The People's Republic of China (PRC) made economic reforms in the 1980s to encourage international trade.What impact have these reforms made on accounting?

Question

Quizplus · Accepted Answer

The economic reforms in the 1980s in China led to an increase in international trade, which, in turn, caused an increase in the demand for accounting information from investors. The reforms also made it mandatory for Chinese companies to provide publicly available accounting information, which increased the supply of accounting information. Finally, the reforms have changed the nature of auditing in the PRC, shifting it towards a more international focus. Therefore, all of the options mentioned in A, B, and C are correct.

The People's Republic of China (PRC) Made Economic Reforms in the 1980s