This study aims to identify the steps and requirements for modernizing the financial accounting system to suit the requirements of the Algerian accounting environment and the international accounting system, and this is through the use of a case study method based on induction by studying the opinions of a group of Algerian professionals in the field of accounting for the purpose of generalizing the results to the sample. Belonging to the study community. The most important finding in this study is that we must work to modernize the financial accounting system by following a set of steps, including revitalizing the business environment and financial markets in particular, adapting and amending legislation and laws, as well as issuing national accounting standards so that each standard addresses a specific item and establishing an independent accounting body that undertakes the task of Follow up on developments in international financial reporting standards and carry out the accounting theorization process.