A discussion on the necessity of the differences between Chinese ASBE (2006) and the IFRS — Based on the Hofstede's culture theory and Gray's accounting values

China issued a new set of Accounting Standards for Business Enterprises (ASBE) in 2006 and this ASBE are substantially in line with IFRS. Based on the cross-cultural work of Hofstede, we figure out different results of cultural values between China and world average and these cultural factors make accounting follow different patterns in different parts of the world, so a few important differences between the ASBE and the IFRS are suitable for China. We can't fully adopt the IFRS.