 Do you know of any differences in

 Do you know of any differences in the application of these principles between countries?
The major difference between U.S. GAAP and IFRS is their differing philosophy with regard to how regulations should be constructed. IFRS accounting regulations reflect a principles-based approach where there are less bright-line rules and more qualitative guidance. Supporters of this approach argue that companies should be looking at the nature of a transaction, not arbitrary cutoffs. U.S. GAAP often takes a rules-based approach where companies classify transactions based upon numerical cutoffs. Lease accounting is a good example of the difference in philosophy. Under U.S. GAAP, a company is required to capitalize any lease when the lease contract is for greater than 75 percent of the economic life of the asset. However, under IFRS the guidance requires capitalization when the lease is for a "major part" of the economic life of the asset.
 What should a visiting accountant know about the principles in your country?
The basic principles of business conduct standards of accounting include:
• Independence
• Integrity
• Objectivity
• Professional competencies and its caution
• The confidentiality
• Occupational status
• Compliance with the professional standards
 How does the process of becoming an accountant in your country compare to those described above
To qualify for certification, the applicant must:
1. Study accountancy at a college or university
2. Pass the CPA examination, which consists of four sections:
• Business Law and Professional Responsibilities
• Auditing
• Accounting and reporting-Taxation, Managerial, and Governmental and Not-for-Profit Organizations
• Financial Accounting and Reporting- Business Enterprises
3. Have professional work experience in public accounting
 Describe the genenal accounting rules and paractices in your country. What standards are used to prepare financial information?
There are seven basic principles:
The principle of passing base area of
The principle of continuous operation
The principle of original price
Matching principle
The principle of consistency
The principle of caution
Key principles
Requirements for the use of accounting information
- Timeless
- Understanddability
- Completeness
- Comparability
How is off-balance-sheet accounting treated in your country?
- The external account balance sheet accounting to reflect the existing assets in the enterprise but not owned by the enterprise
- External accounts balance sheet accounting, including 5 accounts:
Account 001 – Leasehold assets
Account 002 – Materials and goods kept or processed for others
Account 003 – Goods on consignment for sale, consignment, collateral
Account 004 – Bad debts were handled
Account 007 – Foreign currencies
Account 008 – expenditure estimates and projects
How is leasing reported in accounts?
- Party debt :
Outsource asset value increase
- Parties have:
Outsource asset value reduction