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CURRENT ISSUES 2: ACCOUNTING IN AN OVERSEAS COUNTRY A BRIEF HISTORY OF CHINESE ACCOUNTING In 1949 the socialist government in China came into power and established an economy where everything was under state control and China's economic resources were managed by the state. There were no professional institutions to assemble accounting standards and the ministry of finance, state banks and the taxation departments provided specialist supervision. Chinese accounting was unique to an extent and the main purpose of accounts was to maintain a record of an organisation's operations and to provide these accounts to the government for future planning. With globalisation taking place in the rest of the world, China had to change its closed door policy and make it more open to foreign investors. Foreign investment called for a change in its accounting system and to make it more transparent and closer to international accounting standards. It was important for the...

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