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The Accounting Law of the PRC sets out the general principles of accounting
for all enterprises and also empowers the Ministry of Finance to administer
accounting affairs and establish uniform accounting regulations and systems.
Under the mandate of the Accounting Law, the Ministry of Finance has issued
various accounting regulations, including accounting standards.
At present the ASBEs are only mandatory to listed companies, but non-listed
companies and Foreign Investment Entities (FIE’s), including WFOE’s, are
allowed and encouraged to use the standards, as they are likely to be
mandated to conform to the new standards at a later time.
The Accounting Law of the PRC and the ASBE stipulates some requirements
that must be obeyed by Chinese enterprises and FIEs alike.
Most importantly, FIEs shall implement the Accounting System for Business
Enterprises. Furthermore, accounting shall be performed in accordance with
actual economic business conditions, and the company’s legal representative
shall ensure that the financial and accounting reports are accurate and
complete.
A registered accountant or accounting firm shall carry out the auditing of the
financial and accounting reports of an enterprise in accordance with relevant
laws and administrative rules and regulations.
Yes. The fiscal year shall be from January 1 to December 31 under the
Gregorian calendar.