Ming Dynasty (1368–1644 CE):

The Ming Dynasty is noted for its rigorous administration and the introduction of formal accounting
systems for managing the empire's vast resources.

Government accounting practices were detailed in the "Ming Veritable Records" (Ming Shilu), which
documented state revenues, expenditures, and inventory management.

Qing Dynasty (1644–1912 CE)

The Qing Dynasty maintained the accounting traditions of previous dynasties, with an emphasis on
centralized control and detailed record-keeping.

The "Qing Code" (Da Qing Huidian) outlined the accounting procedures for government officials.

The introduction of Western accounting practices began during this period, particularly towards the end
of the dynasty with increasing foreign influence.

Republican Period and Early PRC (1912–1949 CE)

The fall of the Qing Dynasty and the establishment of the Republic of China led to significant changes in
accounting practices.

Western accounting principles and practices were introduced and gradually adopted.

The establishment of professional accounting bodies, such as the Chinese Institute of Certified Public
Accountants (CICPA), began during this period.

People's Republic of China (1949–Present)

1950s–1970s:

After the establishment of the People's Republic of China in 1949, the country adopted a centralized
planned economy.

Accounting practices were aligned with the needs of state-owned enterprises and central planning,
focusing on budget control and resource allocation.

1980s–1990s:

Economic reforms initiated by Deng Xiaoping in the late 1970s and early 1980s led to the introduction of
market-oriented policies.
These reforms necessitated the modernization of accounting practices, with increased emphasis on
transparency, financial reporting, and the adoption of international accounting standards.

2000s–Present:

China has made significant strides in aligning its accounting standards with International Financial
Reporting Standards (IFRS).

The Chinese Accounting Standards (CAS) have been developed to meet international norms, enhancing
the credibility and comparability of financial statements.

The digital revolution and advancements in information technology have transformed accounting
practices, with widespread adoption of accounting software and cloud-based solutions.

Summary

The history of accounting in China reflects a continuous evolution from ancient times to the modern era.
From early record-keeping on oracle bones to the sophisticated financial systems of today, accounting in
China has developed to meet the changing needs of trade, commerce, and governance. The journey has
been marked by significant milestones, including contributions from ancient scholars, dynastic
influences, Western integration, and contemporary reforms, shaping the accounting profession into its
current form.