What is the Accounting Law in China?
First promulgated in 1985, the Accounting Law was revised in December 1993 and then in 1999. It represents the highest level of legal norms governing accounting and forms the basis for the formulation of administrative rules and regulations in regard to accounting, as well as provides the highest guiding principles on accounting work. In tandem with this piece of specialized legislation, a number of corresponding laws were passed in the 1990s, including the Certified Public Accountant Law, budget Law and Audit Law followed by related legislation such as Company Law, Law on Negotiable Instruments, Enterprise Bankruptcy Law, Economic Contract Law, and various tax laws. Together they constitute a legal framework of related economic legislation, forming the cornerstone of a legal system governing accounting work.
