China GAAP vs US GAAP
Though basic principles of accounting remain the same the world over, region specific cultural influences and centuries old practices of accountants tend to make minor differences in the manner in which accounts are kept in a particular country. It is the intention of International Financial Reporting Standards (IFRS) to have universally accepted and practiced Generally Accepted Accounting Principles (GAAP), there are differences in China GAAP and US GAAP that have at time lead to a war of words between the two parties. This article will attempt to look at some of these differences as it is not possible to analyze both GAAP in totality in a small article