Going west in China
Chinese accountants are increasingly interested in joining a Western professional body in addition to belonging to the domestic Chinese government-controlled profession. Western-style accounting procedures are increasingly being adopted in China, reflecting China’s desire to converge with International Financial Reporting Standards (IFRS) and the establishment of the big accounting firms in China. China is aware that, in the face of the globalisation of the accounting profession, it needs to be more than a domestic body isolated by its own accounting standards. The 30 guiding opinions issued by the Chinese Institute of Certified Public Accountants (CICPA) in 2005 aim at cultivating globally recognised accountants and improving the service quality and standards of the large Chinese public accounting firms so that they can expand and compete globally (CICPA, 2005).