Abstract

In the times of knowledge economy, the financial environment of enterprises has changed largely, so the current financial report system of China has not satisfied the accounting information users’ demand for the financial report. Three deficiencies existing in the current financial report system are analyzed in this article, i.e. lacking in the relativity, lacking in the timeliness, and lacking in the reliability. And corresponding reform directions have been proposed, such as using multiple measurement bases simultaneously, extending the scope of financial information disclosure and ensuring the information relativity, establishing the real time reporting system and ensuring the timeliness of information, and reducing the colors of the financial report and ensuring the reliability of information.

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