China Association of Chief Financial Officers (CACFO), a non-profit, first-class non-governmental national organization across regions, sectors, industries and ownerships, is registered and founded in accordance with laws upon the verification and approval of Ministry of Finance and the authorization of Ministry of Civil Affairs. Key and large state-owned enterprises, large-scale private enterprises and administrative institutions which set the position of chief accountants comprise the main body of CACFO unit members. Individual members of CACFO are chief accountants, CFOs, financial directors and heads of financial departments. The responsible authority for CACFO is Ministry of Finance,which instructs and guides its operation.
CACFO, founded in 1990, has made remarkable achievements in its self-improvement and cause development over two decades with the cordial care from the central leaders, under the leadership of the previous boards of directors and former presidents and with the joint efforts of its members. CACFO has set up 18 branches covering nearly all industries and admitted regional CFO associations as its group members. CACFO was presented on the Exhibition of National Outstanding Non-Governmental Organizations in 2004 and ever since then it has been involved in the activities of International Association of Financial Executives Institutes (IAFEI). CACFO joined Consultative Advisory Group (CAG) of International Auditing and Assurance Standards Board (IAASB) in 2005. In addition, CACFO has also kept friendly and cooperative relationships with relevant international professional organizations, such as the Chartered Institute of Management Accountants (CIMA). CACFO has become an organization with great popularity and influence both at home and abroad after years of effort.
The mission of CACFO is: to hold high the great banner of socialism with Chinese characteristics, follow the guidance of Deng Xiaoping Theory and the important thought of Three Represents, thoroughly apply the Scientific Outlook on Development; to serve its members and chief accountants wholeheartedly; to strive for establishing and improving the modern Chinese chief accountant system; to make the Association a “home” for Chinese chief accountants and a “bridge” for communication between chief accountants and the government and the society.
Today, a chief accountant is no longer limited to the traditional mode of the planned economy, new situation has endued it with new connotation so that the role and status of the chief accountant are equal to those of the CFO in foreign countries. CACFO is exactly the association of Chinese CFOs.