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What is role of the Accounting Law of the PRC?

Accounting Law PRC
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What is role of the Accounting Law of the PRC?

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The Accounting Law of the PRC (revised on 1 July 2000 ) has highest authority on accounting sector in China. It sets out general accounting principles for all enterprises, including the nature and role of accounting and basic principles. It empowers the Ministry of Finance of PRC to administer accounting affairs and to establish uniform accounting regulations and systems. Such regulations and systems shall be legally binding.

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