Accounting profession helps BRI develop both in scope and in depth

Deloitte with B&R

Issue 7

In last issue's 'Deloitte with B&R', we elaborated the ways enterprises deal with different kinds of risks during overseas M&As in BRI, avoiding "buying wrong" and "buying expensive". Accounting information plays an important role in the globalization of enterprises. BRI also places greater demands on accounting profession. How to promote the interconnection of accounting systems in different countries and provide a more convenient environment for regional development are one of the big issues.

In this issue, we are pleased to have Mr. Jeffrey Fu, Deloitte China Audit and Assurance Partner, to analyze the opportunities and risks for accounting profession in BRI.

BRI construction calls on the coordination and harmonization among accounting policies of different countries. It's in urgent to cultivate professional accounting staff with global perspective. Countries along "Belt and Road" have differences in culture, geography and language. To realize successful business cooperation, accounting standards play an important role as an international common business language. Meanwhile, we should notice the extent to which different countries understand accounting standards in specific implementation has become a big barrier. The coordination and harmonization among accounting policies of different countries will definitely help the enterprises provide financial reports of high quality and comparability. Besides, it will reduce negative effects on the information transparency caused by countries' difference, promoting the financing of cross-border investment and financial market. All of the development will not be accomplished without the support of internationalized professional accounting staff. Therefore, how to cultivate professional accounting staff with global vision, international experience and deep insights into international business languages and standards is an important topic faced by enterprises, educational institutes, regulators along "Belt and Road".

Coming soon: The participating parties in BRI are becoming more and more diversified. In the past, the investment is led by state-owned enterprises. Nowadays, private enterprise and even foreign enterprise are taking part in it. With the help of BRI, some multinational enterprises have gained performance growth by cooperating with Chinese enterprises. In the next issue 'Deloitte with B&R', we will analyze new opportunities for multinational enterprises in BRI.

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