2 November, 2021·Virtual Meeting
The Third “Belt and Road” National Accounting Standards Cooperation Forum was held in the mode of a video conference on 2 November 2021, with the main venue set in Xiamen, China.
Attendees included delegates from Accounting and Auditing Regulator of Cambodia, Ministry of Finance of the People’s Republic of China, Ministry of Finance of Laos, Mongolian Institute of Certified Public Accountants, Accounting Standards Board of Nepal, External Reporting Board of New Zealand, Institute of Chartered Accountants of Pakistan, Ministry of Finance of Russian Federation, Saudi Organization for Chartered and Professional Accountants, Ministry of Finance of Vietnam.
At the forum, the delegates updated experiences on accounting standards setting and implementation, discussed specific accounting issues of enterprises, exchanged views upon the connectivity under the Belt and Road Initiative, and reached a consensus on deepening cooperation in the future. The delegates support the establishment of the IFRS International Sustainability Standards Board to develop—in the public interest—a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs.
The discussion manifests participants’ willingness to jointly tackle new challenges, conduct in-depth discussions, study and explore the international convergence of accounting standards, so as to give full play to the fundamental role of accounting and joint efforts to promote the cooperation and exchange among the Belt and Road countries.
Discussion topics included
l Convergence, capital free-flow and energy connectivity: China State Grid Corporation of China’s perspective on BRI Investments
l Update on accounting standards setting and implementation
l Specific information and challenges related to Business Combinations Under Common Control
l Specific information and challenges related to Regulatory Assets and Regulatory Liabilities
l Arrangements for the next meeting
The fourth Cooperation Forum is planned to be held in Islamabad, Pakistan in 2022. If there is still travel restriction due to covid-19, a video conference will take place.