2008
US GAAP vs. PRC GAAP

1. Overview of US GAAP

Components of US GAAP

- Financial Accounting Standards Board / Financial Accounting Standards

- Accounting Research Bulletin

- Accounting Principles Board

- Emerging Issues Task Force

- Statements of Position from AICPA (American Institute of Certified Public Accountants)

- SEC (Securities and Exchange Commission) rules

Hierarchy of pronouncements under US GAAP

- FASB, APB & ARB

- FASB Technical Bulletin, AICPA Statements of Position, Audit and Accounting Guides, Practice Bulletins

- SEC Practice and Emerging Issues Task Force

- Others

Likely future developments

2. PRC Accounting Rules and Systems

PRC accounting regulatory system

- Accounting Law

- Regulations on Financial Reporting of Enterprises

- Accounting Standards for Business Enterprise

- Accounting system for Business Enterprise

Specific Accounting Standards

- Brief introduction on specific accounting standards

- Application scope and adoption date

- Latest supplementary regulations and Q&A enacted by the Ministry of Finance

3. PRC GAAP Vs. US GAAP

General Comparison

- Accounting period

- Accounting books and records

- Bad debt provision

- Inventory

- ……

Deferred Tax

- China:
choose between Tax Payable Method and Tax Impact Accounting Method (including deferred method and liability method)

- US:
Determine the temporary difference, recognise the deferred tax assets and liabilities …..US: Determine the temporary difference, recognise the deferred tax assets and liabilities …..

Employee Benefit

- Defined contribution plan

- Defined benefit plan

Stock Option

- Intrinsic value

- Fair Value

- Compromise

- Latest development

Impairment

- China:
Triggers of impairment test and accounting treatment Reversal of impairment provision

- US GAAP:
Triggering event
Determine the minimal cash generating units (CGU)...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Ifrs, Us and Prc Gaap Essay
  • Ifrs vs Us Gaap Essay
  • Ifrs vs Us Gaap Essay
  • IFRS Vs US GAAp Essay
  • Gaap Essay
  • US GAAP vs IFRS Essay
  • US GAAP vs IFRS Essay
  • Mexican Gaap vs Us Gaap Essay

Become a StudyMode Member

Sign Up - It's Free