China to implement int'l accounting standard
(Chinanews.cn)
Updated: 2006-05-09 15:35
The Association of Chartered Certified Accountants (ACCA) Greater China
Director Ms Fion Yip stated in Shanghai recently that China has issued the
latest accounting standard in this February, which marks that China's accounting
standard system converging with international conventions was formally
established. While the new accounting standard is connected to the international
conventions, China has large demands for talents that are familiar with
international accounting standards. The internationalized high-end accounting
professionals will be sought-after for a long time based on the present
situation.
According to the report of Xinhuanet.com, the training workload in China's
accounting market can not be underestimated since the issuance of the new
accounting standard, said Yip. In order to ensure all accountants have mastered
the accounting transaction and disclosure method stated in the new standard by
2007, a large number of jobs must be done and talents are still in a serious
shortage. A quite long period is necessary as professionals skilled in
international accounting standards are only available after the very strict
training. For instance, ACCA trained merely 2,000 accountants that are
acquainted with international financial report standards in recent years, while
there are 135,000 certified public accountants (CPA) in China today.
The latest survey shows that 90% of the foreign-funded enterprises in
Shanghai hold the opinion that within three years, corporate financial personnel
will encounter a "skill shortage". Most firms are in urgent need of senior
financial talents such as chief financial officials, financial managers and
senior accountants. However foreigners still hold most of the positions as
senior financial executives in foreign-invested companies in today's China. The
survey also demonstrates that as China's new accounting standard is joining the
global level, enterprises urgently see demands for high-end financial talents
that are highly adaptable to the new accounting standard.
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