Comments to MOF on Draft Amendment to the Accounting Law of the People's Republic of China (Draft for Comment)

2019-11-20 | Beijing, Shanghai

The revised Accounting Law pays more attention to the protection of the legitimate rights and interests of accountants, increases the penalties for the violation of the Accounting, and is more effective in ensuring the quality of accounting information. Meanwhile, it takes into account of internal control and accounting information processing, which is more in line with the management philosophy of modern enterprises.

The EUCCC suggests the publishment of the measures in relation to the filing system as provided in Article 38 so as to effectively implement the new Accounting Law; and suggests that the Ministry of Finance or relevant departments to introduce the requirements for accounting system assessment as put in Article 44 Subparagraph(3), so that enterprises have more ground to rely on when purchasing financial systems.