This research article surveys accounting internationalization in the People's Republic of China, an underdeveloped socialist country. The internationalization movement stems from the significant changes in the social and economic environment, as a result of China's ambitious economic reforms in the last decade. The gap between Chinese accounting and common practices in industrial countries has been reduced remarkably. The research commences with the motives of the internationalization contextual to the specific environmental changes in China. The developments of accounting internationalization in the areas of accounting principles and standards, accounting regulations for foreign-capital-affiliated business, public accounting practice, and international accounting research and education are examined respectively.