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Chapter One
Accounting Standards
CONTENTS

The Emergence and Development of my country's Accounting

Standards

Changes in my country's Accounting Standards

The main characteristics of the changes in my country's accounting

standards

The Significance of the New Accounting Standards in the History

of China's Accounting Development
The Emergence and Development

of

my country's Accounting Standards

01 Historical changes
First year 1990
In 1987, the Chinese Accounting Association held its annual
meeting, proposed the annual scientific research plan and recent
key research topics of the Chinese Accounting Association, and
established 7 special research groups to organize scientific research
forces to conduct key research projects.
On October 31, 1988, the Accounting Standards Task Force was
established, and the first meeting of the Standards Group was held 1988
to study the preparations for the formulation of accounting
standards.

First draft 1989

On March 8, 1989, the Ministry of Finance issued two documents:
"Discussion Draft on Preliminary Scenarios for Drafting Chinese
Accounting Standards" and "Draft for Soliciting Opinions on
Several Major Issues Needed to Study and Discuss the Drafting of
Chinese Accounting Standards". The earliest public document in the
standard-setting process.
In April 1990, the Accounting Standards Group formally submitted 1987
the first draft of the accounting standards "The People's Republic of
China Accounting Standards Draft Outline".
 01
Historical changes
Milestone
After long-term preparations, on
November 30, 1992, with the approval of
the State Council, the Ministry of Finance
issued the "Accounting Standards for
Business Enterprises".
The requirements will be implemented on
July 1, 1993. In this way, my country's
basic accounting standards were officially
promulgated.
Keep up with the times
On February 14, 1994, the Accounting Department
of the Ministry of Finance officially began to publish
the draft of specific accounting standards. Based on
1994
1997 the nationwide solicitation of opinions, the Ministry
of Finance began to promulgate nearly 20 specific
guidelines on May 22, 1997.
1992 Gradually improve
1993
In April 1990, the Accounting Standards Group
formally submitted the first draft of the
accounting standards "The People's Republic of
China Accounting Standards Draft Outline".
And in November 1990 and November 1991, on
1990 the basis of fully soliciting opinions from all
1991
walks of life, two revisions were made. The
third draft was "Accounting Standards for
Business Enterprises No.-Draft Basic
Standards".
 01 Historical changes
February 2006

04 Realized the overall changes

16 new guidelines added to accounting standards

02

The Ministry of Finance issued

the latest revision of the Achieved the basic convergence with
"Accounting Standards for 01 03 international accounting standards
Business Enterprises"
Changes in my country’s

Accounting Standards
01 The Historical Background of the Changes of my country's Accounting Standards
my country's economic system has
gone through three stages:
Planned economy,
Planned commodity economy,
Socialist market economy
As one of the main participating countries in the
formulation of international accounting standards, how to
take the initiative in the formulation of accounting
standards has become an important topic before us.
Under this situation, studying the historical changes of
accounting standards, discovering the characteristics and
laws of the changes of my country's accounting standards,
and finding out its shortcomings, can provide suggestions
for the future development of my country's accounting
standards.
01 The Changing Stage of my country's Accounting Standards after Reform and Opening Up

The exploratory stage of accounting standards 1978- The gradual establishment stage of accounting standards
1992 before the promulgation of the Accounting (Accounting Standards for Business Enterprises
Standards for Business Enterprises promulgated in 1992 to the end of the century)

The overall development stage of International Convergence Stage of

accounting standards (1999-2005) Accounting Standards (2006-present)
 The mian characteristics

of the changes in my country’s

Accounting Standards
01 The main characteristics of the changes in my country's accounting standards

The characteristics of the changes in my country's The government is the main body in the change of my
01
accounting standards can be considered from both country's accounting standards
horizontal and vertical aspects.
From a horizontal perspective, the changes in
my country's accounting standards are unique
compared to Western developed countries. At the
Changes in accounting standards belong
same time, the changes in my country's accounting
Change 02 to the changes of forced formulation
standards have characteristics that other economic
system
system changes do not have. From a vertical
perspective, the changes and reforms of my
country's accounting standards after the reform and
opening up Before the opening up, the
03
Accounting system changes are gradual
characteristics of the changes in accounting
changes
standards in our country were not all the same。
 The Significance of the New

Accounting Standards in the

History of China’s Accounting

Development
 The Significance of the New Accounting Standards in the History of China's Accounting Development
01
The background of the new accounting Analysis of New Accounting
standards Standards
1. The new standard is to meet the needs of economic
1. The trend of economic globalization
globalization and the in-depth development of market
2. Warning of the Asian financial crisis
economy
3. Impact of Enron Incident
2. The three levels of the new standard, the outline
4. my country's needs for economic development
3. Accounting objectives highlight the decision-making
and foreign trade after China's entry into the WTO
usefulness of accounting information
4. Added "Accounting Measurement" and introduced "Fair
Value"

Features of the new accounting

standards

1. Innovative ideas, protecting the public interest Conclusion

2. In line with international standards, it has
achieved convergence with the International
Financial Reporting Standards
3. Based on the national conditions, fill the gaps in
the previous accounting standards
4. Provide a useful reference for improving the
International Financial Reporting Standards
With the liberalization of world economy and trade and the rapid development of information technology,
economic globalization has become unstoppable. In this situation, my country's accounting standards are
urgently required to converge with international standards. The Ministry of Finance comprehensively
launched a new enterprise accounting standard system consisting of a basic standard and 38 specific standards
on February 15, 2006. With rich content and a careful system, it has a great deal from accounting concepts to
specific operations. The change and sublimation. It is an integral part of my country's accounting laws and
regulations. It is compulsory and serious. It has strong operability for every accountant. It is a tool to
standardize the operation of corporate financial operations. The establishment of the new accounting
standards is a new milestone in the history of my country's accounting development and has important
practical significance.
Thank you for
listening!