A Transformation in Financial Accounting Practices: Maoism to Dengism

Abstract:

The study examined the issues on how historical and contemporary events has shaped the changes adopted in the accounting practices and procedures adopted in both different ruling periods in China referred as Maoism and Dengism. Applying extensive primary and secondary literature it was found that Accounting has the capacity to be shaped and molded by the dominant political ideology which is regulated to fulfill the economic and political need of a particular time period.