This study discusses the changes in China's accounting standards around 2019 and the possible impact of China's newly revised accounting standards on the earnings management of Chinese boss companies. This paper discusses the evolution of accounting standards in China, including the adoption of IFRS and subsequent revisions to the standards. This paper analyzes the impact of changes in the accounting treatment of financial instruments and debt restructuring on earnings management. In general, changes to Chinese accounting standards have curbed some of the manipulation of earnings by listed Chinese companies. But the revised accounting rules make fair-value measurement in China more extensive. As the development of China's capital market is not yet sound, many financial assets do not have public consistent or credible channels to obtain fair value, whether the newly revised accounting standards can improve the quality of accounting information in China remains to be investigated.