The article considers the issues of the influence of the national economic mentality on the processes of formation and development of the national accounting system. Such studies have become particularly relevant due to the accelerating pace of economic and accounting convergence. The convergence of national accounting standards based on IFRS faces  significant barriers generated by national accounting cultures. The author gives an overview of Western and Chinese researchers studying the cultural determinants of national economic practices and types of accounting cultures. Based on European studies, the main dichotomies (measurements) of national accounting cultures and the factors of their formation are distinguished. Based on Chinese studies, types of registration culture, its main components, social characteristics of business accounting culture and main accounting cultural values, as well as the main differences between European and Asian accounting cultures are distinguished. The author formulates the main features of the economic mentality that form the Chinese accounting culture: national unity and family, conservatism, non-aggressive nationalism, powerful historical memory, striving for median and harmony, consistent combination and unity without unification. The author also reveals the main Confucian postulates of accounting practices, such as favor and friendliness towards colleagues, loyalty and respect for the employer, honesty and fairness in reflecting the facts of economic activity, a negative attitude towards enrichment, the rule of virtue over the law. This article emphasizes the importance of the Confucian principles for the development of the Chinese accounting system: integrity, commonality and continuity. Based on sociocultural constants of the Chinese accounting system, the characteristic features of its development are revealed in the conditions of the trend of global convergence of national accounting systems. According to the prospects for reforming the national accounting system formulated by the Ministry of Finance ofChina, the Chinese leadership intends to continue to faithfully honor national accounting traditions and participate in global economic convergence processes with great care. This approach is based on centuries-old sociocultural traditions and is called the “Chinese way of development”.