25 July 2023 · Xiamen, China

The Fifth “Belt and Road” National Accounting Standards Cooperation Forum was held on 25 July 2023 in a integrated format of in-person meeting and video conference, which was hosted by China, with the main venue set in Xiamen National Accounting Institute. 

Delegates 

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, Institute of Chartered Accountants of Pakistan, the Ministry of Finance of the Russian Federation, Saudi Organization for Chartered and Professional Accountants, the Ministry of Finance of Vietnam. 

At the forum, the delegates had an in-depth discussion about the implementation of accounting standards, materiality judgements, how ESG considerations impact financial statements, and the development of sustainability disclosure standards. Delegates also exchanged views on the arrangements of the Sixth “Belt and Road” National Accounting Standards Cooperation Forum and other matters. 

The delegates agreed to continuously share information and promote cooperation among accounting standards setters of countries participating in the Belt and Road Initiative, working together to enhance the high-quality development and implementation of accounting standards, as well as facilitate the development of sustainability disclosure standards. 

A one-day workshop was held as an additional activity of this forum, where experts from academia and practice fields gave lectures concentrating on the theme “Financial Reporting and Sustainability Development: Opportunities and Challenges of the Times”. 

Discussion topics included 

● Implementation of accounting standards 

● Materiality judgements: Research on Chinese listed companies’ judgements on material joint ventures and associates 

● How ESG considerations impact financial statements 

● Update on the development of sustainability disclosure standards and practice sharing from enterprises 

● Arrangements for the Sixth “Belt and Road” National Accounting Standards Cooperation Forum and other matters. 

Next meeting 

The Sixth Cooperation Forum is planned to be held online by China in 2024.