The paper investigates the recent development of accounting legislation and standards in Macau. A free market operation must be accomplished by a good accounting system in order to create an attractive investment environment to both foreign and internal investors in Macau. It is more important to provide a fair tax system to the investors in order to generate more tax revenue. Accounting is a relatively new profession in Macau and this paper further highlights its future development after Macau became a Special Administrative Region of the People’s Republic of China on 20th December,1999. Finally, the relationships among the current accounting system, Macau economy and society will be discussed.  The paper concentrates the discussion on four areas; they are the accounting standard and legislation, the accounting professional, the control system and the taxation system in Macau.