New Achievements of Government Accounting Reform in China—“Governmental Accounting Standards—Basic Standards”

Through joint efforts, “Chinese Government Accounting Standards—Basic Standards” was finally officially promulgated on October 23, 2015. This is a great achievement of our government accounting reform and it has a significant influence on future reform in China. The purpose of this paper is introducing our first government accounting standards and by comparing, I find several ways to safeguard its implementation. My conclusion is that our future governmental accounting standards will be better and more fruitful.