自2012年以来，伴随着经济社会发展与资本市场改革，私募股权投资基金行业历经非凡十年，实现跨越式发展，在规模及质量方面均显著提升，成为助力直接融资体系、服务实体经济发展不可或缺的中坚力量。监管政策的日益健全与完善，加速了行业的规范化发展，与此同时，为了借鉴 IFRS9 准则的先进理念，财政部于2017 年修订发布了《企业会计准则第22号—金融工具确认和计量》、《企业会计准则第23号—金融资产转移》、《企业会计准则第37号—金融工具列报》等新金融工具准则。首先修订了金融资产的分类，“四分类”退出历史舞台，“可供出售金融资产”等科目不再存在，取而代之的是更客观的“三分类”，以提升会计信息的可比性。然后提出了“预期损失法”，改变了现行的金融资产减值计提方式，引入三阶段损失模型，前瞻性地关注未来潜在的风险。受到影响最大的为金融行业，而私募股权投资行业又日益成为金融行业的重要组成部分，因此，本文要研究的问题为：新金融工具准则对私募股权投资基金有哪些会计影响，新金融工具准则带来了哪些变化，在这些变化下私募基金管理人应该如何主动应对。根据准则约定，私募股权投资基金作为非上市企业，需从2021年1月1日起，全面应用新金融工具准则。本文的研究思路为从新金融工具准则的变化出发，研究在新的框架下如何进行分类和计量考量，并结合私募股权投资基金的会计核算，分析私募股权投资基金的财务报表构成，应用新金融工具准则后带来的影响以及新的要求，并对私募基金管理人在估值和投后风险管理两个方面提出了建议。随后，通过XX基金四期的案例分析，结合最新财务数据，分析对金融资产分类和财务报表列报的影响，面对公允价值计量成为常态化，结合具体场景分析如何进行估值，以便能更准确地反映真实业绩。最后，总结归纳形成研究结论。面对宏观经济、监管政策的不断变化和我国股权投资市场的快速发展，希望本文通过对新金融工具准则对私募股权投资基金会计影响的剖析，能够为同行提供有价值的观点和思路。

Since 2012, with the economic and social development and capital market reform, the private equity investment fund industry has experienced an extraordinary decade of development, with significant improvement in scale and quality, and has become an indispensable backbone to help the direct financing system and serve the development of the real economy. The increasingly sound regulatory policies have accelerated the standardized development of the industry. At the same time, in order to learn from the advanced concepts of IFRS 9, the Ministry of Finance issued CAS22、CAS23 and CAS37 in 2017. The revised contents of the new financial instrument standards mainly include: First, the classification of financial assets was revised. The "four classifications" were withdrawn from the historical stage, and subjects such as "financial assets available for sale" no longer existed. Instead, more objective "three classifications" were adopted to improve the comparability of accounting information. Then, the "expected loss method" was proposed, which changed the current method of provision for impairment of financial assets and introduced a three-stage loss model to proactively focus on potential future risks. The financial industry is the most affected by the new financial instrument standards, and the private equity investment industry is increasingly becoming an important part of the financial industry. Therefore, the issues to be studied in this paper are: what accounting impact the new financial instrument standards have on private equity investment funds, what changes the new financial instrument standards have brought, and how private equity fund managers should actively respond to these changes. According to the standards, private equity investment funds, as non-listed enterprises, need to fully adopt the new financial instrument standards from January 1, 2021.The research idea of this paper is to study how to classify and measure under the new framework from the changes of the new financial instrument standard, and considering the accounting of private equity investment funds, analyze the financial statement composition of private equity investment funds, the impact of the application of the new financial instrument standard and the new requirements, and put forward suggestions for private fund managers in terms of valuation and post-investment risk management. Then, through the case analysis of XX Fund IV, analyze the impact on the classification of financial assets and the presentation of financial statements based on the latest financial data. Faced with the normalization of fair value measurement, analyze how to conduct the valuation with specific scenarios, so as to more accurately reflect the true performance. Finally, summarize the research conclusions.In the face of the constant changes in macroeconomic and regulatory policies and the rapid development of China‘s equity investment market, I hope that this paper can provide valuable views and ideas for peers through the analysis of the accounting impact of the new financial instrument standards on private equity investment funds.