SCAM ACCOUNTING – TWO SETS OF BOOKS

Chinese companies have listed on the stock exchanges in the United States with abandon. The likes of Alibaba, Nio and others. The problem with these listed companies is that they are not subject to accounting standards as their peers in America are. No GAAP for them. However, things may be changing soon.

Many of you have been subject to China Scam companies that are here one day and gone the next. More than a billion dollars have been lost by Americans. This is about to stop if the House has the backbone to hold these companies to international accounting standards. Presently these zombie companies are not subject to audit by American accounting firms.

But an accounting bill has been passed by the Senate, now it is set to be voted on by the House. As long as 75% of House members vote for it the bill, it will pass. Count on the President to sign it with a Pen Made in America.

https://www.foxbusiness.com/markets/house-to-vote-on-booting-chinese-stocks-from-us-over-audit-rules

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