Chinese firms dependant on external funding are more transparent: ACCA
An analysis of thousands of financial statements has established convincing evidence to prove that mainland Chinese companies more dependent on funding from offshore investors will provide more accurate reporting standards.
The Association of Chartered Certified Accountants (ACCA) nosed through the numbers of 10,017 companies listed at the Shanghai and Shenzhen stock exchanges between 2003 and 2009 to establish whether the convergence of Chinese Accounting Standards (CAS) with International Financial Reporting Standards (IFRS), made mandatory in 2007 to all listed companies in China, has affected overall reporting quality.
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