The CGMA designation, representing the highest benchmark in the field of management accounting, has been acknowledged for the first time within Shenzhen’s professional title and evaluation system through China’s science, technology, engineering, and maths (STEM) education framework.
The acknowledgement by the Shenzhen Municipal Human Resources and Social Security Bureau has cemented the CGMA designation as the “only international accounting qualification to receive this recognition within China’s broad STEM talent framework”, the news release said, underscoring its vital role in driving innovation, digital transformation, and sustainable growth.
Shenzhen’s evaluation system recognises the designation as equivalent to “senior engineer” in its 2024 International Professional Qualification Recognition Directory.
AICPA & CIMA, together as the Association of International Certified Professional Accountants, will continue to support the CGMA designation in China to help businesses enhance decision-making and achieve sustainable growth, the release said.
In 2023, the Shanghai Human Resources and Social Security Bureau in China publicly recognised the designation to encourage holders of international qualifications to develop their careers in the region and help Chinese companies attract and retain high-level finance and accounting professionals.
CFD review finds ‘inconsistent quality’ across companies
A review of climate-related financial disclosure (CFD) requirements, launched by the UK Financial Reporting Council (FRC), found that the quality of reporting was inconsistent across companies.
“The publication sets out examples of good practice and identifies areas where preparers can provide more consistent, coherent, and concise disclosures,” a news release said. The regulator expects reporting practices to continue to mature in subsequent years and encourages preparers to use the review as a guide to improve the quality of their disclosures.
The sample included large private companies and companies on the Alternative Investment Market (AIM) index, the release said. AIM is a sub-segment of the London Stock Exchange, which refers to small and growing companies.
FRC outlines economic growth priorities
The FRC, in response to the UK Secretary of State for Business and Trade’s letter last year, has outlined its priorities to support economic growth, a news release said.
Some of the regulator’s priorities for the year ahead include reducing unnecessary business burdens, improving market effectiveness, and supporting the development of professional skills and resilience, the release added.
The FRC’s priorities for 2025 are detailed in a response to Secretary of State, Rt Hon Jonathan Reynolds MP, sent on 28 November.
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