On September 22nd, the Academic Forum on Accounting Standards and Conceptual Framework, jointly sponsored by Ernst & Young, Xiamen National Accounting Institute, Accounting Development Research Center of Xiamen University, Accounting Department of Xiamen University and Professional Committee of Enterprise Accounting Standards of China Accounting Association, was successfully held in Xiamen University. This meeting was initiated by the research group "Research on Comprehensive Revision and Perfection of Enterprise Accounting Standards System in China" of the Ministry of Finance. Seventy-eight representatives from the academic and practical circles, including the Ministry of Finance, Ernst & Young, Xiamen National Accounting Institute, Xi 'an Jiaotong University, Ocean University of China, Jinan University, Jilin University and Xiamen University, were invited to participate in the academic discussion and ideological agitation on important issues related to accounting standards and financial accounting conceptual framework.

I. Opening Ceremony

At the grand and brief opening ceremony, Ye Jianming, dean of Xiamen University School of Management, first delivered a speech on behalf of the accounting discipline of Xiamen University. He said that this conference focused on domestic accounting practice and policy issues, and it was also a rare platform for cooperation and exchange between academia and practice circles. President Ye highly affirmed this and looked forward to the normalization of such forums. Then, Chen Yu, an outstanding alumnus of our school and the current director of Accounting Standards Division II of the Ministry of Finance, delivered a speech on behalf of the Ministry of Finance, who leads the project. She said that this is both a responsibility and a trust for the undertaking units of the project, and said that for the revision and improvement of China's enterprise accounting standards system, opinions and suggestions from scholars and practical experts from all sides are welcome. The opening ceremony was presided over by Professor Liu Feng of Xiamen University.

Ⅱ. Theme Report

The academic forum takes "Accounting Standards and Conceptual Framework" as its theme, and takes the form of conference theme report, paper report and discussion. In the theme report of the conference, Chen Yu, Wang Pengcheng, partner of Ernst & Young, and Huang Shizhong, president of Xiamen National Accounting Institute, respectively brought reports entitled Progress and Thinking of International Convergence of Accounting Standards, Revision and Improvement of Accounting Standards for Enterprises and Impact of Business Model Innovation on Conceptual Framework and Accounting Standards. Director Chen Yu gave a wonderful report from three aspects: the meaning of international convergence of accounting standards, the strategy of convergence of standards in China and the situation of international convergence of standards. Mr. Wang Pengcheng, as one of the leaders of the undertaking party of this project, shared his thoughts from the existing problems, reasons, procedures and contents of the revision of China's enterprise accounting standards. President Huang Shizhong combined with IASB's treatment of "business model" in the recent revision of conceptual framework, and pointed out that "business model" has great influence on accounting classification, revenue recognition, measurement attribute and distribution report. The keynote speech was presided over by Professor Du Xingqiang, head of Accounting Department of Xiamen University.

Ⅲ. Paper Report and Opinion Exchange

In the paper report and opinion exchange, Professor Wang Zhuquan from Ocean University of China, Dr. Zhu Lingzi from Fuzhou University and Professor Liu Feng from Xiamen University reported their papers respectively. The topics of the paper reports are the Current Financial Statement Presentation and Analysis System is Trapped and Improved, Discussion on the Improvement of Accounting Standards Based on Innovative Business Model and Accounting Standards Formulation Procedures and Application of International Accounting Standards: Taking SFAS as an Example. Associate Professor Zeng Quan of Xiamen University, Associate Professor Chen Chaolin of Xiamen National Accounting Institute and Fan Xun, partner of Ernst & Young, respectively gave wonderful comments on the above three conference papers. At the meeting, delegates also had in-depth exchanges and discussions around the reported papers. The paper report and exchange are presided over by Mr. Mao Anning of Ernst & Young.

This academic forum originated from the project "Research on the Comprehensive Revision and Perfection of Accounting Standards System for Business Enterprises in China" jointly undertaken by Ernst & Young, Xiamen National Accounting Institute and Accounting Development Research Center of Xiamen University. The discussion focused on the revision and perfection of accounting standards for business enterprises in China, and gathered wisdom and full support from the government, academia and practical circles. The success of this academic forum marks an important advancement of the subject and an important symbol of practical cooperation among all parties in the accounting field. We expect this trend to continue in the future.