|WikiProject Business / Accounting||(Rated Stub-class, High-importance)|
Removed some of the American triumphantlism. Also the link between accounting practice and the Asia financial crisis is not that clear. Hong Kong and Singapore were hit hard despite have good accounting standards, while Mainland China was relatively immune despite have a mess in accounting.
Accounting standard is a science coming from business practice and its main purpose is to provide internal business information. If business or marketing economic is same around the world, then the accounting methods will go to consistency whatever its in US or in China. Profit and international development of a business will lead to accounting to be more helpful and useful to shareholder and relevent interest entities, as well as its standard evolvement.