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A Comparison of Financial Statement Criteria between China and Malaysia With the "China - ASEAN Free Trade Area" to speed up construction, China and Malaysia in regional economic integration will play an important role. Study of financial statements of both countries present different criteria, as soon as possible for Chinese enterprises into the international capital markets is of great significance. First, A Comparison of the development history of Financial Statement Criteria between China and Malaysia
1. Malaysia Financial Statement Criteria development process. According to the 1997 adoption of the "Financial Reporting Act," the relevant provisions of the Financial Reporting Foundation was established in Malaysia (FRF and Malaysian Accounting Standards Board (MASB, and given the Malaysian Accounting Standards Board to develop, modify accounting standards and other aspects of permissions. In 1999, MASB issued the first guidelines for presentation of financial statements (MASB1, therefore the preparation of corporate financial statements has been based. From 1 January 2005 onwards, MASB accounting standards for all re-named the Financial Reporting Standards (FRS, thus MASB1 renamed FRS101.In June15,2007according to International Financial Reporting Standards with the relevant provisions, MASB of ten key Financial Reporting Standards and the "framework of financial statements" be revised and re-arranging, FRS101 the contents of the great changes ensue in this paper to compare the criteria of financial statements for 2007 revised criteria.

2.Chinese Financial Statement Criteria development process. 2006 "Accounting Standards for Enterprises No. 30 - Financial Statements" (CAS30 before the release, China is not the full sense guidelines for the presentation of financial statements, presentation of the financial statements of the relevant provisions of scattered, "Accounting Standards - Basic Standards ", Accounting (accounting system and the CSRC's public offering of securities on the disclosure of corporate information related provisions. July 1, 1950 began the trial of the fist unified accounting system of the New China's "central heavy industrial enterprises and economic institutions of the Ministry of uniform accounting system", the accounting statements and supporting statements are divided into two major reports, the main statements are the balance sheet, cash income and expenditure,the cost of computation, etc. 6 species. January 1962 issue of the "state-owned industrial enterprises and the preparation of the format of accounting statements that" the balance sheet to fund balance sheet, while the financial statements of 15 species. November 1965 issue of "industrial enterprise accounts and report formats" will be reduced to 15 types of financial statements 6 types. In 1985, and 1989 amendments to the "state-owned industrial enterprises accounting system - accounts and financial statements" in the presentation of the financial balance sheet has changed, no longer maintain the balance of the format of three sections, and on the related report items have been adjusted.

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