| According to the North’s opinion, the institution is the rules of the society. The "accounting institution" in this research, which includes all laws and regulations pertaining to all the accounting and financial reporting, is the formulation of national governments or relevant departments for management accounting affairs relevant laws, regulations, rules, standards, procedures and other normative documents. Accounting theory circle usually understand the property of accounting institution there are three different points of view, namely properties of technical specification, economic consequences and the political process. Three properties is interdependent, and the last two can be regarded as social property of accounting institution. The accounting institution has the property of technical specification, it’s should be logically consistent with the conceptual framework and the specific institution, reflect the objective reality of the economic business. At the same time, with property of economic consequences of accounting institution, different institution produce different accounting information, affect the interests of the various stakeholders, leading to the accounting institution become the product of the coordination of stakeholders. Further extension of the economic consequences will give the accounting institution to develop the political color of process."Economic consequence view" and "political process view", is from the impact of the implementation of the accounting institution and the making easier to consider the issue, the effect of accounting institution has determined by the institution development process. Therefore, the political behavior and consequences of accounting institution in the making process, is directly reflected the extension of the economy the consequences. Three properties are not in opposition to each other, but organic combination, constitute the essential attribute of accounting institution. Moreover, with the economic and social development and progress, the social property of accounting institution performs more and more directly and increasingly strengthened. It is necessary for the whole society and the national macroeconomic management, to further understand the important role of the accounting institution. From the perspective of new institutional economics, the change of accounting institution as a continuous process of game. Game equilibrium of accounting institution can’t be kept long, once the new interests and needs and the existing accounting institution does not cover. It will lead to a new round of the game, and strive to achieve the new game equilibrium state. The accounting institution is improved continuously after many times of game. In the background of international accounting convergence, countries, international organizations and regional organizations have become major players in the evolution of accounting institutions.In the field of accounting, different countries have different accounting practices, which can be classified to American model, European model and communist model. Since1990, with two camps of socialism and capitalism disappeared and the disintegration of the former Soviet Union, the communist model vanished. At the same time, along with the rapid development of economy internationalization and globalization, the various accounting model showing a trend of integration. All the countries in the world gradually accepted that accounting standards is more adapt to the development of market economy. Many countries originally used other forms, started to use accounting standards. Because of great differences among various accounting standards, international coordination of accounting institution became necessary. Many of the world’s international organization for international coordination of accounting institution made great efforts, and the International Accounting Standards Committee (IASC) is one of the most remarkable. In2000, the International Organization of Securities Commissions (IOSCO) adopted all the IASC’s core principles of project, approved the transnational securities issuance and listing of companies to use international accounting standards. In2001, IASC was reorganized as the International Accounting Standards Council (IASB), which proposed the goal of international convergence of accounting standards, the International Financial Reporting Standards have become the convergence of accounting standards in different countries.Some countries and regions have made significance improvements in the international convergence. The United States is the first country in the world to develop accounting standards in the20th century and has been "leader" status in establish accounting control norms in a long period. The United States did not recognize the International Accounting Standards of IASC, but the financial scandals of Enron and global communication shake the confidence of the people in the United States accounting standards. It was aware that past practice has caused damages to its economics. In the reorganization of IASC, it occupied the stage for the development of international accounting rules, thus embarked on the road of international convergence of accounting standards. Through the arrangement of personnel and institutions, The United States mastered accounting hegemony of the global market. The EU since the1970s has been committed to the coordination of accounting standards. The main form of coordination is to make various EU directives. In view of the complexity of its own internal accounting coordination, the EU has a positive attitude for cooperation with IASB, and required all listed companies in the EU to apply the International Accounting Standards for the preparation of the consolidated financial statements since2005. But the EU insisted firmly to grasp the final adoption of the International Accounting Standards through technical and legislative recognition mechanism. Australia has actively gotten involved in all the works of the IASB, and gotten more "voice" in the international accounting standard setting process. Its government, laws, FRC and AASB actively promoted the convergence of national accounting standards with the International Accounting Standards, required their own for-profit adopt International Accounting Standards completely from2005onwards. Australia also considered the needs of its legal environment and national characteristics retained the part of the original AASB standard, and to explain the international accounting standards on its own.For the international accounting institution has certain characteristics of public goods, economic globalization requires international accounting institution to coordinate the international interest. Statutory authoritative international governance institutions does not exist currently, and the international accounting institution has to be provided by some strong sovereign states or multilateral institutions dominated by a strong sovereign state. It means insufficient supply of international accounting institution, and causes detached from the rights and obligations of international governance. The existence of externalities of international accounting institution means that the interests of stakeholders may conflict with each other due to the unbalance of supply and demand in the accounting institution. Strong power logic may arise, leading to obvious unfairness in the international accounting institution. Existing international accounting institution, represented by the International Accounting Standards, basically formed under the auspices of the Western countries, implied in the content and operation of the favor of themselves. Advantages of developing countries do not considered inside. Developed countries in the development of international accounting institution, always make every effort to safeguard their own interests, leaving the developing countries at a relative disadvantage and forced to internationalization. At the same time, it should be noted that the current international accounting institution contains the mechanism of bargaining and more attention can be given to developing countries accounting.Changes in Chinese accounting institution after the reform and opening up, are in time to coincide with Chinese economic institution from the planned economy to a market economy and securities market. The main supply of accounting institution in China adheres to the government, which is the most important role in the decision of the path of accounting institution changes. It is generally believed that, since the founding of new China, the real watershed reform happened in1992. The preparation of the reform, in fact is from beginning of the reform and opening up. Because of great resistance, changes in Chinese accounting institution happened in the near or around t of the old institution. Along with the gradually development of the new accounting institution, the whole environment of accounting institution continuously improved. It was through the incremental reform to the development of the new institution, and with the accumulation of incremental reform the institution structure gradually changed. In Chinese accounting institution changes, path dependence was very strong. There were a series of transitional institutional arrangements, often with some conflicting characteristics of the old and the new institutional arrangements. The path of Chinese accounting institution changes reflected the trend of international convergence of Chinese accounting standards. At present, Chinese accounting standards has been achieved with the integration and convergence of international accounting standards, made the remarkable achievements and gotten extensive recognition by the whole world, especially in the accounting principles, methods of measurement, information disclosure, and pricey financial information quality.The trend of internationalization of Chinese accounting institution change is irreversible. China is an open economy, being in unprecedented deep integration with the international community, which determines the relationship between China and the international societies is not confrontation. The development of China is to promote reform and development in both sides by participation and cooperation. We should adhere to the national interest in accounting institution changes, keep the development of rational spirit of international convergence of efforts, recognize the reality of the passive to active, take different strategies of institutional changes, and achieve innovation of basic theory. We should actively learn from advanced international experience, construct the system of accounting conceptual framework, clear guidelines for the formulation of the basis-oriented model, try to introduce the market mechanism in the supply of accounting insitution, and strive to promote the accounting standard setters and process more democratic, scientific and institutionalized. Finally, a set of accounting institution conforming with international convention and different specification levels is established, comprehensively enhance the quality of accounting information of our country, to meet the needs of domestic and foreign investors under the new situation. At the same time, on the basis of systemic studies of Chinese accounting theory and problems, more active participation should be taken in the international coordination through two-way communication, dialogue and cooperation, to gain attention to Chinese special political, economic, cultural, legal, accounting theory and problems, and to get the influence adapting to Chinese economic status in IASB. |
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