The
first workshop of the China-Central Asia Accounting Elites Exchange Programme
officially kicked off at the Shanghai National Accounting Institute.
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.
Speaking
about the programme and ACCA’s continuous role in promoting opportunities
around the Belt and Road Initiative, Sajjeed Aslam, head of ACCA Pakistan said,
“China-Pakistan
Economic Corridor (CPEC) is a great economic opportunity for Pakistan. The
accounting professionals have a duty to promote the ‘Belt and Road’
connectivity to assist governments and businesses to do more trade with other
BRI countries. With strong presence in the region, ACCA will continue to play a
leading role.”
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.
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
This
July, Shanghai National Accounting Institute, joining hands with ZTE New Cloud
Service Co., Ltd. and ACCA, and under the auspices of the institute’s ‘Belt and
Road’ Accounting Research Centre, conducted research on accounting
infrastructure in Central Asia to support the implementation of the programme.
Studies have shown that some countries' accounting infrastructure cannot keep
up with their economic development. And due to differences in national
conditions, the development of accounting infrastructure varies greatly from
country to country, and the connectivity between them is poor. This has
affected economic development and trade. As Central Asian countries have become
more deeply involved in the ‘Belt and Road’ initiative, local economies have
become more integrated into regional and global economic development. To better
integrate with the international community and attract foreign investment, many
countries in Central Asia are taking measures to strengthen accounting
infrastructure.
Join
hands to build a knowledge exchange platform for accounting infrastructure
The
implementation of the China-Central Asia Accounting Elites Exchange Programme
is an achievement of joint efforts.
Iskandar
Abdullaev, Deputy Director of CI, a regional international think tank for
knowledge cooperation, said that since its establishment, CAREC has promoted
trade and transportation in Central Asia, and improved the investment
environment in Central Asia. Many efforts have been made to provide financing
for some regional projects, making substantial progress and important
contributions to the development of Central Asia.
CAREC
programme is committed to promoting connectivity and achieving shared
prosperity. As a common international business language and an important ‘soft
infrastructure’, accounting can serve as a bridge for economic exchanges
between countries. The China-Central Asia Accounting Elites Exchange Programme
will promote the sharing of knowledge and experience in the construction of
accounting infrastructure between China and the countries of Central Asia, and
will also promote the coordinated development of and cooperation among CAREC member
countries.
As a
global professional accountancy body, ACCA also plays a key role as a super
connector globally, conducting substantial work on preparation and research for
the programme through its international network and expertise.
Ada
Leung, Director, ACCA Greater China, said that ACCA is one of the pioneers in
exploring the impact of the ‘Belt and Road’ Initiative on China, the global
economy and the development of the accountancy profession.
ACCA is
honoured to jointly conduct the programme with its partners, and will continue
to carry out a series of studies with partners such as the Shanghai National
Accounting Institute and further discuss the opportunities and challenges for
the accounting profession, businesses and governments brought by the ‘Belt and
Road’ Initiative, supporting the implementation of the China-Central Asia
Accounting Elites Exchange Programme.
The
five-day workshop will conduct in-depth and continuous exchanges and
discussions on issues such as the construction of accounting infrastructure,
the development and coordination of accounting standards through lectures,
experience sharing by various countries, field visits to enterprises, and
online communication. The workshop will also establish a platform for exchange
between international accounting talents in China and accounting elites in
Central Asia.
The
programme will also hold workshops in China and Central Asian countries in 2020
and 2021.
