Research On The Reform Of International Finanoial Instruments Standards And The Countermeasures In China

Accounting standards is the working rules and guidelines for accountants, good accounting standards can help people to do the business accounting conveniently and accurately and to promote the development of the economy. In turn, the development of economy also needs people to make new accounting standards so as to adapt it. The process of design and development of the international financial instruments accounting standards is just the visual portrayal of this interactive process. In2008, after the outbreak of the international financial crisis, the old international financial instruments accounting standard was denounced by the international organizations and related agencies because its complexity, giving too much options to accounting information makers and its stiff depreciation method, etc. Under this background, the IASB and FASB launched the "IFRS9:financial instruments" project jointly, began to develop new international accounting standards for financial instruments actively.The revise process of the international financial instruments standard is divided into three phases. Basically, until now only the first phase that the rule of classification and measurement of financial instruments is finished. In order to have more comprehensive understanding of reform in financial instruments criterion, the paper is based on the first phase and gives consideration to the last two revise stages of the financial asset impairment and hedging accounting, introduces the theory achievements elaborately, describes the series works that the IASB and FASB have done for formulating the international rule of financial instruments, shows the thoughts origin of formulating the new financial instruments standard and the latest progress. In the data analysis section, in order to fully display the latest international financial reporting standards no.9-financial instruments (IFRS9) and its difference with domestic current financial instruments accounting standards, this paper based on the mature first stage standard, chooses the banking industry which has the highest percentage of financial assets as the analysis object, clearly shows the probable impact to China’s enterprises if our financial instruments accounting standard fully convergence with the IFRS9.Through the analysis of this paper, it found that compare to the old standards of financial instruments, IFRS9really can enhance the comparability of accounting information and reflect the enterprise management situation more objectively, but we should also know that put the IFRS9into use is highly dependent on the capital market to provide convenient and reliable financial assets fair value information.With our country to join in the development of the world economic and our enterprises to interact with the foreign companies more and more, for the convenience, the convergence of accounting standards with international standards becomes more and more important to China. And the hysteretic performance of domestic capital market also determines that the convergence of our accounting standards with IFRS9will be selective. So we should consider our own national conditions, develop and perfect our capital market’s basic functions and mechanisms, establish the mature and reliable fair value evaluation environment, cultivate sophisticated accounting personnel. On the basis, selectively and progressively conform our standards to the international. Service our country to participate in the development of world economy better.