23 July 2024 · Virtual Meeting

The Sixth “Belt and Road” National Accounting Standards Cooperation Forum was held on 23 July 2024 in the mode of a video conference, with the main venue set in China.

Delegates

Attendees included delegates from Accounting and Auditing Regulator of Cambodia (formerly National Accounting Council), Ministry of Finance of China, Ministry of Finance of Laos, Institute of Chartered Accountants of the Maldives, Accounting Standards Board of Nepal, External Reporting Board of New Zealand, Institute of Chartered Accountants of Pakistan, Ministry of Finance of Russia, Saudi Organization for Chartered and Professional Accountants, and Ministry of Finance of Vietnam. In addition, delegates from the Korea Accounting Institute participated in the forum as observers.

At the forum, the delegates shared experiences and practices and exchanged views on technical topics such as the development of accounting standards in the Maldives, the classification of payments on land lease based on cadastral value, the accounting treatment of data resources, the progress of adoption or application of international sustainability disclosure standards, and the capacity building related to sustainability disclosure. Practical and efficient discussions are helpful for Belt and Road partner countries to better adapt to the new international development trend of financial reporting, improve the development and implementation of accounting and sustainability disclosure standards, and build consensus for deepening accounting international cooperation.

At the forum, the delegates welcomed the Institute of Chartered Accountants of the Maldives and the Public Oversight, Accounting and Auditing Standards Authority of Türkiye for officially joining the Initiative on Promoting Accounting Standards Cooperation among Belt and Road Partner Countries and the cooperation forum mechanism.

The Research Center for the Belt and Road Financial and Economic Development of Xiamen National Accounting Institute (The Liaison Office of the Cooperation Forum) introduced the progress of developing the Belt and Road Economic and Financial Capacity Building Platform. In the future, the platform will continue to strengthen its connection with the “Belt and Road” National Accounting Standards Cooperation Forum, actively support the forum in achieving the four goals: Technical Information Exchange, Policy Promotion, Capacity Building and Cooperative Research, as well as provide intellectual support for Belt and Road partner countries in high-quality development of accounting and sustainability disclosure standards.

After the forum, the delegates participated in the Workshop on Digital Economy Development hosted by the Accounting Regulatory Department of the Ministry of Finance of China, China Accounting Standards Committee and Xiamen National Accounting Institute, organized by the Belt and Road Economic and Financial Capacity Building Platform. Delegates had more in-depth exchanges and discussions on topics such as compliance and governance, tax development and reform, and business model development in the context of the digital economy.

Discussion topics included

l Journey of Institute of Chartered Accountants of the Maldives

l IFRS 16-Leases: Classification of Payments on Land Lease Based on Cadastral Value

l Introduction to Interim Provisions on Accounting Treatment of Enterprise Data Resources

l Adoption of IFRS Sustainability Disclosure Standards in Pakistan

l Construction of Chinese Sustainability Disclosure Standards System

l Climate reporting: Capacity building

l Capacity Building Related to Implementation of IFRS Sustainability Disclosure Standards in Pakistan

l Introduction to the Belt and Road Economic and Financial Capacity Building Platform

l Arrangements for the Seventh Cooperation Forum and Other Matters

Next forum

The Seventh “Belt and Road” National Accounting Standards Cooperation Forum is planned to be held offline by China.