Ａｎａｌｙｚｉｎｇ　Ｃｈｉｎｅｓｅ　Ｆｉｎａｎｃｉａｌ　Ｒｅｐｏｒｔｉｎｇ

ＳＡＢＲＩＮＡＺＨＡＮＧ　ＷＡＮＧ　ＬＥＩ

If the world's capital markets could use aharmonized accounting framework it wouldnot be necessary for a comparison betweentwo or more sets of accounting standards.However, there is much to do before thisbecomes reality. This article aims to pres-ent a general overview of China's GeneralAccepted Accounting Principles(GAAP),U.S. General Accepted Accounting Principlesand International Financial ReportingStandards (IFRS), and to analyze the differ-ences among IFRS, U.S. GAAP and ChinaGAAP using fixed assets as an example.