China Petroleum and Chemical Corporation

Comparative Accounting 329 7. This chapter describes the mechanisms in place to regulate accounting an\ d fi nancial reporting in fi ve countries. Required:

Compare and contrast these mechanisms in the United Kingdom and China. 8. “In 2012, there were major reforms affecting accounting and fi nancial report- ing in the United Kingdom.” Do you agree? Explain. 9. The process of professionalization of accounting in China has been uniqu\ e. Required:

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Discuss the unique features of professionalization of accounting in Chin\ a. 10. This chapter describes the major changes that have been introduced recen\ tly in Germany and Japan in the area of accounting regulation. Required:

Describe any similarities between those changes in Germany and Japan. 11. The Act of 2010 to modernize German accounting refl ects a willingness to change as well as retain traditional German accounting practices. Required:

Do you agree with the preceding statement? Explain. 12. The fi nancial reporting issues facing Mexico are different in some respects from those of other countries covered in this chapter. Required:

Provide two main reasons to support the above statement. 13. Refer to Exhibits 6.3 , 6.7 , and 6.9 . Required:

Explain the main areas you would focus on in comparing fi nancial statements prepared by companies in China, Japan, and Mexico with those prepared by\ companies using IFRS. 14. The JICPA has taken a number of positive steps toward convergence betwee\ n Japanese GAAP and IFRS. Required:

Explain the steps taken by the JICPA in this regard. 15. The NAFTA agreement has had a major impact on accounting and fi nancial reporting by Mexican companies. Required:

Discuss the nature of the impact referred to in the preceding statement.\ Case 6-1 China Petroleum and Chemical Corporation China Petroleum and Chemical Corporation (CPCC) is one of a growing nu\ mber of Chinese companies that has cross-listed its stock on foreign stock ex\ changes. To provide information that might be useful for a wide audience of readers \ outside of China, CPCC provides a reconciliation of income and stockholders’ \ equity from Chinese GAAP to IFRS. Further, to provide information specifi cally for its North dou62206_ch06_300-338.indd 329dou62206_ch06_300-338.indd 329 23/12/13 4:32 PM23/12/13 4:32 PM 330 Chapter Six American shareholders, the company also provides a reconciliation of net\ income and stockholders’ equity from IFRS to U.S. GAAP. The following is the\ section of CPCC’s 2003 annual report providing this information. Differences between Financial Statements Prepared under the Chinese GAAP\ and IFRSs The major differences are: i. Depreciation of oil and gas properties Under the PRC accounting rules and regulations, oil and gas properties a\ re depreciated on a straight-line basis. Under IFRS, oil and gas properties are depreciated \ on the unit of production method. ii. Disposal of oil and gas properties Under the PRC accounting rules and regulations, gains and losses arising\ from the retirement or disposal of an individual item of oil and gas properties are recognized \ as income or expense in the income statement and are measured as the difference between the estimate\ d net disposal proceeds and the carrying amount of the asset. Under IFRS, gains and losses on the retirement or disposal of an individ\ ual item of proved oil and gas properties are not recognized unless the retirement or disposal \ encompasses an entire property. The costs of the asset abandoned or retired are charged to acc\ umulated depreciation with the proceeds received on disposals credited to the carrying amounts\ of oil and gas properties. iii. Capitalisation of general borrowing costs Under the PRC accounting rules and regulations, only borrowing costs on \ funds that are specially borrowed for construction are capitalized as part of the cost of fi xed assets. Under IFRS, to the extent that funds are borrowed generally and used for the purpose of obt\ aining a qualifying asset, the borrowing costs should be capitalized as part of the cost of that as\ set. iv. Acquisition of Sinopec National Star, Sinopec Maoming, Xi’an Petroche\ mical and Tahe Petrochemical Under the PRC accounting rules and regulations, the acquisition of Sinop\ ec National Star, Sinopec Maoming, Xi’an Petrochemical and Tahe Petrochemical (the “Acquisi\ tions”) are accounted for by the acquisition method. Under the acquisition method, the income of a\ n acquiring enterprise includes the operations of the acquired enterprise subsequent to the acq\ uisition. The difference between the cost of acquiring Sinopec National Star and the fair value o\ f the net assets acquired is capitalized as an exploration and production right, which is amortise\ d over 27 years. Under IFRS, as the Group, Sinopec National Star, Sinopec Maoming, Xi’\ an Petrochemical and Tahe Petrochemical are under the common control of Sinopec Group Company\ , the Acquisitions are considered “combination of entities under common control” whic\ h are accounted in a manner similar to a pooling-of-interests (“as in pooling of interest\ s accounting”). Accordingly, the assets and liabilities of Sinopec National Star, Sinopec Maoming, Xi\ ’an Petrochemicals and Tahe Petrochemicals acquired have been accounted for at historical c\ ost and the fi nancial statements of the Group for periods prior to the Acquisitions have been \ restated to include the fi nancial statements and results of operations of Sinopec National Star, \ Sinopec Maoming, Xi’an Petrochemicals and Tahe Petrochemical on a combined basis. The considera\ tion paid by the Group are treated as an equity transaction. v. Gains from issuance of shares by a subsidiary Under the PRC accounting rules and regulations, the increase in the comp\ any’s share of net assets of a subsidiary after the sale of additional shares by the subsidiary is\ credited to capital reserve.

Under IFRS, such increase is recognised as income. vi. Gain from debt restructuring Under the PRC accounting rules and regulations, gain from debt restructu\ ring resulting from the difference between the carrying amount of liabilities extinguished or as\ sumed by other parties and the amount paid is credited to capital reserve. Under IFRS, the gain res\ ulting from such difference is recognised as income. dou62206_ch06_300-338.indd 330dou62206_ch06_300-338.indd 330 23/12/13 4:32 PM23/12/13 4:32 PM Comparative Accounting 331 vii. Revaluation of land use rights Under the PRC accounting rules and regulations, land use rights are carr\ ied at revalued amounts.

Under IFRS, land use rights are carried at historical cost less amortisa\ tion. Accordingly, the surplus on the revaluation of land use rights, credited to revaluation reserve, \ was eliminated. viii. Unrecognised losses of subsidiaries Under the PRC accounting rules and regulations, the results of subsidiar\ ies are included in the Group’s consolidated income statement to the extent that the subsidia\ ries’ accumulated losses do not result in their carrying amount being reduced to zero, without the e\ ffect of minority interests.

Further, losses are debited to a separate reserve in the shareholders’\ funds. Under IFRS, the results of subsidiaries are included in the Group’s c\ onsolidated income statement from the date that control effectively commences until the date that con\ trol effectively ceases. ix. Pre-operating expenditures Under the PRC accounting rules and regulations, expenditures incurred du\ ring the start-up period are aggregated in long-term deferred expenses and charged to the income \ statement when operations commence. Under IFRS, expenditures on start-up activities are\ recognized as an expense when they are incurred. x. Impairment losses on long-lived assets Under the PRC accounting rules and regulations and IFRS, impairment char\ ges are recognized when the carrying value of long-lived assets exceeds the higher of their net \ selling price and the value in use which incorporates discounting the asset’s estimated future cash \ fl ows. Due to the difference in the depreciation method of oil and gas properties discussed in (i) \ above, the provision for impairment losses and reversal of impairment loss under the PRC Accounti\ ng Rules and Regulations are different from the amounts recorded under IFRS. xi. Government grants Under the PRC accounting rules and regulations, government grants should\ be credited to capital reserve. Under IFRS, government grants relating to the purchase of equip\ ment used for technology improvements are initially recorded as long term liabilities and are off\ set against the cost of assets to which the grants related when construction commences. Upon transfer t\ o property, plant and equipment, the grants are recognized as an income over the useful life o\ f the property, plant and equipment by way of reduced depreciation charge. Effects of major differences between the PRC Accounting Rules and Regula\ tions and IFRS on net profi t are analysed as follows:

Note2003 RMB millions Net profi t under PRC GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,011 Adjustments:

Depreciation of oil and gas properties . . . . . . . . . . . . . . . . . . . . . . . . (i) 1,784 Disposal of oil and gas properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) 1,260 Capitalisation of general borrowing costs. . . . . . . . . . . . . . . . . . . . . . (iii) 389 Acquisition of Sinopec Maoming, Xi’an Petrochemical and Tahe Petrochemical . . . . . . . . . . . . . . . . . . . . . . (iv) 326 Acquisition of Sinopec National Star. . . . . . . . . . . . . . . . . . . . . . . . . . (iv) 117 Gain from issuance of shares by subsidiary . . . . . . . . . . . . . . . . . . . . . (v) 136 Gain from debt restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (vi) 82 Revaluation of land use rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (vii) 18 Unrecognised losses of subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . (viii) (182) Pre-operating expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ix) (169) Effects of the above adjustments on taxation . . . . . . . . . . . . . . . . . . . (1,179) Net profi t under IFRS* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\ 21,593 dou62206_ch06_300-338.indd 331dou62206_ch06_300-338.indd 331 23/12/13 4:32 PM23/12/13 4:32 PM 332 Chapter Six Supplemental Information for North American Shareholders The Group’s accounting policies conform with IFRS which differ in cer\ tain signifi cant respects from accounting principles generally accepted in the United States of America\ (“US GAAP”). Information relating to the nature and effect of such differences are set out below.\ The US GAAP reconciliation presented below is included as supplemental information, is not required\ as part of the basic fi nancial statements and does not include differences related to classifi cation, display or disclosures. a. Foreign exchange gains and losses In accordance with IFRS, foreign exchange differences on funds borrowed \ for construction are capitalized as property, plant and equipment to the extent that they are\ regarded as an adjustment to interest costs during the construction period. Under US GAAP, all for\ eign exchange gains and losses on foreign currency debts are included in current earnings. b. Capitalisation of property, plant and equipment In the years prior to those presented herein, certain adjustments arose \ between IFRS and US GAAP with regard to the capitalization of interest and pre-production results\ under IFRS that were reversed and expensed under US GAAP. For the years presented herein, there were n\ o adjustments related to the capitalization of interest and pre-production results. Accordingl\ y, the US GAAP adjustments represent the amortisation effect of such originating adjustments descri\ bed above. c. Revaluation of property, plant and equipment As required by the relevant PRC regulations with respect to the Reorgani\ sation, the property, plant and equipment of the Group were revalued at 30 September 1999. In additi\ on, the property, plant and equipment of Sinopec National Star, Sinopec Maoming and Refi ning Assets were revalued at 31 December 2000, 30 June 2003 and 31 October 2003 respectively in co\ nnection with the Acquisitions. Under IFRS, such revaluations result in an increase in sha\ reholders’ funds with respect to the increase in carrying amount of certain property, plant and equipment\ below their cost bases. Under US GAAP, property, plant and equipment, including land use rights,\ are stated at their historical cost less accumulated depreciation. However, as a result of t\ he tax deductibility of the net revaluation surplus, a deferred tax asset related to the reversal of the\ revaluation surplus is created under US GAAP with a corresponding increase in shareholders’ funds. Under IFRS, effective 1 January 2002, land use rights, which were previo\ usly carried at revalued amount, are carried at cost under IFRS. The effect of this change result\ ed in a decrease to revaluation Effects of major differences between the PRC Accounting Rules and Regula\ tions and IFRS on shareholders’ funds are analysed as follows:

Note2003 RMB millions Shareholders’ funds under the PRC GAAP . . . . . . . . . . . . . . . . . . . . . 162,946 Adjustments:

Depreciation of oil and gas properties . . . . . . . . . . . . . . . . . . . . . . . . (i) 10,885 Disposal of oil and gas properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ii) 1,260 Capitalisation of general borrowing costs. . . . . . . . . . . . . . . . . . . . . . (iii) 1,125 Acquisition of Sinopec Maoming, Xi’an Petrochemical and Tahe Petrochemical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (iv) — Acquisition of Sinopec National Star. . . . . . . . . . . . . . . . . . . . . . . . . . (iv) (2,812) Revaluation of land use rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (vii) (870) Effect on minority interests on unrecognised losses of subsidiaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . \ (viii) 61 Pre-operating expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (ix) (169) Impairment losses on long-lived assets . . . . . . . . . . . . . . . . . . . . . . . . (x) (113) Government grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\ . . (xi) (326) Effect of the above adjustment on taxation . . . . . . . . . . . . . . . . . . . . (4,088) Shareholders’ funds under IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,899 * The above fi gure is extracted from the fi nancial statements prepared in accordance with IFRS which have been audi\ ted by KPMG. dou62206_ch06_300-338.indd 332dou62206_ch06_300-338.indd 332 23/12/13 4:32 PM23/12/13 4:32 PM Comparative Accounting 333 reserve net of minority interests of RMB 840 million as of 1 January 200\ 2. This revaluation reserve was previously included as part of the revaluation reserve of property, plan\ t and equipment. This change under IFRS eliminated the US GAAP difference relating to the revaluation\ of land use rights. However, as a result of the tax deductibility of the revalued land use rights, th\ e reversal of the revaluation reserve resulted in a deferred tax asset. In addition, under IFRS, on disposal of a revalued asset, the related re\ valuation surplus is transferred from the revaluation reserve to retained earnings. Under US \ GAAP, the gain and loss on disposal of an asset is determined with reference to the asset’s h\ istorical carrying amount and included in current earnings. d. Exchange of assets During 2002, the Company and Sinopec Group Company entered into an asset\ swap transaction.

Under IFRS, the cost of property, plant and equipment acquired in an exc\ hange for a similar item of property, plant and equipment is measured at fair value. Under US GAAP, \ as the exchange of assets was between entities under common control, the assets received from Sino\ pec Group Company are measured at historical cost. The difference between the historical cost \ of the net assets transferred and the net assets received is accounted for as an equity transaction. e. Impairment of long-lived assets Under IFRS, impairment charges are recognized when a long-lived asset’\ s carrying amount exceeds the higher of an asset’s net selling price and value in use, which in\ corporates discounting the asset’s estimated future cash fl ows. Under US GAAP, determination of the recoverability of a long-lived asset\ is based on an estimate of undiscounted future cash fl ows resulting from the use of the asset and its eventual disposition.

If the sum of the expected future cash fl ows is less than the carrying amount of the asset, an impairment loss is recognized. Measurement of an impairment loss for a l\ ong-lived asset is based on the fair value of the asset. In addition, under IFRS, a subsequent increase in the recoverable amount\ of an asset is reversed to the consolidated income statement to the extent that an impairment lo\ ss on the same asset was previously recognized as an expense when the circumstances and events th\ at led to the write-down or write-off cease to exist. The reversal is reduced by the amount that \ would have been recognized as depreciation had the write-off not occurred. Under US GAAP, an impairment loss establishes a new cost basis for the i\ mpaired asset and the new cost basis should not be adjusted subsequently other than for furthe\ r impairment losses. The US GAAP adjustment represents the effect of reversing the recovery o\ f previous impairment charge recorded under IFRS. f. Capitalised interest on investment in associates Under IFRS, investment accounted for by the equity method is not conside\ red a qualifying asset for which interest is capitalized. Under US GAAP, an investment accounted fo\ r by the equity method while the investee has activities in progress necessary to commence its \ planned principal operations, provided that the investee’s activities include the use of funds to a\ cquire qualifying assets for its operations, is a qualifying asset for which interest is capitalized. g. Goodwill amortisation Under IFRS, goodwill and negative goodwill are amortised on a systematic\ basis over their useful lives. Under US GAAP, with reference to Statement of Financial Accounting Stand\ ard No.142, “Goodwill and Other Intangible Assets” (“SFAS No. 142”), g\ oodwill is no longer amortised beginning 1 January 2002, the date that SFAS No. 142 was adopted. Instea\ d, goodwill is reviewed for impairment upon adoption of SFAS No. 142 and annually there\ after. In connection with SFAS No. 142’s transitional goodwill impairment evaluation, the \ Group determined that no goodwill impairment existed as of the date of adoption. In addition, und\ er US GAAP, negative goodwill of RMB 11 million, net of minority interests that existed at th\ e date of adoption of SFAS No. 142 was written off as a cumulative effect of a change in accou\ nting principle. h. Companies included in consolidation Under IFRS, the Group consolidates less than majority owned entities in \ which the Group has the power, directly or indirectly, to govern the fi nancial and operating policies of an entity so as to obtain benefi ts from its activities, and proportionately consolidates jointly contro\ lled entities in which the Group has joint control with other venturers. However, US GAAP\ requires that any entity of which the Group owns 20% to 50% of total outstanding voting stock not\ be consolidated nor dou62206_ch06_300-338.indd 333dou62206_ch06_300-338.indd 333 23/12/13 4:32 PM23/12/13 4:32 PM 334 Chapter Sixproportionately consolidated, but rather be accounted for under the equi\ ty method. Accordingly, certain of the Group’s subsidiaries of which the Group owns between 4\ 0.72% to 50% of the outstanding voting stock, and the Group’s jointly controlled entities\ are not consolidated nor proportionately consolidated under US GAAP and instead accounted for und\ er the equity method.

This exclusion does not affect the profi t attributable to shareholders or shareholders’ funds reconciliation between IFRS and US GAAP. Presented below is summarized financial information of such subsidiaries\ and jointly controlled entities. i. Related party transactions Under IFRS, transactions of state-controlled enterprises with other stat\ e-controlled enterprises are not required to be disclosed as related party transactions. Furthermore, gov\ ernment departments and agencies are deemed not to be related parties to the extent that such de\ alings are in the normal course of business. Therefore, related party transactions as disclosed in Note \ 33 in the fi nancial statements prepared under IFRS only refers to transactions with enterprises over wh\ ich Sinopec Group Company is able to exercise signifi cant infl uence. Under US GAAP, there are no similar exemptions. Although the majority of\ the Group’s activities are with PRC government authorities and affi liates and other PRC state-owned enterprises, the Group believes that it has provided meaningful disclosures of related party tr\ ansactions in Note 33 to the fi nancial statements prepared under IFRS. Year ended 31 December 2003 RMB millions Revenue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\ . . 21,735 Profi t before taxation . . . . . . . . . . . . . . . . . . . . . . . . . 1,329 Net Profi t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,090 At 31 December 2003 RMB millions Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,986 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,607 Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,902 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,238 Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,369 The effect on profi t attributable to shareholders of signifi cant differences between IFRS and US GAAP is as follows: Reference in Note above US$ millions RMB millions Profi t attributable to shareholders under IFRS . . . . . . . 2,609 21,593 US GAAP adjustments Foreign exchange gains and losses . . . . . . . . . . . . . . . (a) 976 Capitalisation of property, plant and equipment . . . . (b) 112 Reversal of defi cit on revaluation of property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . (c) 1086 Depreciation on revalued property, plant . . . . . . . . . . (c) 483 3,998 Disposal of property, plant and equipment. . . . . . . . . (c) 159 1,316 Exchange of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) 323 Year ended 12-31-2003 dou62206_ch06_300-338.indd 334dou62206_ch06_300-338.indd 334 23/12/13 4:32 PM23/12/13 4:32 PM Comparative Accounting 335 Reversal of impairment of long-lived assets, Net of depreciation effect. . . . . . . . . . . . . . . . . . . . (e) 6 47 Capitalised interest on investments in associates . . . . (f) 17 141 Goodwill amortisation for the year . . . . . . . . . . . . . . . (g) — — Cumulative effect of adopting SFAS No.142 . . . . . . . (g) — — Deferred tax effect of US GAAP adjustments . . . . . . . (207) (1,715) Profi t attributable to shareholders under US GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . 3,090 25,577 Basic and diluted earnings per share under US GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . US$0.04 RMB0.30 Basic and diluted earning per ADS under US GAAP*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . US$3.56 RMB29.50 * Basic and diluted earnings per ADS is calculated on the basis that one A\ DS is equivalent to 100 shares. Reference in Note above US$ millions RMB millions Year ended 12-31-2003 At December 2003 The effect on shareholders’ funds of signifi cant differences between IFRS and US GAAP is as follows:

Reference in note above US$ millions RMB millions Shareholders’ funds under IFRS . . . . . . . . . . . . . . . . . 20,286 167,899 US GAAP adjustments:

Foreign exchange gains and losses . . . . . . . . . . . . . . . (a) (43) (352) Capitalisation of property, plant and equipment . . . . (b) (1) (12) Revaluation of property, plant and equipment . . . . . . (c) (1,564) (12,943) Deferred tax adjustments on revaluation . . . . . . . . . . (c) 484 4,004 Exchange of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) (67) (555) Reversal of impairment of long-lived assets . . . . . . . . (e) (68) (561) Capitalised interest on investments in associates . . . . (f) 39 321 Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (g) 2 17 Deferred tax effect of US GAAP adjustments . . . . . . . 48398 Shareholders’ funds under US GAAP . . . . . . . . . . 19,116 158,216 Note: United States dollar equivalents For the convenience of readers, amounts in Renminbi have been translated\ into United States dollars at the rate of US$1.00 = RMB 8.2767 being the noon buying rate in New York City on 31 December 2003 for cable transfers in Renminbi as certifi ed for customs purposes by the Federal Reserve Bank of New York. No representation is made that the Ren\ minbi amounts could have been, or could be, converted into United States dollars at that rat\ e.

Source: China Petroleum and Chemical Corporation 2003 annual report, pp.\ 158–63. dou62206_ch06_300-338.indd 335dou62206_ch06_300-338.indd 335 23/12/13 4:32 PM23/12/13 4:32 PM 336 Chapter Six Required 1. Critically comment on the results reported by CPCC under PRC GAAP, IFRS,\ and U.S. GAAP. 2. Identify the main areas of difference for CPCC between:

a. PRC GAAP and IFRS. b. IFRS and U.S. GAAP. 3. Should UK readers of these fi nancial statements fi nd the information useful? 4. Should U.S. readers of these fi nancial statements fi nd the information useful? 5. Would you recommend that other companies adopt the multiple standards approach taken by CPCC? Explain. Alexander, David, and Simon Archer, eds. European Accounting Guide, 5th ed. New York: Aspen, 2004, p. 1.15.

Alexander, David, and Simon Archer, eds., European Accounting Guide, 4th ed. (New York: Aspen, 2003, p. 14.04.

Aono, J. “The Auditing Environment in Japan.” In International Auditing Environ- ment, ed. I. Shiobara. Tokyo: Zeimukeiri-Kyokai, 2001, pp. 199–211.

Chen, S., Z. Sun, and Y. Wang. “Evidence from China on Whether Harmon\ ized Accounting Standards Harmonize Accounting Practices.” Accounting Horizons 16, no. 3 (2002), pp. 183–97.

Chen, Y., P. Jubb, and A. Tran. “Problems of Accounting Reform in the\ People’s Republic of China.” International Journal of Accounting 32, no. 2 (1997), pp. 139–53.

China Securities Regulatory Commission. China Securities and Futures Statistical Yearbook. Beijing: CSRC, 2002.

Consultative Committee on Accountancy Bodies. The Making of Accounting Stan- dards: Report of the Review Committee (Dearing Committee). London: ICAEW, 1988.

Doupnik, Timothy S. “Recent Innovations in German Accounting Practice\ Through the Integration of EC Directives.” Advances in International Accounting (1992), p. 80.

Douthett, E. B. Jr., and K. Jung. “Japanese Corporate Groupings ( Keiretsu ) and the Informativeness of Earnings.” Journal of International Financial Management and Accounting 12, no. 2 (2001), pp. 133–59.

Eberhartinger, E. L. E. “The Impact of Tax Rules on Financial Reporti\ ng in Germany, France, and the UK.” International Journal of Accounting 34, no. 1 (1999), pp. 93–119.

FASF. “Concerning Treatment (Compliance) of Accounting Standards an\ d Other Pronouncements Issued by the Accounting Standards Board of Japan,”\ May 2002. For details, go to www.jicpa.or.jp/n_eng/e200201.html .

Glaum, M., and U. Mandler. “Global Accounting Harmonization from a Ge\ rman Perspective: Bridging the GAAP.” Journal of International Financial Management and Accounting 7, no. 3 (1996), pp. 215–42. References dou62206_ch06_300-338.indd 336dou62206_ch06_300-338.indd 336 23/12/13 4:32 PM23/12/13 4:32 PM

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