The debt risk caused by contingent liability is an important factor leading to government's debt crisis.The current governmental accounting and reporting system fails to regulate the disclosure of contingent liability. Especially there are a lot of governance vacuums in the confirmation, measurement and reporting of government's contingent liability. Learning from international experience, we should regulate the accounting information disclosure of government's contingent liability from the following aspects: reporting in different classifications based on the possibilities and properties of contingencies, as well as whether they can be measured reliably or not; keeping attention after the liability is recognized; making specific provisions for methods of measurement and reporting based on financial accounting capacity; gradually improving the government accounting basis into accrual basis; bringing contingent liability into full-covered budget management.