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How is the Accounting System for Business Enterprises of PRC prepared?

April 26, 2017Accounting Business Enterprises PRC prepared system

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How is the Accounting System for Business Enterprises of PRC prepared?

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In January 2001, the Ministry of Finance (“MOF”) adopted a comprehensive Accounting System for Business Enterprises (“the System”). The System is based, partially, on the experience of the MOF in implementing the Accounting System for Joint Stock Limited Enterprises and, partially, on the existing individual Chinese Accounting Standards (“CAS”) issued over the past few years.