The College Reform and Development Calling for the Introduction of New Accounting System as soon as Possible

There are many problems in the existing accounting in aspects of accounting basis,setting of accounting subjects,budgetary accounting system and financial reporting system and so on.The reform and development of college education system call for a new accounting system as soon as possible.The new accounting system(draft) introduces the principle of modified accrual,standards the setting of accounting subjects and further improves the financial reporting system to effectively promote the development of financial accounting work in college.But we also need to modify and improve it by perfecting settings related subjects,preparing of cash flow,clearing the fixed assets with no depreciation and other means.