China’s Accounting Law: Brief Introduction
In nature, accounting is a management activity to measure, record, analyze, and inspect the economic transactions of an entity, make predictions, participate in decision-making, and conduct supervision, aiming to achieve optimal economic benefits. Accounting law can be broadly and narrowly defined. In its broad sense, accounting law refers to all the legal norms that regulate accounting relationships. In its narrow sense, accounting law refers to the accounting law expressed in the form of a legal text, i.e., the Accounting Law of the PRC (hereinafter referred to as the "Accounting Law"), which was passed in 1985 and amended in 1993 and 1999, respectively.
Government authorities, social organizations, enterprises, institutions, and other entities must comply with the provisions of the Accounting Law in respect of their accounting affairs. Individual businesses shall establish accounting books and conduct accounting according to the regulations stipulated by the Ministry of Finance of the State Council according to the principles of the Accounting Law.
Practising lawyers
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Robert Zhang
An international lawyer registered in Shanghai, China. Master's degreePublish…
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Steve Li
An international lawyer registered in Shanghai, China. Master's degreePublish…
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