The Ministry of Finance ("MOF") has recently distributed the Decision on Revising Two Departmental Rules Including the Administrative Measures for Commissioned Bookkeeping (the "Decision"), immediately effective from the date of issuance.
The Decision introduces revisions in 13 respects to the Administrative Measures for Commissioned Bookkeeping. For instance, the "20-day" time limit specified in the second item of Article 6 is revised to be "ten days", and its third item is revised to read: "3. Where a decision of approval is made, a permit for commissioned bookkeeping shall be issued to the applicant within ten days from the date such decision is made, and the issue shall be made public. The examination and approval authority may revoke the approval and impose a punishment according to law, if it finds the actual circumstance differs from what has been pledged, during its full-coverage routine inspections". Meanwhile, the Decision brings modifications in five aspects to the Code of Basic Accounting Practices, Article 10, for example, is revised to read: "each entity shall staff itself with necessary accounting personnel to satisfy its accounting business and urge them to observe professional ethics and abide by the national unified accounting system".