Building an Independent Accounting Standards System with Chinese Characteristics: Theoretical Logic, Practical Challenges, and Implementation Pathways

Building an independent accounting standards system with Chinese characteristics is an important practice in establishing a self-sustained Chinese accounting knowledge system, which also serves as a foundational institutional arrangement for advancing national governance modernization, safeguarding economic security, and promoting high-quality development. Guided by General Secretary Xi Jinping’s important discourses on building an independent knowledge system for philosophy and social sciences with Chinese characteristics, this paper systematically analyzes the deep-seated contradictions inherent in the current convergence model between China’s accounting standards and the International Financial Reporting Standards (IFRS), and clarifies the strategic necessity and urgency of building an independent accounting standard system with Chinese characteristics. This paper argues for adhering to the principle of “rooted in China, with a global vision”, and forms an independent accounting standard system with Chinese characteristics that integrates principle-based and rule-based standards, bridges theoretical innovation with practical needs, and balances autonomy with openness through innovations in standard-setting mechanisms, enhanced digital and intelligent technological empowerment, cultivation of an independent professional talent pool, and improved supervision and evaluation systems. Such a system will provide a solid accounting system guarantee for Chinese path to modernization.