When did the third change in modern accounting history begin?

At the beginning of 1980s, China began the third reform in accounting history, and the real climax was the formulation and implementation of Accounting Standards for Business Enterprises (1992).

At the beginning of the 20th century, the debit and credit bookkeeping method was introduced into the accounting systems of China, Britain and the United States. The bookkeeping reform in China and the implementation of modern accounting were the first changes in China's modern accounting history.

After the founding of New China, the "Qian Gong Lian" accounting model adapted to the highly centralized planned economy system was introduced, and the accounting theory, system and methods of old China were greatly reformed. Initiation formed the second reform in the history of modern accounting in China.

In 1980s, China implemented the reform and opening-up policy and started the third accounting reform.