Decision of the Standing Committee of the National People's Congress on Amending Eleven Laws Including the Accounting Law of the People's Republic of China
Decision of the Standing Committee of the National People's Congress on Amending Eleven Laws Including the Accounting Law of the People's Republic of China
Decision of the Standing Committee of the National People's Congress on Amending Eleven Laws Including the Accounting Law of the People's Republic of China
Order of the President of the People's Republic of China No.81
November 4, 2017
The Decision of the Standing Committee of the National People's Congress on Amending Eleven Laws Including the Accounting Law of the People's Republic of China, adopted at the 30th session of the Standing Committee of the 12th National People's Congress on November 4, 2017, is hereby promulgated, effective from November 5, 2017.
President of the People's Republic of China Xi Jinping
Decision of the Standing Committee of the National People's Congress on Amending Eleven Laws Including the Accounting Law of the People's Republic of China
(Adopted at the 30th session of the Standing Committee of the 12th National People's Congress on November 4, 2017)
The 30th session of the Standing Committee of the 12th National People's Congress decides to introduce:
I. Amendments to the Accounting Law of the People's Republic of China
1. The fourth item under the Paragraph 1 of the original Article 32 is revised to read as "4. Whether the individuals engaging in the accounting work have expertise in accounting and comply with the occupational ethics".
2. The original Article 38 is revised to read as "Accounting personnel shall have expertise necessary for the engagement in the accounting work."
"Individuals serving as heads of accounting departments of entities (accountants in-charge) shall have professional and technical title of accountant or above or have been engaged in accounting work for more than 3 years.
The scope of accounting personnel as applied in this Law shall be defined by the finance authority of the State Council."
3. The provision "… shall not acquire or re-acquire accountants' practice qualification certificates", as stated in the first paragraph of the original Article 40, is revised to read as "… shall not engage in the accounting work any longer".
The second paragraph thereof is removed.
4. The third paragraph of the original Article 42 is revised to read as "Any accounting personnel who commit one of acts as stipulated in Paragraph 1 of this article and result in a serious circumstance shall be prohibited from engaging in the accounting work within five years."
5. The provision "for the accounting personnel among them, the finance department of the People's government at or above the county level shall additionally revoke their accountants' practice qualification certificates", as provided in the second paragraph of the original Article 43 and the second paragraph of the original Article 44, is revised to read as "the accounting personnel among them shall be prohibited from engaging in the accounting work within five years."
II.
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