The United States isn’t the only economic superpower finally lurching into the global accounting age. On the other side of the world, China is doing much the same.
“They are not a market economy in the same sense as the Western economies are, so they have made slight alterations,” says Stephen Taylor, a partner at Deloitte. “Chinese accounting standards say that you are not related just because you are a state-controlled entity; you have to have influence … Just because you are a state-controlled entity, it doesn’t mean another state-controlled entity can necessarily influence you.”
