Modern accounting is composed of modern financial accounting, modern managerial accounting, and modern auditing. The specialized nature of most accounting research forces a tight focus on specific functions of accounting in narrowly defined environment. The rule of accounting in valuation of securities, in providing information for evaluation performance, and in motivating numbers of an organization are three such function. Also detailed study of these specific function is important,we stress the point that essentials of modern accounting lie in accountability，and so specific function s of accounting only reflect the essential needs of accountability．Based on the above mentioneel，we discuss the major isues in the domain of mod ern accounting，and point out specific research topics in financial accounting，management accounting，financial auditing and management auditing respectively．In addition，we propose that the western research method of“field study”should be used for reference in the native accounting research which is geared to the needs of the future．