China News Service, Beijing, December 10 (Reporter Zhao Jianhua) The Ministry of Finance of China recently announced the "Outline of the Fourteenth Five-Year Plan for Accounting Reform and Development" (hereinafter referred to as the "Outline").
The Accounting Department of the Ministry of Finance introduced on the 10th that the "Outline" proposed a total of 126 specific measures in 8 areas, including the high-quality construction and implementation of the accounting and auditing standard system.
It is expected that the annual income of China's CPA industry will be RMB 190 billion in 2025.
During the "Thirteenth Five-Year Plan" period, the average annual growth rate of China's certified public accountant industry revenue exceeded 10%, and the average annual growth rate of revenue from the agency bookkeeping industry reached 31%. The vitality of the accounting service market was fully stimulated.
The "Outline" puts forward that during the "14th Five-Year Plan" period, the quality of accounting personnel has been comprehensively improved, and the legalization and digitalization of accounting has achieved substantial results.
Rectify the order of the industry in accordance with the law and optimize the industry practice environment.
Strengthen the punishment of accounting firms and enterprises for violating regulations and fraudulent acts, and severely punish accounting firms and certified public accountants that engage in fraud and cooperate with enterprises to defraud regulatory authorities and investors.
During the "14th Five-Year Plan" period, we will continue to promote multilateral and bilateral cooperation and exchanges with accounting standard-setting institutions in other countries or regions to create a favorable environment for the construction of Chinese corporate accounting standards and international convergence.
The "Outline" proposes to uphold the principles of equality, mutual benefit, and win-win cooperation, actively carry out negotiations on the opening of the accounting service market, and actively participate in the construction of free trade zones and free trade ports.
Continue to strengthen cooperation in cross-border supervision of accounting and auditing with other countries or regions. Under the premise of mutual respect for sovereignty and legal dignity, seek flexible and pragmatic cross-border supervision cooperation channels and methods to reduce supervision costs and improve supervision efficiency.
During the "14th Five-Year Plan" period, to meet the requirements of opening up the capital market, we will continue to study and formulate applicable policies for accounting and auditing standards for overseas institutions' investment and financing in China.
The "Outline" proposes to consolidate the results equivalent to the accounting standards of the European Union, the United Kingdom, Russia and Hong Kong.
We will steadily advance consultations on the equivalence and mutual recognition of China-Switzerland accounting and auditing standards, and expedite the consultations on the equivalence and mutual recognition of China-Russia and China-UK audit standards.
The "Outline" also stated that it is necessary to focus on cultivating a group of leading domestic and internationally influential accounting firms to help more independent brand accounting firms go global.
By 2025, there are expected to be 400,000 certified public accountants and 10 accounting firms with international competitiveness.
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