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AccountingLawofthePeople'sRepublicofChinaPromulgationDate1999-10-31EffectiveRegionNATIONALPromulgatortheNationalPeople'sCongressDocumentNoOrderofthePresidentofthePeople'sRepublicofChina[1999]No.24EffectivenessEffectiveEffectiveDate2000-07-01CategoryAccounting£¨Finance&AccountingLaw-Accounting£©AccountingLawofthePeople'sRepublicofChinaOrderofthePresidentofthePeople'sRepublicofChina[1999]No.24October31,1999TheAccountingLawofthePeople'sRepublicofChinawhichwasrevisedandadoptedatthe12thsessionoftheStandingCommitteeoftheNinthNationalPeople'sCongressonOctober31,1999,isherebypromulgatedandshallcomeintoforceasofJuly1,2000.PresidentofthePeople'sRepublicofChina:JiangZeminAppendix:AccountingLawofthePeople'sRepublicofChinaAdoptedatthe9thSessionoftheStandingCommitteeofthe6thNationalPeople'sCongressonJanuary21,1985RevisedbyTheDecisiononAmendingtheAccountingLawofthePeople'sRepublicofChinaatthe5thSessionoftheStandingCommitteeofthe8thNationalPeople'sCongressonDecember29,1993Revisedatthe12thSessionoftheStandingCommitteeoftheNinthNationalPeople'sCongressonOctober31,1999Contents:ChapterI:GeneralProvisionsChapterII:AccountingPracticeChapterIII:SpecialProvisionsontheAccountingPracticeofCompaniesandEnterprisesChapterIV:AccountingSupervisionChapterV:AccountingOfficesandAccountingPersonnelChapterVI:LegalLiabilityChapterVII:SupplementaryProvisionsChapterIGeneralProvisionsArticle1ThisLawisenactedforthepurposesofstandardizingaccountingbehavior,ensuringtheauthenticityandcompletenessofaccountingdocuments,strengtheningeconomicmanagementandfinancialmanagement,improvingeconomiceffectsandsafeguardingtheorderofsocialistmarketeconomy.Article2Stateorgans,associations,companies,enterprises,institutionsandotherorganizations(hereinafteruniformlyreferredtoasentities)shall,inhandlingaccountingaffairs,abidebythisLaw.Article3Everyentityshallsetupaccountbooksinaccordancewithlawandensurethattheyareauthenticandcomplete.Article4Theleadershipofaentityshallberesponsiblefortheauthenticityandcompletenessoftheaccountingworkandaccountingdocumentsoftheentity.Article5AccountingofficesandaccountingpersonnelshallconductaccountingpracticeandexerciseaccountingsupervisioninaccordancewiththisLaw.Noentityorindividualmay,byanymeans,incite,instigateorforciblyorderaccountingofficesoraccountingpersonneltoforgeoralteraccountingvouchers,accountbooksandotheraccountingdocumentsorsubmitfalsefinancialandaccountingreports.NoentityorindividualmaybeallowedtopersecuteorretaliateagainsttheaccountingpersonnelwhoperformtheirfunctionsanddutiesinaccordancewithlawandopposetheactsinviolationofthisLaw.Article6TheaccountingpersonnelwhomakenotableachievementsinearnestlyimplementingthisLaw,devotingthemselvestotheirdutiesandadheringtoprinciplesaretobegivenspiritualormaterialawards.Article7ThefinancialdepartmentoftheStateCouncilshallberesponsibletheaccountingworkthroughoutthecountry.Thefinancialdepartmentsofthelocalpeople'sgovernmentsatorabovethecountylevelshalladministertheaccountingworkoftheirrespectiveadministrativeareas.Article8TheStateshallexerciseauniformaccountingsystem.TheuniformaccountingsystemoftheStateshallbeformulatedandpromulgatedbythefinancialdepartmentoftheStateCouncilinaccordancewiththisLaw.RelevantdepartmentsoftheStateCouncilmay,inaccordancewiththislawandtheuniformaccountingsystemoftheState,formulatespecificmeasuresorsupplementaryprovisionsfortheimplementationoftheuniformaccountingsystemoftheStateappliedinthesectorswhichhavespecificrequirementsforaccountingpracticeandaccountingsupervision,andsubmitthemtothefinancialdepartmentoftheStateCouncilforexaminationandapproval.TheGeneralLogisticsDepartmentoftheChinesePeople'sliberationArmymay,inaccordancewiththisLawandtheuniformaccountingsystemoftheState,formulatespecificmeasuresfortheimplementationintheArmyoftheuniformaccountingsystemoftheState,andsubmitthemtothefinancialdepartmentoftheStateCouncilfortherecord.ChapterIIAccountingPracticeArticle9Everyentityshall,inaccordancewiththeeconomictransactionandoperationalmatterswhichactuallyoccur,conductaccounting,drawupaccountingdocuments,enteraccountbooksandpreparefinancialandaccountingreports.Noentitymayconductaccountingwithfalseeconomictransactionandoperationalmattersordata.Article10Accountingproceduresshallbeundertakenandaccountingpracticeconductedwithrespecttothefollowingeconomictransactionandoperationalmatters:(1)receiptanddisbursementofcashholdingsandvaluablesecurities;(2)receipt,issuance,additions,reductionsanduseofmoneyandarticlesofproperties;(3)creationandsettlementofdebtsandclaims;(4)increasesanddecreasesincapitalandfunds;(5)computationofrevenue,expenditures,expensesandcosts;(6)computationandarrangementoffinancialresults;and(7)othermattersthataresubjecttoaccountingproceduresandaccountingpractice.Article11AfiscalyearstartsonJanuary1andendsonDecember31oftheyearintheGregoriancalendar.Article12Renminbishallbethebasecurrencyforbookkeepinginaccountingpractice.TheentitieswhosereceiptsandexpendituresareconductedchieflyincurrenciesotherthanRenminbimayselectoneofthemasthebasecurrencyforbookkeep