International Convergence of Accounting Standards is an inevitable requirement of global economic integration and globalization of capital market, and it is the general trend of the accounting development in the worldwide. Currently, there are more than 100 countries have adopted IFRS or realized the substantial convergence with IFRS, China's Hong Kong and Taiwan have been fully adopt international accounting standards, while the mainland and Macao has realized the substantial convergence with the International Accounting Standards. Under the background of increasing close economic exchanges and the deepening economic cooperation among the four regions across the strait, discuss the topic of international convergence of accounting standards have important practical significance. In order to promote the exchanges and the cooperation in accounting among four regions across the strait, facilitate the development of economic society, discuss and solve the problems in the process of international convergence of accounting standards faced by the four regions across the strait, provide useful suggestions to the development of accounting theory and the promotion of practice, the Cross-Strait Academic Conference of Accounting, which supported by the Accounting Society of China, was held on December 20, 2013 in Xiamen National Accounting Institute. The conference was co-organized by Institute for Cooperation and Exchanges in Accounting with Taiwan, Xiamen Association for Cross-Strait Cooperation and Exchanges in Accounting, Xiamen National Accounting Institute, Accounting Department of Xiamen University and Center for Accounting Studies of Xiamen University. More than 50 papers submitted to the conference, subject to the review, 20 papers were finally accepted by presentations. The participates of this conference come from the government agencies, theory and practice fields. Professor Shizhong Huang Vice President of Xiamen Municipal PCC, Vice Dean of Xiamen National Accounting Institute, and the Chairman of Association for cross-strait cooperation and exchanges in accounting of Xiamen, addressed the opening ceremony. Professor Shizhong Huang suggested that the different convergent ways among four regions across the strait provide a good research opportunity to the scholars, while the IFRS has been used worldwide. People working in the field of accounting should confront with the opportunities and challenges brought by the international convergence of accounting standards, further improve the transparency of accounting information, and strengthen the competitiveness of four regions across the strait in the global capital market. Deputy Mayor of Xiamen and honorary chairman of Xiamen Association for Cross-Strait Cooperation and Exchanges in Accounting, Mr. Qiang Huang suggested that along with the development of relation across the Taiwan Straits, there are more frequent exchanges among the four regions across the strait, and the cooperation will be more closely, all of these will form an important force in promoting the exchanges across the straits. The cross-strait cooperation and exchanges have a good start in the beginning, and represent the general trend of the times. At the same time, this cooperation has a broad prospect, and it will be achieving the win-win cooperation in the future. Mr. Xiaoping Zhang, Inspector of Finance Ministry of Hujian Province and the consultant of the association for cross-strait cooperation and exchanges in accounting of Xiamen, suggest that driven by the accounting theorists and government, the reform of accounting dominate the country’s economic reform, the convergence of accounting standards in our country has been recognized internationally. He also suggests some unsolved problems in the current accounting standards and the government accounting, and the colleges of accounting need joint effort to address these problems. In the morning keynote session, people from the government agency, university and auditing firm of the four regions across the strait delivered the keynote speech. Deputy Director of the Accounting Department of Finance Ministry, the Secretary-General of ASC and the consultant of the Xiamen Association for Cross-Strait Cooperation and Exchanges in Accounting, Mr. Guangzhong Liu points out it is the first conference about accounting standards held in the four regions across the strait. With the development of international convergence of accounting standards, four regions across the strait will face more research subjects. We have to actively respond to the new situation, new tasks and new challenges brought by the international convergence of accounting standards. He also points out that if we want to realize the convergence with international accounting standards, we must participate in the process of international accounting standards setting instead of accepting passively, and he suggests that the standard-setting agency of four regions across the straits should establish a cooperation mechanism to offer advice for the set of international accounting standards. Mr. Jingyi Lin The Chief Partner of Grant Thornton (Hong Kong) accounting firm, Mr. Qiqun Liu, Former Committee of Taiwan Financial Supervisory Commission and the dean of accounting department of Taiwan University, Mr. Haobiao Huang, the Vice Chairman of Accountants’ institute in Macau, introduced the introduction, application and development of IFRS in Hong Kong, Taiwan and Macau. In the afternoon’s report, participants from various field discussed the following five subjects: accounting standards, accounting standards and corporate governance, capital market and firm value, corporate governance and the quality of information, management accounting and the case study of cost management. Prof. Woody Wu of Chinese University of Hong Kong delivered the report on the danger come from the blindly adoption of international accounting standards. He reviewed the history of Chinese accounting standards, especially the standards of debt restructure, investment property and financial derivative. Prof. Woody Wu also introduced the typical case happened in the each stage of accounting standards. Based on the mentioned above, he rises the problem on the modification of accounting standards and its effect. Prof. Woody Wu pointed out that accounting standard is a game, the most important factor of this game is the right for drafting accounting principles, and we cannot avoid the conflict of interest. Prof. Yuen, the dean of accounting department of Macau University report on the thesis of “Accounting Standards of Macau”, reviewed the changes and the development of accounting standards of Macau, and pointed out the existing problems in the process of international convergence. He also put forward his own opinions for the future development of accounting standards of Macau. Consultant of Xiamen Association for cross-strait cooperation and exchanges in accounting, Prof. Yangruo Wang introduced the experience about the development of management accounting in Taiwan. Prof. Yangruo Wang shared his experience in the development of management accounting and cost accounting for the last 20 and 30 years in Taiwan. Based on the case study of Apple, Prof. Jianhui Cai of Xiamen National Accounting Institute introduced the new development about the strategic cost management. At the closing ceremony, Mr. Zongliu Liu, President of Zhongzhi Accounting Society of Xiamen, Executive Vice Chairman of Xiamen Association for cross-strait cooperation and exchange in accounting, expressed his thanks to the accounting department of Finance Ministry for its support to the institute of cross-strait cooperation and exchange which provide an opportunity to the accountant from the four regions across the straits to collaborate with each other. He hopes to establish an institute to service for the accounting education, corporate development and research. This conference aims to promote the accounting cooperation and exchange among the four regions across the straits, and discuss the theory and practice problem in the process of international convergence of accounting standards. This meeting creates a platform for the exchanges of accounting standards among the four regions across the straits. It is positive significance for us to promote the communication and exchange among the four regions across the straits. In order to safeguard the benefit of both sides and service for the economic construction and development, this meeting hopes that the accountant across the strait would reinforce each other, and collaborate each other to affect the international accounting standards, and shared the experience about the international convergence of accounting standards.
