Is the IASC being too hasty and simplistic as it rushes to meet its standard-setting schedule?
When the board of the International Accounting Standards Committee met in Beijing in July, the irony of the venue was inescapable. Financial reporting in China is a mare's nest and any attempt to use Chinese financial accounts for investment or comparison purposes is doomed. Most listed companies present two sets of accounts - one drawn up according to Chinese practice, the other in line with international conventions. There is often little accord between the two and it is not uncommon for
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