Study On The Continuous Comprehensive International Convergence Of Chinese Financial Instruments Standards

International convergence of accounting standards is inevitable for national economic development and economic globalization. Ministry of finance have issued the new basic accounting standard and38specific standards in February,2006, which marks substantive convergence between our enterprise accounting standards and international financial reporting standards. The enterprise accounting system which contains four financial instruments standards achieve substantive convergence with the international financial instruments standards. Meanwhile, this system has already carried out effectively. In2008, with the outbreak of the global financial crisis, financial instruments accounting was condemned, which is not the primary cause of the financial crisis. To reduce the accounting complexity of financial instruments and improve the quality of financial reporting, IASB join hands with FASB to start the improvement projects about the recognition and measurement of financial instruments in2008. After the financial crisis, G20and FSB advocated building the accounting standards with high quality to improve the transparency of accounting information, which make accounting standards becomes very important. In this background, our country issued "the continued convergence roadmap between our enterprise accounting standards and international financial reporting standards". The international financial instruments standards will greatly affect international convergence of financial instruments standards by great modifying.At first, this article reviewed the literature of research of financial instruments standards, and it defined and analyzed concepts and characteristics of the continued convergence of financial instruments standards. This article discussed the Theoretical basis of the continued convergence of financial instruments standards from three perspectives of the information asymmetry theory, capital preservation theory and accounting goal theory. And then on the basis of the introduction of financial instruments standards’development, this article analyzed the problems of the period after the financial crisis which were faced by the international financial instruments standards. It analyzed the Classification and scale of financial assets of ten top listed Banks (such as the industrial and commercial bank of China) and the influence of total profit and capital reserve which is caused by the changes of financial instruments’fair value. Finally, it analyzed the strategy which the continued convergence of financial instruments standards should be adopted from three perspectives which is Strengthening the enthusiasm of the continued convergence of financial instruments standards, maintaining stability of our financial instruments standards, Perfecting accounting environment faced by the continued convergence of financial instruments standards.That IASB revised the financial instruments standards divided in three stages, as follows:classification and measurement of financial instruments, depreciation method and hedging accounting. IASB has completed the first stage by now, which is classification and measurement of financial instruments. And IASB mainly revised one of the part of the first stage that is classification and measurement of financial asset. So, this article is based on the Introduces and comments of three stages’ achievement, but it focused on the first stage which used the method of comparison of industry data. In the last part of the paper, it proposed the strategy of the continued convergence of financial instruments standards.