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Development of Accounting Systems in China

Abstract This report put the accounting development in China into perspective. Describe the history and changes in the accounting environment of China during the recent economic reforms by using the Grey’s (1988) accounting value to analyzing the culture impact on accounting system’s development in China, and then, illustrate the institutional and environmental factors which driven China’s accounting system made changes, the reasons of those changes and then describes the major problem in China’s accounting development as well as to point out whether would be changes in the future.
Introduction This report is aim to describe the development of accounting system in China, including the history of China’s accounting except Hong Kong, the ‘one country, two systems’ policy allowed Hong Kong remain its market-led capitalist system. Then, it would describe the traditional use of accounting and the factors that influenced China’s accounting development as well as what the changes it has made what the major problems that China has face in developing the accounting system. Then, it would discuss whether China would have further changes of accounting system in the future in my opinion. There has a conclusion in the end.
Country profile China had more than 1.34 billion population at the end of 2010. National Bureau of Statistics (NBS) announced China’s GDP reaching 39.79 trillion yuan (approximately 6.04 trillion US dollars) over the course of 2010. (Du Xiaodan, 2011

Accounting and Finance Degree Reflection

Accounting has always been an interest of mine. Since I was a child, I have always been good in calculation, which makes it clearer that accountancy would be a good choice. After years of studying it, I realised accounting is not only about numbers but theory that require various skills in order to perform a good accounting. The increase number of students in the accounting field has made employment extremely competitive. Major findings suggest that, employers require a broad range of generic and professional skills in graduates to add value to business. In the past, generic skills was broad in that it was usually associated with those skills developed outside the ‘technical curriculum.’ More recently the scope of the term generic skills has extended to emphasize relevance to graduate outcomes in terms of the world of work and, more specifically, employability (Barrie, 2004). The mixture of skills is necessary by the employers as it helps them solve the diversity of business challenges.
Generic and professional skills that employers require The embedding of generic and professional skills in higher education curriculum has been of interest for many years. Skills are important for life-long learning and employability. B. Jackling and P. De Lange (2009) suggested that the skills most desired by employers include communication skills, analytical skills and team skills.
Communication skill is particularly essential to accounting profession for which interaction between the providers and the recipients of information. For accounting it is important to starts with gathering and processing of information and end with communication of processed information. Previous research shows that accounting graduates experience communication problem in early employment (McLaren, 1990: Pattern and Williams, 1990). Despite that accounting curriculum has positively contributed to the development of written communication skills (Zaid, O. and Abraham, A. 1994)
Analytical skills is relating to using analysis or logical reasoning to solve a problem. It is the ability to visualize and solve complicated problems while making accurate and informed decision. Employers are looking for people that are able to think critically and its consequence. For example, one could be good at spread sheets, can manipulate data effectively but they aren’t good at figuring out whether the information is reasonable or realistic (Ballantine, J. A.