Comparison and Thinking between Conceptual Framework for Financial Reporting and Chinese Accounting Standards for Business Enterprises
Zijie Liu
Accountancy, Chengdu University of Technology, Chengdu, 610000, China
Abstract: In March 2018, IASB released the comprehensive revised conceptual framework of financial re-porting. The new conceptual framework has been redefined in many aspects such as statement elements, confirmation and measurement, and has put forward a series of new concepts, which have a far-reaching impact on the formulation of accounting standards and accounting practices in various countries. Based on the new conceptual framework, this paper compares the main differences between the new conceptual framework and China's basic accounting standards, and discusses the impact of the new conceptual framework on the formulation of China's accounting standards, so as to provide reference for further understanding and application of the new conceptual framework.
Keywords: Conceptual framework for financial reporting; Chinese accounting standards for business enterprises; Comparisoninspire