Study On Challenges And Countermeasures Of China's Accounting Principles After WTO Entry

With the globalization of economy and China's WTO entry, the international capital intercourse and market caused by multination companies will be stimulated. The disclosure of related information becomes more and more important. High quality accounting principles is demanded in China. The paper puts forward a series of countermeasures after analyzing on the great change of accounting circumstances after China's WTO entry, the relationship between accounting circumstances and accounting principles and the challenges faced by China's Accounting Principles Reformation.The paper analyzes the relationship between accounting principles and accounting circumstances, then puts forward the five social factors influencing the development of accounting principles: economy, law, civilization, polity, education.Then, the paper analyzes the accounting circumstances after China's WTO entry, including the great change of domestic circumstances and the current international affairs influencing the development of accounting principles, and draws the conclusion that the great changes of accounting circumstances causes the challenges faced by the development of China's accounting principles.In order to perfect China's Accounting Principles and adapt it to the new circumstances after China's WTO entry, the paper puts forward the countermeasures against the challenges.