Accounting law modification completed

The Accounting Law is the basic law that regulates accounting work. On June 28, the 10th meeting of the Standing Committee of the 14th National People's Congress voted to pass the decision on amending the Accounting Law, which will take effect from July 1, 2024. The amendment of the Accounting Law will keep the current basic system unchanged, focus on solving outstanding problems in accounting work, further strengthen accounting supervision, increase penalties for accounting violations, and effectively improve the quality of accounting information to better safeguard social and public interests.