An IFAC Content Series
Stephanie Whited, Senior Manager at IFAC, spoke with Liang Yang, a technical partner at Deloitte China and a distinguished member of the International Public Sector Accounting Standards Board (IPSASB®) since January 2022.
The IPSASB plays a pivotal role in enhancing public financial management globally by developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS® Standards), IPSASB Sustainability Reporting Standards™ (IPSASB SRS™ Standards), and other high-quality financial reporting guidance. IPSASB Standards provide critical tools for governments and public sector entities to strengthen the transparency and accountability of public sector finances and sustainable development worldwide. In October, the IPSASB launched its 2024-2028 Strategy, marking a new chapter focused on strengthening public financial management (PFM) and advancing sustainable development globally. Liang Yang has contributed significantly to this progress as a member of the Climate Topic Working Group, which made vital recommendations for the IPSASB to consider during its journey to launch its inaugural draft IPSASB SRS Standard, Climate-related Disclosures.
During their conversation, Stephanie explored Liang’s career journey, her role on the IPSASB, and her perspectives on advancing sustainability and supporting women in the profession.
Stephanie Whited: Liang, how did you decide to become an accountant? Is accountancy a typical or traditional career path for women in China?
Liang: I think it was a matter of fate. In 1997, I graduated from Fudan University in China with a major in International Finance. At that time in China, graduates majoring in international finance usually find jobs in banks, such as the Bank of China or other international banks. This was also my idea at the time, and I applied to these banks, but to secure a job, I also applied to other firms, such as international accounting firms. Deloitte was the first to offer me a position, so I joined the firm and became an accountant. I didn't think too much about my career then, nor did I expect to work at Deloitte for so many years. Perhaps I am someone who loves whatever job I take and wants to do the best. After joining Deloitte, I have gradually become more and more loving of this profession, loving to serve different clients and loving to deal with accounting standards.
To be frank, when I was young, China was undergoing reforms and opening up, and accounting firms were just expanding their business. Accountancy was not a well-recognized career path for women in China. But now, it is more popular, and many women have joined accounting firms and started their careers as accountants.
Stephanie: You have over 25 years of experience with international accounting firms serving public and private sector entities in China and beyond and have served on multiple accounting standards boards. Why do you like working with the public sector?
Liang: I began my career at Deloitte, serving private sector entities by providing audit services to subsidiaries and joint ventures of multinational corporations in China and assisting China-based corporations with local and overseas listings. In the past several years, my firm’s operation extended to provide assurance and advisory services to public sector entities.
I first participated in the standard-setting related work for the private sector, then went to the public sector. I like working with both. On one hand, the public sector aims to pursue the public interest and serve the people. For example, the public sector meets the basic needs of the public by providing services such as infrastructure, education, healthcare, and social welfare. To serve the public sector may be indirectly to serve a larger group of people, which is more meaningful to me. On the other hand, the public sector has specific characteristics that are quite different from the private sector. Serving the public sector is more challenging, which gives me a greater sense of recognition and achievement.
Stephanie: How has your service as an IPSASB member impacted you, your career, and your jurisdiction?
Liang: The past three years serving on the IPSASB have been an amazing journey for me. They have broadened my global perspective, enhanced my capabilities, and made me understand more what “public interest” and “due process” mean.
As you may know, IPSASB is developing our first sustainability standards on climate-related disclosures, and in my work at Deloitte, I also shifted my focus to cover sustainability reporting in addition to financial reporting. China is on the way to establishing a full set of accrual-based accounting standards for governments and other public sector entities, and sustainability reporting is also a hot topic nowadays. As a representative of the IPSASB in China, I promote the awareness and understanding of IPSAS, although China does not directly or indirectly adopt IPSAS. For example, I made a few presentations on the IPSASB SRS Standard, Climate-related Disclosures, at various forums to practitioners and stakeholders to address why sustainability reporting is important to the public sector and introduce the key contents of the draft.
Stephanie: The IPSASB just launched a Women’s Network, which aims to share resources, provide support, and inspire women globally. Why do you think networks are important for women?
Liang: It is a great idea for us to have a Women’s Network that allows us to come together from different countries and regions with different experiences and backgrounds. There is an old saying in China: separated as we are thousands of miles apart, we come together as if by fate.
I think networks are important for women. To some extent, women may face more challenges in work and personal lives. Networking and helping each other among women can build confidence and help women pursue happy lives and their dreams. Women understand each other better, and one woman can bring tremendous power to another with protection and support. We have had a few Women’s Network gatherings in the past two years. By sharing our experiences, motivating each other, and caring for each other, we got to know each other and established good friendships. We learn from each other and leverage each other’s experiences to deal with difficulties at work and in our lives. I expect our Women’s Network has room for more women to join, share their experiences and resources, provide support, and inspire each other.
Stephanie: Serving on the IPSASB requires a 35-50 day annual time commitment. With your career, how do you find time for these additional services and maintain a work-life balance?
Liang: Yes, it is an enormous commitment. As you can imagine, my daily work at Deloitte is very busy, and I have to squeeze time in to work with the IPSASB and my other additional commitments. But I enjoy working with the IPSASB very much. The good thing is that my daily work as a technical partner also deals with accounting standards and sustainability reporting. I can leverage my daily work to contribute to the IPSASB and vice versa.
Effective time management and prioritization of work are crucial to me. I think “love” is important. If you love the job, you won't feel that it’s too hard or too busy. I can also find time for my own life while busy with work. For example, I like history and art, and after attending IPSASB meetings in different cities around the world, I might be able to squeeze in some time on the weekends to visit museums and art galleries to explore heritages and natural resources there, which also relate to the IPSASB’s projects! This can also benefit IPSASB work, creating a work-life balance for me.
Stephanie: What advice would you give a student or a young professional considering a career in accounting or public sector finance?
Liang: At the very beginning, you may not know your strength, your potential, and what you want to do or who you want to become. My advice is to try to explore more, meet different people, do different work, accumulate knowledge and experiences, build hard and soft skills, develop yourself step by step, and conscientiously do everything well. And sometime in later years, you may find that everything has been arranged in a perfect way for you!
The views and opinions expressed in this article are those of the interviewees and do not necessarily represent the views of IFAC.
