With the uninterrupted development of the socialist market economy, there are many phenomena such as mendacious accounting information and false account in the accounting practice. It is an inevitable request for us to amend and improve the Accounting Law, so as to make it reflecting the new content and playing a significant role in accounting work. In this paper, after a thorough discussion of the nature, background and characteristics of the newly revised Accounting Law, a great innovation of the law that laying the primary accounting obligation on the persons in charge of unit is pointed out and its rationality, function and duty are summarized and analyzed.