Accounting standards are actually the arrangement of economic systems in a certain social environment. In essence, it should play an important role in the most effective distribution of social resources and wealth. However, in terms of application value, the existence and development of accounting standards must adapt to the actual environment of social and economic development at that time and require a certain degree of advance. Marx has made the most incisive definition of accounting for a long time, and accounting is "the control of process and the summary of ideas". In a sense, the control of the process must face the reality and combine it with the reality, and it is impossible to achieve its control purpose without the control of the actual environment and objective conditions. However, as an economic system arrangement and management supervision activity, accounting must be advanced in its ideas. If it only stays in the explanation of the real economic business, it does not have a moderately advanced ideological summary and value guidance, then this accounting standard will not play any role in safeguarding and promoting China's rapidly developing capital market and economic environment.

China's accounting reform has been going on for more than ten years since 1993, which has experienced twists and turns, and some issues are also controversial, but we have always held the general direction and basic principle of the reform, that is, "closely linking with practice and moderately advancing ideas". Looking back on the development of China's accounting reform, the author thinks that it can be roughly divided into four stages: the first stage is from 1993 to 1998. Its main symbol is the promulgation and implementation of the accounting systems of "two regulations" and 13 industries, but the most representative of them are the promulgation and implementation of the accounting system for foreign-invested enterprises and the accounting system for joint-stock enterprises. The second stage is from 1998 to 21. Its main symbol is the promulgation of a number of specific accounting standards represented by the first specific accounting standard in China, Disclosure of Related Party Relations and Transactions. The remarkable characteristics of this period are the introduction of fair value, the confirmation of current profits and losses in asset reorganization and asset replacement, and the provision of "four preparations". The third stage is from 21 to 26. Its main symbol is the promulgation and implementation of the Enterprise Accounting System, while the Ministry of Finance also promulgated and implemented the Accounting System for Financial Enterprises and the Accounting System for Small Enterprises. The most notable feature of this stage is the abolition of accounting fair value measurement by China's regulatory authorities. At the same time, the income from asset reorganization and asset replacement cannot be recognized as current income, but it is stipulated to be counted as "capital reserve" and the accrual method of "eight preparations" is put forward. The most important stage of China's accounting reform should be since 26, and it is also the fourth development stage of China's accounting reform. The main symbol is that on February 15, 26, the Ministry of Finance officially issued China's accounting standards system, including one basic standard and 38 specific standards. In addition to major revisions to the original 16 standards, 22 specific standards were added, including accounting subjects and accounting statement formats of corresponding financial enterprises and non-financial enterprises. At the same time, on August 1, 26, the Guide to the Application of Accounting Standards for Enterprises (draft for comments) was issued, which fully shows that China's accounting reform has reached a brand-new stage and a higher level.

Through an in-depth analysis of the different stages of China's accounting reform and development, it is not difficult to find that the first stage is the primary stage of China's accounting reform. Although China has promulgated basic accounting standards and financial general rules at that time, it can be said that it exists in name only in practice. Almost all accounting is carried out in accordance with the specific provisions of the accounting system, and the theoretical level and professional judgment ability of accountants are far from meeting the due requirements. Accounting and management are basically the continuation of traditional planned economy ideas and methods. However, we should fully realize that in the primary stage of China's accounting reform, a good academic atmosphere in China's accounting theory circle has been initially formed, and advanced accounting concepts and methods from western developed countries have begun to be introduced into China's accounting theory and practice research, laying a solid foundation for the introduction of various specific accounting standards and the release of the new accounting standards system in China, from theoretical research and ideological dissemination.

because of the increasingly obvious characteristics of marketization and internationalization of China's economic development, not only the standardization and supervision of accounting information of listed companies has become an important mission that accounting reform must face, but also how China's accounting is in line with international standards and how to ensure China's enterprises to be listed overseas has become a practical problem that must be solved in China's accounting reform. Therefore, the "Qiongminyuan" incident in the capital market at that time led to the promulgation of the first specific accounting standard "Disclosure of Related Party Relations and Their Transactions" in China, and in order to meet the requirements of overseas listing and purchase business in China, the cash flow statement standard also came into being. At the same time, in a relatively short period of time, China has promulgated 16 specific accounting standards, and tried to integrate with the international standards, fully implement fair value measurement and allow the gains and losses of various debt restructuring and non-monetary transactions to be included in the current profits, so that China can

however, it has been proved that it is not appropriate to completely imitate the accounting management mode of western developed capital markets when the economic development level and market environment conditions are not mature at that time, and it will bring negative effects to the whole social and economic development. In order to prevent the adverse consequences that the rapid pace of accounting reform may have on social and economic development, ensure the quality requirements of accounting information under the environmental conditions at that time, and maintain the sound development of China's capital market, the management stopped accounting fair value measurement in time, and demanded that the gains and losses arising from debt restructuring and asset replacement should not be included in the current profits, effectively curbing the momentum that listed companies were keen to create false profits by using earnings management at that time. At the same time, a new enterprise accounting system was promulgated, requiring enterprises to make eight provisions, which played an important role in ensuring the healthy development of China's good economic development environment. This is a significant decision-making change in the history of China's accounting standards development, and also marks the third stage of China's accounting reform and development. At this stage, although China temporarily abandoned the use of fair value due to environmental requirements, the theoretical and due research on fair value has never been interrupted. Many theoretical and practical workers have made in-depth and detailed analysis on the concept and application conditions of fair value. The extensiveness of this theoretical research and application analysis has laid a good foundation for the successful reuse of internationally recognized fair value measurement attributes in China's rapid economic development environment.

At present, China's accounting reform has entered a stage of healthy development, and the development and judgment of China's accounting reform process are more rational, and the relationship between accounting reform and economic environment is truly understood. On the premise of adhering to the major policies of accounting reform, the basic strategic thinking of international convergence of China's accounting standards is put forward, and the concept of "convergence" that has been used consistently in the past is abandoned. Because the management has clearly realized that accounting is actually the product of an economic environment, on the one hand, the environmental requirements of today's economic globalization determine the general trend of accounting international convergence, and we must take this road if we want to integrate into the world economy; On the other hand, different socio-economic environments will inevitably bring up and produce different accounting systems, so the international convergence of China's accounting standards is a persistent general direction, but we must realize that convergence is not the same, we must pay full attention to China's environmental factors, and convergence is a process that cannot be achieved overnight.

of course, there are different understandings about the new accounting standard system that adopts fair value measurement in China at present. Some people think that China's environmental foundation, especially the enterprise credit mechanism and accountants' professional judgment, has not yet reached its due level, and it may directly affect the quality of accounting information if China's accounting is required to converge with the international market now. However, the rapid development of China's economy and the globalization of the world economy have put forward higher requirements for China's accounting reform, and the opening of China's capital market is the general trend. If we still stick to the conservative idea of step by step, accounting will not only fail to promote and guarantee China's economic development, but will even become an obstacle to China's rapid economic development. We can no longer use backwardness as an excuse to reject advanced accounting ideas and methods, nor can we use backwardness as an excuse to protect backward accounting systems and mechanisms that should be reformed. If we wait until the external conditions are completely mature before implementing the new accounting standards, it will make us suffer greater losses and costs. Of course, it cannot be ruled out that some selective clauses of the new standards may be used by some companies with insufficient integrity as a means to regulate profits, but this can only show that the task of accounting supervision in the future is more arduous, and it will be more and more important to establish a good accounting integrity mechanism to ensure the smooth development of China's economic construction.

second, the new thinking of the new accounting standards system

the main idea of formulating the new accounting standards system is to refer to international financial reporting standards, adhere to the principle of convergence with international accounting standards, and fully consider China's current national conditions. Based on this starting point, the accounting standards system has introduced fair value measurement, standardized asset impairment provision, non-monetary asset exchange, debt restructuring, borrowing costs, income tax accounting, equity incentive, investment real estate, inventory and asset disposal, consolidated statements and other aspects of accounting treatment, which has some innovations in many major accounting treatments, and the accounting methods are more perfect and reasonable.

The release of the new accounting standards system gives more room for the choice of enterprise accounting policies and their flexible application under the constraints of corresponding norms, and at the same time puts forward higher requirements for accountants' professional judgment. Because the accounting business treatment is only stipulated in principle in the new accounting standard system, a considerable amount of content needs to be solved through the professional judgment of accountants, such as the depreciation period of fixed assets, salvage value and abandonment expenses, asset impairment, fair value application and so on. Moreover, modern financial theory has been introduced into many contents of the new accounting standard system, and time value of funds, real interest rate method and asset valuation theory have been established. For example, the time value and asset valuation theory have been widely used in the aspects of deferred payment to purchase fixed assets and intangible assets, estimation of residual value and abandoned value, economic business of deferred payment, confirmation and measurement of financial instruments, etc.

The new accounting standards system has made a major revision to the accounting objectives. In the original accounting standards, it mainly emphasized the need of accounting information to meet the national macroeconomic management, while in the new accounting standards, it clearly put forward the goal of providing accounting information to users of financial accounting reports, requiring that the financial status, operating results and cash flow of enterprises should be fully disclosed, and at the same time, their fiduciary responsibilities and requirements for economic decision-making should be reflected. The system purpose of accounting standards is more clear and complete.

The new accounting standard system changes the original "general principles" into "accounting information quality requirements", which makes the concept clearer and defines the most basic requirements of accounting work as the requirements of accounting information quality. The original principles of comparability and consistency are merged into the principle of comparability, which makes it easier to understand and use without overlapping and overlapping in concept. Changing the "objectivity" of accounting information into "authenticity and reliability" puts forward higher requirements for the quality of accounting information. In addition, the new accounting standard system clearly regards the requirement that "substance is more important than form" as one of the important standards of accounting information quality, which is actually a brand-new accounting concept, that is, the confirmation and measurement of accounting should not be based simply on the external manifestations of economic business or general legal forms, but on the economic essence of economic transactions or events. This principle puts forward higher requirements for accountants, especially senior accounting managers in enterprises. It requires accountants to make full use of their professional judgment ability, not to be confused by the external appearance of economic transactions and economic matters, to make correct judgments and make the most reasonable and effective accounting confirmation and measurement on the basis of full grasp of them, and also requires accountants to have strong explanatory ability for the economic essence of various economic businesses and matters they handle.

The definition of accounting elements has been greatly adjusted in the new accounting standard system, and "the flow of economic interests" runs through the concepts of assets, liabilities and other elements as the main line. For example, the concept of assets is redefined, and "economic benefits are likely to flow into the enterprise" and "cost or value can be measured reliably" are added as the confirmation conditions of assets. In redefining the concept of liabilities, "economic benefits are likely to flow out of the enterprise" and "the amount of economic benefits flowing out in the future can be measured reliably" are the necessary conditions for confirmation. It should be noted in particular that the new standard separates the definitions of assets and liabilities from whether they meet the recognition conditions for the first time, and clearly puts forward that assets and liabilities that only meet the definitions of assets and liabilities but do not meet their recognition conditions cannot be included in the balance sheet. This means that the actual assets (liabilities) owned or controlled by an enterprise may be different from the assets (liabilities) that can really be included in the balance sheet. In this respect, "the flow of economic interests" will become the core criterion.

The new accounting standards system has adjusted the concept of owner's equity accordingly. The concepts of "gain" and "loss" are clearly put forward. The gains and losses of an enterprise in a certain period should be clearly divided into "gains and losses directly included in owners' equity" and "gains and losses directly included in current profits". The former refers to the inflow or outflow of economic benefits formed by the non-daily activities of the enterprise, which has nothing to do with the owner's investment in capital or distribution of profits, and will directly lead to the increase or decrease of the owner's equity. The latter should be directly included in the current profit and loss first, which will constitute a part of the current profit, that is, "profit = income-expense+gain-loss". Of course, no matter what kind of gains and losses, it will eventually lead to changes in the owner's equity.

The new accounting standards system has also made great changes in the presentation of financial statements, from the original three financial statements to four financial statements, adding a "statement of changes in owners' equity", which further embodies the accounting theoretical basis dominated by the idea of subject equity. In order to adapt to the requirements of the new economic environment, the new standards add or subtract some assets in the balance sheet, such as transactional financial assets, held-to-maturity investments, long-term equity investments, investment real estate, biological assets, deferred income tax assets and unrealized financing income. At the same time, liabilities such as estimated liabilities, trading financial liabilities, deferred revenue, unconfirmed financing expenses, special advance payment and deferred income tax liabilities have been added to the liabilities. At the same time, five * * * same-sex accounts have been established, including settlement fund transactions, foreign exchange trading, derivatives, hedging instruments and hedged instruments. The first two * * * same-sex accounts are mainly applicable to financial enterprises.

The new accounting standard cancels the division of income and cost of main business and other businesses in the income statement. The listing of non-operating income and non-operating expenditure items is cancelled, but it is required to be listed according to specific contents, such as "asset impairment loss, gains and losses from disposal of non-current assets, gains and losses from changes in fair value". In terms of rights and interests, the major change made by the new standard system is that the item of "treasury shares" is added, and the rights and interests of minority shareholders are listed as net assets.

In particular, the concept of accounting measurement attribute appeared for the first time in the new accounting standards system, which was a purely academic issue of accounting research in China in the past, but the new accounting standards actively converged with the international trend and boldly introduced this brand-new concept.