The Holding of Opening Report of Major Projects of National Social Science Foundation by Business School, Renmin University of China (RMBS)

The opening report of “Research on the Optimization Path of National Unified Accounting System for International Convergence”, the major project supported by National Social Science Foundation with DAI Deming, professor of Accounting Department, RMBS as the chief expert, was held at Renmin University of China on Oct. 22nd, 2017. Renowned experts including Mr. WANG Shiding, researcher at Chinese Academy of Fiscal Sciences, Professor FU Lei at Capital University of Economics and Business, YING Wei, inspector from Accounting Division of Ministry of Finance, Professor ZHOU Shouhua, Deputy Secretary-General of China Accounting Society, JIAO Xiaoning, vice director of Accounting Department of China Securities Regulatory Commission, GUO Jing, vice director at Financial and Accounting Department of China Insurance Regulatory Commission, Professor MAO Xinshu at Beijing Technology and Business University were invited to attend the meeting. Other attendees are Professor DAI Deming, chief expert of this project, Professor GENG Jianxin, XU Jingchang and ZHOU Hua, responsible persons of sub-topic of this project and professors at Department of Accounting of RMBS, ZHANG Shanshan, core member of the research group from School of Economics and Management, Beijing Jiaotong University, YU Bingnan from China Accounting Standards Committee, Ministry of Finance, NI Xiaoya and YAN Lijuan.
YE Kangtao, deputy Party Secretary and professor at RMBS attended the meeting and delivered a speech. He said, “Research on the Optimization Path of National Unified Accounting System for International Convergence” is a research subject with Chinese characteristic and Chinese manner and also is a challenging research subject. The subject selection reveals high social responsibility of the research group. RMBS would spare no efforts to support the research of this project and development of accounting subjects.

Professor YE Kangtao

Professor Dai Deming reported this project’s research significance, study framework, technical route, research content of sub-topic and research programme and expected achievements. He pointed out that the research group highly admitted the critical and practical importance of international coverage strategy of accounting standards. He thought this is a critical stage for China’s “going out” policy. We should also find many issues that incompatible with our national conditions existing in international accounting standards. Professor DAI Deming thought the characteristics of International Financial Reporting Standards could be summarized with “Ten Stressing and Ten Discounting”: “stressing external reports, discounting daily accounting”, “stressing economic perspective and discounting legal dimension”, “stressing capital market and discounting management demand”, “stressing short-term behavior and discounting long-term vision”, etc. He declared the research group would seek optimized path for our national unified accounting system based on an attempt of solving the mentioned problems.

Professor DAI Deming

The present experts spoke high of the academic value and practical importance of this project and also expected that the research group made contributions to the building of national unified accounting standards system suitable to national conditions and accord with international convergence. As the Accounting Standard for Business Enterprises which actually converges with international standards has been implemented for ten years, it is necessary to have an overall estimation of its disadvantages and advantages so as to provide theoretical support for further reforms. Mr. WANG Shiding said Accounting of Renmin University of China boasts profound theoretical foundation of Marxism and would be more likely to make contributions to theoretical construction of accounting. “With the stable improvement of our comprehensive national strength, the accounting field should lead the formulation of international rules with original theories, positively seeking the right for gaining say and the right of rulemaking”, said Professor FU Lei, “an expected analysis of the advantages and disadvantages of International Accounting Standards proposed by the research group is a critical subject and is suggested to have it deepened. It would be better to solicit opinions and advices from all practical departments in order to set a better example for further researches.”

Professor FU Lei

Professor ZHOU Shouhua indicated that this project is of great importance, significance and innovative spirit. He proposed that the research group should fully realize that accounting shows great significance to social equity and justice. A feasible path to international convergence should be proposed from the perspective of governing the country and building a community of shared future. Inspector YING Wei pointed out this project draws great interests and expectation from people from industry and academia. The research group showed praiseworthy courage in contributing original achievements that provide references for the perfection of our national accounting laws and regulations. YING suggested the research group referring to history, present, environmental and future conditions, continuing to further strategic research and providing an optimized proposal that is more rational than international standards. The associate direct JIAO Xiaoning stated that the accounting academia needs to make joint efforts and consider the adjustment cost and social benefits as a whole. In terms of information demands of economic supervision, authenticity and objectivity of accounting information needs to be improved through strict accounting regulations so as to help deal with the practical issues of domestic economic supervision. Professor MAO Xinshu said the external pressure from negotiations striving for “Market Economy Status” a decade ago would indeed exert great influence to reform of accounting system. But when we look back, it taught us a lot on how to deal with external pressure and keep composed.

Inspector YING Wei

Associate Director JIAO Xiaoning

The present experts offered advices and suggestions on the key issuesand difficulties of this project. They stated, our national accounting standard was enacted as a regulated document, which is quite different from that of many overseas countries. Thus it is indispensable to realize the particularity and consider it in the process of constructing national uniform accounting system. The experts agreed that the international convergence of accounting standards is suitable for our national conditions. As to the adjustments done to the international standards that will be introduced to our country, further discussions need to be conducted. Besides, the professional judgments of accountants play a vital role in implementation effect of accounting standards and to which great importance must be attached. The current standards should be optimized in a way close to Chinese reality and from the perspective of humanity and Chinese culture. 
Responsible professors of sub-topic GENG Jianxin, XU Jingchang and ZHOU Hua expressed gratitude toward the present experts for their precious suggestions and advices and then discussed with the experts on research perspectives and technical issues. 

Professor XU Jingchang

Experts, Guests and the Research Group