The Program was announced as one of the important outcomes of the Second Belt & Road Forum for International Cooperation held in Beijing this April. It was jointly proposed by the SNAI, the Central Asia Regional Economic Cooperation Institute (CI) and the Association of Chartered Certified Accountants (ACCA).
The program consists of four workshops spread over 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 symposium, training sessions and field visits with in-depth discussions on topics such as the development of accounting standards, talent cultivation, regulation, the development of the accounting service industry, new technology and the development of the accounting sector.
Nearly 30 experts from the accounting standards setting departments, accounting regulators, and the accountancy profession from all 11 Countries in the Central Asia Regional Economic Cooperation (CAREC) participated in the first workshop.
Promoting Belt & Road Connectivity,
Duty for the Accountancy Profession: Li Kouqing President of the SNAI, said at the opening ceremony that strengthening the construction of accounting infrastructure is vital for improving economic development as a sound accounting infrastructure can promote a country’s growth and stability.
According to Li, the accounting infrastructure consists of three factors, namely the accounting standard system, accounting regulatory framework and accounting talent system.
At present, there are differences in the accounting standards and accounting professionals of the Belt & Road Countries, including the Central Asian countries.
An ACCA press release said that promoting the connectivity of accounting infrastructure should be a due part of the Belt & Road Cooperation, and is also a duty for those in the accountancy profession.
Jointly Build a Knowledge Exchange Platform
The implementation of the China-Central Asia Accounting Elites Exchange Program is an achievement due to combined efforts.
Iskandar Abdullaev, Deputy Director of the CI, a regional international think tank for knowledge cooperation, said that the CAREC has promoted trade and transportation in Central Asia and improved the investment environment in Central Asia since it was established.
“Many efforts have been made to provide financing for some regional projects, making substantial progress and important contributions to the development of Central Asia,” Iskandar said.
The CAREC program is committed to promoting connectivity and achieving shared prosperity. The exchange program aims to enhance the sharing of knowledge and experience in the construction of the accounting infrastructure between China and Central Asian countries, as well as promote the coordinated development of and cooperation among CAREC member countries.
As a global professional accountancy body, the ACCA conducts substantial work on the preparation and research for the program through its international network and expertise.
Ada Leung, Director of ACCA Greater China, said the ACCA is one of the pioneers in exploring the impact of the Belt & Road Initiative on China, the global economy and the development of the accountancy profession.
“The ACCA is honoured to jointly conduct the program with its partners. We will continue to carry out a series of studies with partners such as the SNAI, further discuss the opportunities and challenges for the accounting profession, businesses and governments brought by the Belt & Road Initiative, and support the implementation of the exchange program,” Ada Leung said.
The five-day workshop will conduct in-depth and continuous exchanges and discussions on issues such as the construction of the accounting infrastructure, the development and coordination of accounting standards through lectures, experience sharing, field visits to enterprises, and online communication.
It will also establish a platform for exchanges between international accounting talents in China and accounting elites in Central Asia. The program will continue to hold workshops in China and Central Asian countries over the next two years.