<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>010200 - Disclosure - NEW ACCOUNTING STANDARDS</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2010 - 12/31/2010
USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>FROM_Jan01_2010_TO_Dec31_2010</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0001032208</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2010-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2010-12-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Pure</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>pure</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="12 Months Ended" /><Label Id="2" Label="Dec. 31, 2010" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>true</IsAbstractGroupTitle><Level>0</Level><ElementName>sre_NotesToConsolidatedFinancialStatementsAbstract</ElementName><ElementPrefix>sre</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Notes to Consolidated Financial Statements [Abstract]</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole /><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style='margin-top:24pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Arial;font-size:11pt;margin-left:0px;"&gt;NOTE 2. NEW ACCOUNTING STANDARDS &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;We describe below recent pronouncements that have had or may have a significant effect on our financial statements. We do not discuss recent pronouncements that are not anticipated to have &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;an&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; impact on or are unrelated to our financial condition, results of operations, or disclosures.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:21pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0px;"&gt;SEMPRA ENERGY, SDG&amp;amp;E, PE AND SOCALGAS&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:11pt;font-weight:bold;font-style:italic;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;Accounting Standards Update (ASU) 2009-17, "Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;"&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt; (ASU 2009-17): &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ASU 2009-17 amends Financial Accounting Standards Board (FASB) Interpretation No. 46(R), &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Consolidation of Variable Interest Entities &amp;#8211; an interpretation of ARB No. 51 &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(FIN 46(R)), which provides consolidation guidance related to variable interest entities.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:3pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;ASU 2009-17 amends FASB Accounting Standards Codification (ASC) Topic 810, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Consolidation,&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; and requires&lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:3pt'&gt;&lt;/p&gt;&lt;ul&gt;&lt;li style="margin-left:9.35px;list-style:square;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;a qualitative approach for identifying the primary beneficiary of a variable interest entity based on &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;1) the power to direct activities that most significantly impact the economic performance of the entity, and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2) the obligation to absorb losses or right to receive benefits that could be significant to the entity;&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:9.35px;list-style:square;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ongoing reassessments of whether an enterprise is the primary beneficiary of a variable interest entity; and &lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style='margin-top:0pt; margin-bottom:9pt'&gt;&lt;/p&gt;&lt;ul&gt;&lt;li style="margin-left:9.35px;list-style:square;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;separate disclosure by the primary beneficiary on the face of the balance sheet to identify &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;1) assets that can only be used to settle obligations of the variable interest entity, and &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;(&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;2) liabilities for which creditors do not have recourse to the primary beneficiary.&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;We adopted ASU 2009-17 on January 1, 2010 and it did not have a material effect on earnings, nor on presentation on the Consolidated Balance Sheets for Sempra Energy and SDG&amp;amp;E. We provide the required additional disclosure in Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;1&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. ASU 2009-17 did not impact PE's nor SoCalGas' consolidated financial statements.  &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:0px;"&gt;ASU 2010-06, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;"&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;Improving Disclosures About Fair Value Measurements&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt;"&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt; (ASU 2010-06):&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;"&gt; &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;ASU 2010-06 amends ASC Topic 820, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;font-style:italic;"&gt;Fair Value Measurements and Disclosures, &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;and requires the following additional fair value measurement disclosures:&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:3pt'&gt;&lt;/p&gt;&lt;ul&gt;&lt;li style="margin-left:9.35px;list-style:square;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;transfers into and out of Levels 1 and 2&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:9.35px;list-style:square;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;segregation of classes of assets and liabilities measured at fair value&lt;/font&gt;&lt;/li&gt;&lt;li style="margin-left:9.35px;list-style:square;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;valuation techniques and inputs used for Level 2 and Level 3 instruments&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style='margin-top:0pt; margin-bottom:9pt'&gt;&lt;/p&gt;&lt;ul&gt;&lt;li style="margin-left:9.35px;list-style:square;"&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;detailed activity for Level 3 instruments, including separate presentation of purchases, sales, issuances and settlements&lt;/font&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;margin-left:0px;"&gt;We adopted ASU 2010-06&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt; on January 1, 2010, and we provide the additional disclosure in Note &lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;11&lt;/font&gt;&lt;font style="font-family:Times New Roman;font-size:10pt;"&gt;. &lt;/font&gt;&lt;/p&gt;&lt;p style='margin-top:0pt; margin-bottom:6pt'&gt;&amp;#160;&lt;/p&gt;</NonNumbericText><NonNumericTextHeader>NOTE 2. NEW ACCOUNTING STANDARDS We describe below recent pronouncements that have had or may have a significant effect on our financial statements. We do not</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Represents disclosure of any changes in an accounting principle, including a change from one generally accepted accounting principle to another generally accepted accounting principle when there are two or more generally accepted accounting principles that apply or when the accounting principle formerly used is no longer generally accepted. Also disclose any change in the method of applying an accounting principle, or any change in an accounting principle required by a new pronouncement in the unusual instance that a new pronouncement does not include specific transition provisions.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 154
 -Paragraph 2, 17, 18

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Principles Board Opinion (APB)
 -Number 28
 -Paragraph 23, 24

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher SEC
 -Name Regulation S-X (SX)
 -Number 210
 -Section 01
 -Paragraph b
 -Subparagraph 6
 -Article 10

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>New Accounting Standards</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>2</NumberOfRows><ReportName>NEW ACCOUNTING STANDARDS</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
