Analysis of Chinese Accounting Standards for the Oil and Gas Industry and Related Enterprises

Accounting standards are the tools for distribution of the revenues. Their development trend is influenced by their stakeholders. The evolution of American oil and gas accounting standards has been shaped by the profit-maximizing process of American oil and gas company shareholders, which for outside lobbying relied on their huge capital and organization. The development and perfection of Chinese new oil and gas accounting standards should consider not only the criterion of standards but also the real political fact in China oil and gas industry. The research on oil and gas accounting standards is an academic study as well as a political analysis.

On Internationalization of Accounting Standards

World economy globalization highlighted with deregulation of trade, capital movement and financing has been the dominant trend under the push of rapid growing of modern information technology,creating a urgent demand for internationalized accounting standards.……

Research on the Environmental Factors Causing Accounting Differences Between China and Foreign Countries

The official release of China’s new accounting standards has realized the convergence of its accounting standards and international accounting practices.However,affected by factors such as the economic environment,political environment,social culture,law,and tax system,there are still some differences between China’s accounting standards and international accounting standards,which will have a certain impact on the realization of the integration of accounting standards.Therefore,this paper analyzes the environmental factors of accounting differences between China and foreign countries,as well as explores specific measures to reduce the accounting differences between China and foreign countries,aiming to provide some useful references and promote the internationalization of China’s accounting standards.

Respond to the New Accounting Standards,International Taxation Rules and Business Models

This article discusses some major changes and developments in ac-counting standards(i.e.IFRS 15 and IFRS 16)and international taxation rules(i.e.the Two-Pillar solution under BEPS 2.0)and new business models(i.e.cryptocurrencies and Non-Fungible Tokens)which may have significant impact on taxpayers and pose challenges to tax administrations on how to provide tax certainty and better taxpayer services.The article briefly analyses the impact of these developments on taxpayers and makes suggestions for tax policymakers and tax administrations in the Belt andwww.britacom.org Road jurisdictions.

On FASB Standard Setting:The Role of Funding Structure and Voting Rule

This study develops and tests hypotheses about organizational characteristics of the Financial Accounting Standards Board(FASB)and captures the effects of some recent changes on the operations of the Board in standard setting.I establish a methodology to quantify the complex work of the FASB through factor analysis and condense various proxies into three meaningful performance metrics:thoroughness,timeliness,and consensus.These performance measures are used as dependent variables in a regression analysis to capture how the work of the FASB varies with respect to funding and voting changes.I find evidence that a change in FASB funding from private donations to mandatory accounting support fees is associated with an improvement in Board consensus but no significant change in thoroughness or timeliness.I also find the change in voting rules from supermajority to simple majority is associated with improvements in timeliness but a decline in thoroughness and consensus.Overall,the results suggest that the work of the FASB is multidimensional and that the improvement of one area may come at the cost of another.

Effect of Fair Value Measurement on Earnings Management of Chinese Real Estate Listed Companies

since the fair value has been used,it has always been paid more attention to,after the financial crisis,it has caused widespread denunciation of the academic session.In the new accounting standards issued in 2014,the attention of fair value has always been very high,which can reflect the influence of enterprises on earnings management through the measurement of fair value.By describing the application of fair value under the new criteria to pave the way for the following description.The back illustrates the impact of fair value on earnings management under the new guidelines.At the end of the paper,some policies and constructive suggestions are put forward to improve earnings management in Chinese enterprises.

Optimization of Coordinated Water Resource Management in Beijing-Tianjin-Hebei Region from the Perspective of Water Accounting

Beijing-Tianjin-Hebei region is connected by geography and water veins with strong complementary advantages.The coordinated development of Beijing,Tianjin and Hebei is a major national strategy put forward by the Chinese government in the new historical period.However,Beijing,Tianjin and Hebei are faced with common problems such as water shortage,serious water pollution,over-exploitation of groundwater and fragile water ecology.The synergy governance of water resources is the basis and key issue behind the coordinated development of the tree areas.This paper analyzes the water problem in Beijing-Tianjin-Hebei region and the status of water resources accounting and discusses the basic ideas of inspecting water resources management and innovating water accounting system.In this paper,a fi ne,standardized,water accounting system is established,which is permitted for inter-sustainable use of water resources.On this basis,this paper proposes to keep in line with Australian water accounting standards and to establish General Purpose Water Accounting for disclosure of water accounting reports,based on accrual basis,so as to build a new mechanism of coordinated governance of Beijing-Tianjin-Hebei water resources.Finally,in order to demonstrate the optimization mechanism of Beijing-Tianjin-Hebei water resources coordinated management,this paper applies General Purpose Water Accounting to Beijing Waterworks Group Co.,Ltd.

Cooperation among BRI Jurisdictions in Private Sector Governance in Tax Matters

Differences in national accounting standards can make it difficult for users of financial statements,including investors,to correctly assess financial results in each country or compare the business performance from one country to another.BRI jurisdictions need to ensure that potential investors have as much information as possible and can make accurate assessments.The best course may be to move to-wards adopting the international accounting standards.The adoption of internation-al standards is considered by the International Accounting Standards Board(IASB)to be a low-cost option for developing countries if they do not have the administrative capacity to develop their own domestic accounting standards.Accounting standards cover the treatment of taxation items,including deferred taxation,in the financial statements.The international accounting standard dealing with income tax is Inter-national Accounting Standards(IAS)12.Using this standard can lead to enhanced tax disclosure,transparency and comparability.In view of the potential impact of the global minimum tax developed under Pillar Two of the OECD proposals,the IASB intends to amend IAS 12 to ensure that tax disclosures in the financial statements re-main comparable.The IASB has proposed a temporary exception to IAS 12 in relation to recognition of deferred tax assets and liabilities relating to Pillar Two taxes.Under the IASB proposals an entity would however be required to disclose information for the current period on Pillar Two legislation enacted in the jurisdictions where it oper-ates.For periods after the global minimum tax comes into effect,an entity would be required to separately disclose the liability to Pillar Two taxes.

Can information confusion caused by the financing model of new economy companies be eliminated?

New economy companies often use convertible and redeemable preferred shares with equity and debt characteristics as financing tools to reduce risk during their early stages of growth.According to relevant accounting standards,such preferred shares should be classified as financial liabilities and measured at fair value,with changes in fair value recognized in profit or loss.This can lead to confusing financial information:the better a company’s development prospects,the higher its redemption or conversion price and loss,which can result in a large negative net asset value.A successful initial public offering,however,could offset large losses and negative net asset value.Following the development of accounting standards,this article thoroughly analyzes various proposals to modify relevant accounting standards and eliminate confusing information.This article also proposes possible problems and solutions as a reference for accounting standard setters and the various stakeholders in new economy companies.