MOF: China to strengthen unified accounting system implementation

China will further strengthen the implementation of its unified national accounting system, according to a guideline released by the Ministry of Finance (MOF).

All regions and departments should uphold the unity of the accounting system and strictly abide by the provisions of the Accounting Law, and shall not revise, adjust or supplement the provisions without authorization, according to the guideline.

All related organizations should be responsible for fulfilling their duties under the law and the unified national accounting system and make financial and accounting reports in accordance with real economic and business performance, said the document.

The MOF also underlined that internal control should be enhanced to standardize procedures, prevent risks and implement strategic objectives, while the quality of auditing by accounting firms should be improved.

Relevant authorities should intensify guidance and supervision over the unified national accounting system, said the ministry.

Meanwhile, it is necessary to strengthen related publicity and training, as well as enhance accounting integrity, according to the guideline.