On July 26, 2023, the Workshop on Financial Reporting and Sustainable Development: Opportunities and challenges of the Times, hosted by the Accounting Standards Committee and Xiamen National Accounting Institute (hereinafter referred to as “XNAI”), and organized by the Research Center for the Belt & Road Financial and Economic Development, was held at XNAI. This training program was a side event of the Fifth Belt and Road National Accounting Standards Cooperation Forum (hereinafter referred to as “the Cooperation Forum”). Representatives from China, Cambodia, Nepal, Pakistan, Laos, Mongolia, Russia, and Vietnam participated in the exchange and discussions through both online and offline formats.

Professor Wang Pengcheng from Beijing Technology and Business University exchanged views with representatives from various countries on accounting issues under new economy and business models from three dimensions: the new economy and related challenges, business models and accounting standards, and the improvement of accounting standards for intangible assets.

Fu Wenjuan, Partner at Pricewaterhouse CoopersZhong Tian LLP, shared with the participants the implementation experience of new revenue standards in China. She provided a detailed introduction to the practical roadmap of China’s new revenue standard and its convergence with International Financial Reporting Standards, the Five-step Approach of the new revenue standard, as well as an analysis of its impact on the capital market and key regulatory concerns.

The representatives engaged in in-depth exchanges on cutting-edge issues of accounting standards and practical experiences against the backdrop of sustainable development.

This training program reflected the Cooperation Forum’s active innovation in communication formats and its efforts to build a platform for knowledge sharing and experience exchange. It represents an important step taken by all parties to jointly advance the goal of "capacity building."