Improving the financial crisis on the accounting standards implications

When it comes to the outbreak of the financial crisis, some American financiers and Congressman pointing at the U.S. accounting standards argue that the no. 157 U.S. accounting principle which requires financial products in accordance with the “fair value” measuring rules plays an important role for aggravating financial crisis. The debate coursed some countries revised fair value accounting standards. Because China's new accounting standards use fair value measurement a lot, the financial crisis caused great influence, therefore, We should perfect accounting standards. Regulate or explain the details of the fair value standards. Strengthen theory research and accounting staff's professional judgment.