In April 2021, the Chinese Institute of Certified Public Accountants (CICPA) released two strategic documents detailing the following: Development Plan of Accounting Sector in China (2021-2025) & Development Plan for Informatization of Accounting Sector in China (2021-2025).
These series of strategic documents, translated into English, are a CICPA initiative to socialize with the international community the progress made and upcoming plans to further support and develop the accountancy profession in China.
Development Plan of Accounting Sector in China (2021-2025) (link to document)
In April 2021, CICPA released the Development Plan of Accounting Sector in China (2021-2025). This strategic plan outlines important principles and development objectives during the 14th Five-Year Plan period and has set the vision of CICPA for the accounting sector in 2035.
Under the principles of adhering to the theme of serving national constructions and priority of integrity building, serving the public interest, being innovating through new development philosophies, advancing reform, and progressing system-based thinking, the following objectives have been identified to progress towards Vision 2035 during the 14th National Five-Year Plan period:
- Enhance and improve Professionalization
- Enhance and improve standardization and standards
- Make Breakthroughs in informatization through Digital Transformation
- Enhance Brand-Building
- Further involvement in international relations via the global standard-setting community and international exchanges
Development Plan for Informatization of Accounting Sector in China (2021-2025) (link to document)
In April 2021, CICPA released the Development Plan for Informatization of Accounting Sector in China (2021 - 2025). This strategic plan outlines efforts made around technological and digital transformation initiatives to support the accountancy profession in China, and outlines plans and objectives during the 14th Five-Year Plan period.
Major objectives identified include:
- Enhancing current informatization infrastructure including developing the data standard system and safeguarding cyber-security
- Enhancing data analysis and application capability
- Progress further the informatization of professional management and services as well as of collaborative OA system at institutes of CPAs at all levels
- Support and Enhance accounting firms of all size in digital and informatization journey
Stakeholders are invited to visit CICPA’s website for further information.