International business accounting standards convergence on the impact of China's insurance industry

As China's market openness of the increased influx of competing to attract multinational companies, the objective of the changing economic environment of China's international accounting standards has urgent requirements. China's insurance international accounting standards convergence of the main elements are: the introduction of the concept of insurance risk, the introduction of the reserve adequacy of the testing, confirmed the separation of the business, clearly the accounting treatment of reinsurance business principles and benchmarks. Insurance accounting standards convergence on the international competitiveness of China's insurance industry, insurance companies, revenue and equity, transparency of the insurance industry, insurance risk management, re-insurance industry, the smaller insurance companies have affected the implementation of cost. China's insurance companies should be arranged through science and bond portfolio, the contract price adjustment, re-design of the original products, strengthening product innovation, use of strategic management accounting, and other international accounting standards to deal with the increasingly sequence

Key words: accounting standards; international convergence; risk management