Specifics of reforming the Chinese accounting and financial reporting system in the public sector
Importance The article analyzes the process of reforming the accounting and financial reporting system in China starting from 1978. Objectives The research identifies the specifics of the Chinese accounting and financial reporting system development after the openness reforms; possible ways of developing the Chinese accounting system; the way of correlation with IFRS and the specifics of the current step of the accounting and financial reporting improvement in the public sector. Methods I formulate the specifics of the issues by analyzing the principle clauses of legislative documents, theoretical stances of researchers in terms of retrospect and future, and my own conclusions. Results The article indicates key approaches to reforming the Chinese accounting system, and the accounting system for the public sector, in particular, and formulates the specifics and prospects of development. Conclusions and Relevance Currently China and Russia are reforming their national systems of accounting and financial reporting, and bringing them consistent with international standards. The results can be applied to the process of reforming the Russian accounting system, which is still under development, borrowing and adapting practices of reforms from other countries.