World Monitor Magazine WM_November_2019_web | Page 68

The China-Central Asia
Accounting Elites Exchange
Programme inaugurates
in Shanghai, China
Building connectivity with accounting
infrastructure Promoting the ‘Belt and Road’ connectivity, an
unshirkable duty for the accountancy profession
The first workshop of the China-Central Asia
Accounting Elites Exchange Programme officially
kicked off on 16 December at the Shanghai National
Accounting Institute. In his speech, Li Kouqing said that strengthening
the construction of 'accounting infrastructure' is
vital for improving economic development. A sound
accounting infrastructure can promote a country's
growth and stability. Specifically, the accounting
infrastructure consists of three factors, namely
accounting standard system, accounting regulatory
framework and accounting talent system. Accounting
standard system sets the criteria for accounting
method and finance report, aiming to improve
the unification, factuality and comparability.
Accounting regulatory framework is made up of
several forces such as government and society to
supervise and manage the accounting work, aiming
to guarantee the factuality and completeness and
accounting information. Accounting talent system
provides the foundation and key to develop, improve
and implement the standards and supervise the
accounting work.
The programme, proposed jointly by the Shanghai
National Accounting Institute (SNAI), the Central Asia
Regional Economic Cooperation Institute (CI) and
the Association of Chartered Certified Accountants
(ACCA), was announced as one of the important
outcomes of the second Belt and Road Forum for
International Cooperation held in Beijing in April this
year.
The programme consists of four workshops in a two-
year cycle, targeting officials from departments
in the accounting field in China and Central Asia,
as well as professionals from companies, industry
associations, accountancy firms and other accounting
theory and practice circles. It will organise symposia,
training sessions and field visits with in-depth
discussions on topics such as the development of
accounting standards, talent cultivation, regulation,
the development of accounting service industry, new
technology and the development of the accounting
sector.
Nearly 30 experts from the accounting standards
setting departments, accounting regulators, and
accountancy profession of all 11 CAREC countries
including China, Kazakhstan, Kyrgyzstan, Tajikistan,
Uzbekistan, Turkmenistan, and Georgia attended the
first workshop.
Li Kouqing, President of SNAI, Iskandar Abdullaev,
Deputy Director of CI and Ada Leung, Director of
ACCA Greater China attended the opening ceremony
and delivered speeches.
world monitor
At present there are differences in accounting
standards and accounting professionals of the
Belt and Road countries including Central Asian
countries. Li Kouqing said: ‘The accounting
standards are like the railways of the world. Some
are with wide tracks, some are with narrow tracks,
and others are with standard tracks. When goods
move from one country to another country, you
need to unload them and then load them again.
Because the tracks are different and the rules
are different, the cost of the transaction will be
greatly increased.’ Promoting the connectivity of
accounting infrastructure should be a due part of
the ‘Belt and Road’ cooperation, and an unshirkable
duty for the accountancy profession.
Focus on Central Asia to improve its accounting
infrastructure