The Accounting System for Institutions is an accounting system formulated by the Ministry of Finance (MOF) in 1997, based on the Accounting Standards for Institutions (for Trial Implementation), in order to enable state-owned institutions in the country to adapt to the needs of the socialist market economic system. The system has been implemented since January 1, 1998. The Ministry of Finance in 1988 issued by the Ministry of Public Works and Administrative Units Budget Accounting System was repealed at the same time.
According to the Accounting Law of the People's Republic of China, the Accounting Standards for Institutions and the Financial Rules for Institutions, the Ministry of Finance revised the Accounting System for Institutions (Cai Bu Zi (1997) No. 288). Effective January 1, 2013, the Accounting System for Institutions (Cai Bizi (1997) No. 288) issued by the Ministry of Finance on July 17, 1997 was repealed at the same time.
The Accounting Standards for Business Units (Cai Bizi [2012] No. 72) has been revised and adopted on December 5, 2012 by the Ministerial Meeting of the Ministry of Finance. According to the Accounting Law of the People's Republic of China, Accounting Standards for Institutions and Financial Rules for Institutions, the revised Accounting System for Institutions is hereby promulgated and shall come into effect as of January 1, 2013, as amended.
Expanded Information:
The Ministry of Finance (MOF) has published the newly revised Financial Rules for Institutions (MOF Decree No. 68), which will come into effect from April 1, 2012 onwards.
This revision is based on the basic structure of the original "Rules", added a "financial supervision" chapter, adding 21 articles. The Rules*** are divided into twelve chapters and sixty-eight articles, including general provisions, management of unit budgets, management of income, management of expenditure, management of carry-overs and balances, management of special funds, management of assets, management of liabilities, liquidation of establishments, financial reporting and analysis, financial supervision and by-laws.
Following the promulgation of the original Rules in 1996, the financial systems of education, science and technology, culture, health, agriculture, forestry, water conservancy and other industries have been introduced one after another, and have become an important part of the system of financial systems of institutions. At the same time as the revision of the original "Rules", the Ministry of Finance, in conjunction with the relevant departments in charge of launching the revision of the financial system of industrial undertakings, is now accelerating the pace of work, and strive to introduce as soon as possible.
All types of institutions at all levels throughout the country will also improve their internal financial management methods in accordance with the provisions of the new financial system.
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