The Recent Accounting Development and Internalization of Accounting Education in China.

Abstract This article focuses on the recent developments in accounting practices and the internationalization of accounting education in China. The recent economic reform and changes in governmental functions in macroeconomics management are considered responsible for this development. Economic reforms that began in the 1970s have brought about structural changes in the national economy. State enterprises are being converted to market-oriented modern enterprises. As a result, the knowledge and skills needed to practice accounting have changed, leading to the need for major change in accounting education. Soon after the start of the modernization campaign in the late 1970s, government officials and business managers found that qualified accountants were badly needed in order to help achieve their economic aims. Accounting regained its former position and accounting education began a period of rapid development. Economic reform has led to China gradually expanding her international economic activities. The main themes of accounting education reform in China are: to broaden the common body of knowledge; to understand the realities and complexities of the domestic and international economy; to be aware of different views on important matters; to know how to acquire new information; to form one's own judgments; and to express one's views clearly and articulately.