Accounting Law of the People's Republic of China (Revised in 1999)

Accounting Law of the People's Republic of China (Revised in 1999)

Order of the President of the People's Republic of China [1999] No. 24

October 31, 1999

Accounting Law of the People's Republic of China is revised and adopted at the 12th Meeting of the Standing Committee of the Ninth National People's Congress on October 31,1999 and is promulgated now. This Law shall enter into force as of the date of July 1,2000.

President of the People's Republic of China: Jiang Zemin

Accounting Law of the People's Republic of China

Adopted at the 9th Meeting of the Standing Committee of the sixth National People's Congress on January 21,1985.
Revised on "The Decision on Amending Accounting Law of the People's Republic of China" at the 5th Meeting of the Standing Committee of the eighth National People's Congress on December 29,1993.
Revised at the 12th Meeting of the Standing Committee of the Ninth National People's Congress on October 31,1999

Contents
Chapter I General Provisions
Chapter II Accounting Practice
Chapter III Special Provisions on the Accounting Practice of Companies and Enterprises
Chapter IV Accounting Supervision
Chapter V Accounting Offices and Accounting Personnel
Chapter VI Legal Liability
Chapter VII Supplementary Provisions

Chapter I General Provisions

Article 1 This Law is enacted for the purposes of standardizing accounting behavior, ensuring the authenticity and completeness of accounting documents, strengthening economic management and financial management, improving economic effects and safeguarding the order of socialist market economy.

Article 2 State organs, associations, companies, enterprises, institutions and other organizations (hereinafter uniformly referred to as units )must, in handling accounting affairs, abide by this Law.

Article 3 Every unit must set up account books in accordance with law and ensure that they are authentic and complete.

Article 4 The person in charge of a unit shall be responsible for the authenticity and completeness of the accounting work and accounting documents of his own unit

Article 5 Accounting offices and accounting personnel shall conduct accounting practice and exercise accounting supervision in accordance with this Law.
No unit or individual may, by any means, incite, instigate or forcibly order accounting offices or accounting personnel to forge or alter accounting vouchers, account books and other accounting documents or submit false financial and accounting reports.
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