Changes In International Accounting StandardsChanges In International Accounting Standards

Financial institutions must analyze and study the profound changes in international accounting standards on business philosophy of financial, accounting, financial reporting, personnel training, and many of the financial regulatory system, seriously do the preparatory work.

"The current international financial situation has undergone great change, international finance and accounting areas are undergoing deep changes and adjustments. How to deal with current financial and accounting situation and how to further develop national or regional finance and accounting, to become the world's various countries and areas and concerns facing. "vice chairman of the NPC Financial and Economic Committee, former vice president of the People's Bank of China Wu Xiaoling Financial Accounting Society recently held its second seminar on cross-strait financial accounting is so said.

Round of the international financial crisis has exposed the existing international accounting standards, especially financial instruments accounting standards of the pro-cyclical phenomenon, and many other issues too complex, but also triggered the parties to the international accounting standards to improve the recognition should be timely. In response to the international financial crisis on the impact of accounting standards, International Accounting Standards Board, has also released a fair value after another, derecognition, impairment is expected to draft a series.

The seminar, experts said, a true and fair financial accounting information is not only conducive to micro-finance entities to make the right judgments and decisions, but also directly affect the macro-economic management functions of the play. The introduction of international accounting standards to improve our investment environment to attract foreign investment, and promote rapid economic growth created the conditions for stability, but how to use and play a positive role in international accounting standards, as China's financial sector had to face problems.

Taiwan's financial delegation, former president of Zhengding Wang National Chengchi University in Taiwan, said: "I hope the Chinese accounting profession to participate actively in the formulation of international accounting standards, rather than passively follow, should reflect on how to lead the development of international accounting standards to conform our needs, and to further enhance our domestic accounting standards. "

Seminar on Industrial and Commercial Bank of China Zhou Wei, deputy general manager of accounting department, said IAS Industrial and Commercial Bank produced changes in the fair value measurement on the reform of the reform of financial assets and financial assets for impairment model classification system and other aspects of the reform, which ICBC has brought financial and operational concept changes.

Deputy Secretary for Financial Accounting Society of China, China Banking Regulatory Commission, said Hu Yongkang, deputy director of accounting department, accounting standards reform has become an important international bank regulatory reform component. In recent years, China Banking Regulatory Commission to adapt to the reform and development requirements of accounting standards, and improve macro-prudential supervision, improve the provision for forward-looking provision, development of the dynamic nature of the provision provision provision for regulatory policy, accounting standards to eliminate loss model has the defect occurred. Strengthening the fair value of the prudential supervision by the banking supervision and improve the fair value of financial institutions, content management and control, strengthening of information disclosure to ensure the reliability of fair value and prudence. In addition, strengthening the external audit supervision and strict external audit small and medium banks access conditions, and promote improved audit quality.

However, the financial industry in response to changes in international accounting standards, there are many challenges Shihai. From the cross-strait securities, insurance and accounting firm representatives concluded that the fair value of the current access to and use the difficulty of surviving in the larger, provision for the impairment is also a lack of objective measurement basis. In addition, accounting standards, the existing tax law changes and some differences arise, making the accounting firm grasp of international accounting standards need to update the time; financial institutions also need the technology development, process improvement and staff training, pay a greater cost, that provide support for the implementation of new guidelines.

The experts and scholars also regulatory authorities and financial institutions how to adapt to requirements of international accounting standards recommendations: Financial institutions must be theoretical and technical aspects, a profound analysis and study of international accounting standards change on the financial enterprise management, accounting, financial reporting, personnel training, and many of the financial regulatory system, seriously do the preparatory work. As a regulator, the next step is to make preparations for theoretical research and analysis, positive response to the reform of accounting standards of China's financial sector. Continue to study and improve the supervision of the financial accounting policies, on the one hand to ensure the effective implementation of the reform guidelines; the other hand, the prudent accounting standards to make up for possible deficiencies. Changes in accounting standards for an adjustment of the regulatory policies, promoting the sound operation of China's financial industry. In addition, the need to strengthen financial regulators, accounting standard-setting department, tax department and financial communication and coordination between enterprises, monitoring standards and accounting standards to achieve positive interaction, tax regulations and accounting standards to achieve coordinated development.
by Himfr Tian
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