The Affiliated Conference of Practicing Accountants (ACPA) International, an association of individual accounting and business consulting firms, announces that a groundbreaking memorandum of understanding between ACPA International and the Shaanxi Institute of CPAs has officially been signed and marks the first formal agreement between the Shaanxi Institute and any group of accounting firms from the outside world. The memo represents more than 100 firms of all sizes in China and over 80 ACPA member firms from around the world.

ACPA formally entered into an agreement with the SICPA earlier this month to begin the process of assisting Chinese accounting firms in their efforts to modernize the businesses they service, including privatization, new business development and raising venture capital. The memorandum was the outcome of a joint conference held in Xian earlier this year when representatives from eight ACPA firms met with more than 10 of China's provinces to discuss mutual cooperation.

Three endeavors are already in the works.

• First, ACPA will create a program for Chinese delegations to visit ACPA members located in U.S. cities where there are stock exchanges to learn about how their practices are run. In turn, ACPA delegates will learn the Chinese market situation, policies and regulations.
• The Shaanxi Institute and ACPA will coordinate ACPA members and Chinese CPA firms with forming joint ventures and cooperative firms in Shaanxi for mutual benefit and business promotion.
• Additionally, ACPA hopes to work jointly with the AICPA to develop and translate training manuals for Chinese accountants to take the CPA exam.

"As the Chinese economy is merging with the world economy, CPA firms in China must adopt international standards," remarked Heather Long Molinero, ACPA Executive Director. "Strategically, this alliance will allow these firms to strengthen mutual communication and cultural exchange with other international CPA firms. The Shaanxi Institute recognizes this, and ACPA members are eager to participate."

ACPA International is an association of individual accounting and business consulting firms dedicated to enhancing the success of its members and their clients. ACPA's world headquarters is based in the greater Boston area, with a regional office in Hong Kong to service the needs of its Chinese members.