China volunteered to run an ISAR pilot-test assessment exercise, whose conclusions will be discussed with UNCTAD at the Ministry of Finance (MOF) on June 29st.
Chinese authorities expressed their interest in benefiting from the ISAR Accounting Development Toolkit, a guidance tool aiming at tracking quality towards convergence through measurement and benchmarking of accountancy indicators. Under the overall coordination of the Accounting Regulation Department of MOF, a pool of government regulatory departments, large-scale enterprises, research institutes, accounting firms participated into the process.
In the aftermath of the financial crisis, ISAR's role has significantly increased as G20 highlighted convergence towards a single set of high quality global accounting standards as one of key factors towards strengthening the international financial regulatory system and global financial stability.
Since two months, similar exercises took place in Brazil, Côte d'Ivoire, Croatia, Mexico, Russia and South- Africa. Their objective is to provide guidance to policy makers in order to identify gaps, define priorities and help focus national efforts to improve accounting infrastructure.
The findings and lessons learned from all these pilot-exercises will be shared during the 29 session of ISAR (30 October to 2 November 2012) in Geneva.