China’s Accounting Law: Special provisions on accounting practice of companies and enterprises
According to the applicable provisions of the Accounting Law, in addition to the above provisions, corporate accounting practice shall also comply with the following provisions:
(1) Companies and enterprises must recognize, measure, and record assets, liabilities, owner's equity, income, expenses, costs, and profits based on actual economic and business transactions in accordance with the national unified accounting system.
(2) Companies and enterprises shall not commit any of the following acts that violate the national unified accounting system: ① Changing the recognition criteria or measurement methods for assets, liabilities, and owner's equity without authorization, falsely stating, overstating, omitting, or understating assets, liabilities, or owner's equity; ② Falsely stating or concealing income, or recognizing any income in arrears or in advance; ③ Changing the recognition criteria or measurement methods for costs and expenses without authorization, or falsely stating, overstating, omitting, or understating costs and expenses; ④ Adjusting the calculation and distribution methods of profits without authorization, fabricating false profits, or concealing profits; or ⑤ Other acts that violate the provisions of the national unified accounting system.
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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