China’s Accounting Law: Management System of Accounting Work
(1) Management system of accounting work. According to Article 7 of the Accounting Law, the management system of accounting work in the PRC is as follows: ① The Ministry of Finance of the State Council shall administer the accounting work throughout the country; and ② The financial authorities of local people's governments at or above the county level shall administer the accounting work within their respective administrative regions.
(2) Authority to formulate accounting systems. According to Article 8 of the Accounting Law, the authority to formulate accounting systems are as follows: ① The Ministry of Finance of the State Council shall formulate the national unified accounting system according to the Accounting Law. ② The competent authorities of the State Council may formulate specific measures or supplementary provisions for the implementation of the national unified accounting system in industries with special requirements for accounting practice and supervision of accounting, provided that such specific measures or supplementary provisions shall not conflict with the Accounting Law and the national unified accounting system, and shall be submitted to the Ministry of Finance of the State Council for approval. ③ The General Logistics Department of the People's Liberation Army of China may formulate specific measures for the army to implement the national unified accounting system and report them to the Ministry of Finance of the State Council for record keeping, provided that such specific measures or supplementary provisions shall not conflict with the Accounting Law and the national unified accounting system, and shall be submitted to the Ministry of Finance of the State Council for record.
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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