The old Accounting Standards were largely replaced by International Financial Reporting Standards.
This is a passive sentence with the passive marker “被”, which is used to introduce the agent of an action, or to emphasize that the subject of the sentence is the recipient of an action. Here are some example sentences:
She was fired by the company.
I was deceived by him.
|S (recipient)||被||O (agent) + V + other elements|
|She||was (by)||the company fired.|
|I||was (by)||him deceived.|