Accounting Law of the PRC (2024 Amendment) · Yalla China
قانون المحاسبة (تعديل 2024) / Accounting Law of the PRC (2024 Amendment)
Enacted: 2024-06-28 ✅ Effective: 2024-07-01
📝 Overview
Regulates accounting practice and financial reporting in China; the 2024 amendment strengthens transparency and accountability requirements.
This is general information only, not legal advice. For your specific case, consult a licensed lawyer.
📜 The law text / key provisions
The Accounting Law (2024 Amendment) provides: (1) Accounting obligations: all companies registered in China required to keep accounting records per Chinese standards; (2) Accounting standards: listed companies required to apply Chinese Accounting Standards (CAS); (3) Certified accountants: auditing of large companies requires a certified public accountant; (4) Record retention: accounting records must be kept for 15-30 years; (5) Falsification penalties: falsifying accounting records exposes to up to 5 years imprisonment and fines.
💬 Practical reading
💬 This is a general reading/opinion for orientation — not the official legal text nor legal advice.
If you manage a company in China, ensure you engage a certified Chinese accountant to guarantee your records comply with local standards. Do not mix personal and company accounts.
📎 Official source
National People's Congress of China
🕒 Updated: 16 March 2026