ACCA welcomes outcomes of the 10th UK China Economic and Financial Dialogue (EFD)

ACCA, the global body for professional accountants, welcomes the Policy Outcomes of the recent UK-China EFD held in London, which marked a major step forward in strengthening links between the two countries.

Of particular significance to the Outcomes was the commitment to co-operate on the harmonisation of global accounting standards. ACCA believes this move is vital to increase transparency, clarity and, ultimately, confidence in doing business between the UK and China.

ACCA is playing a significant role in an international project that promotes cooperation on accounting standards, and cross-border cooperation on accounting supervision for China.

With its partner SNAI (Shanghai National Accounting Institute), ACCA is working on a research project called The internationalisation of the China Certified Public Accountant profession, administrated by China’s Ministry of Finance (MOF) and funded by The World Bank.

The project’s ultimate aim is to support the international growth and development of China’s CPA profession and its adoption of international accounting standards, and it secures a mention in the recently-published Policy Outcome Paper of the 10th UK-China EFD.

Helen Brand, chief executive of ACCA said: ‘It’s great to see the power of ACCA’s connections and our joint work with SNAI being recognised so positively by the UK and Chinese governments, and being part of the policy outcomes of this important meeting; it is recognition of the valuable partnership that ACCA and SNAI have built together over the years, and recognition of the value of our global expertise.’

Prof Li Kouqing, president of SNAI said: ‘I’m delighted to see our joint research project being recognised by the UK and Chinese governments. This is high recognition of our joint efforts in promoting the internationalisation of Chinese accountancy profession. As strategic partners, we have maximised our advantage in talent development, professional insights and global network through our collaboration and achieved fruitful results. I believe, with our excellent cooperation, we can make greater contribution to support the development of the Chinese accountancy profession to stay at the very forefront in driving sustainable growth of the Chinese economy.’

The aim of this project is to help with the globalisation of the Chinese accountancy profession, and it will help Chinese businesses - through investment and trade - and Chinese firms to explore the global market. It will also help to provide foreign business with a greater degree of certainty when looking to do business in China. The research findings - due to be published in October 2019 - will be taken as a solid and reliable reference for the Chinese government when making new CPA policy in China.

Helen Brand concludes: ‘This project is also an opportunity for ACCA to build on the impact already made in supporting China’s growth over the past three decades. Together with SNAI, we are helping to build the profession China needs as we enter a new phase of global trade.’

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For reference of this joint project please see p/9, point 21: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/809569/190617_FINAL_POP_v2__002_.pdf

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About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 219,000 members and 527,000 students (including affiliates) in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 110 offices and centres and 7,571 Approved Employers worldwide, and 328 approved learning providers who provide high standards of learning and development.

Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com

"It’s great to see the power of ACCA’s connections and our joint work with SNAI being recognised so positively by the UK and Chinese governments, and being part of the policy outcomes of this important meeting; it is recognition of the valuable partnership that ACCA and SNAI have built together over the years, and recognition of the value of our global expertise."

Helen Brand OBE, chief executive - ACCA