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I. The present Procedures are made in order to improve the formulation of accounting rules, to increase the transparency of the formulation of accounting rules and to widely consult the public. II. The Accounting Department of the Ministry of Finance (hereinafter referred to Accounting Department) shall be responsible for drafting the accounting rules, which shall be subject to the project draft team responsibility system. In principle, the project draft team shall be based on all offices of the Accounting Department, absorbing other relevant personnel as participants. III. The draft accounting rules shall include the draft for discussion, the draft for consultation, the draft and the draft for examination and approval. IV. The formulating process of accounting rules shall include four steps, namely, the establishment of project, drafting, open consultation and promulgation. (1) ESTABLISHMENT OF PROJECT The Accounting Department shall put forward proposals about the establishment of project concerning accounting rules according to the demands of economic development of our country, shall consult the Accounting Rules Commission and the other relevant bodies about such proposals. A proposal about the establishment of project concerning accounting rules shall contain the background and reasons for the establishment of project. By reference to the opinions and suggestions of the Accounting Rules Commission and the relevant bodies, the Accounting Department shall revise and adjust the proposal about the establishment of project concerning accounting rules. The revised proposal shall be reported to the leader of the Ministry of Finance for approval by following the prescribed procedures, and upon the approval of the aforesaid leader, it shall be established as a project formally. The Accounting Department shall notify the Accounting Rules Commission of the information about the establishment of projects and shall announce it to the public. Combining the actual needs with the determined accounting rules project and the relevant opinions, the Accounting Rules Commission shall set up a project research team to carry out topic research and to develop research report. (2) DRAFTING After a project of accounting rules has been established, the Accounting Department shall set up a project drafting team immediately, and shall notify the Accounting Rules Commission of the relevant information about the members of the project drafting team. The project drafting team shall, according to the accounting rules project undertaken by it, give a work plan and timetable in time, shall complete the draft for discussion on the basis of the relevant research report and the investigations and research in practice. The draft for discussion shall be submitted by the Accounting Department to Accounting Rules Commission for opinions, it shall become the draft for consultation after it has been revised. (3) OPEN CONSULTATION The Accounting Department shall widely consult the public by means of printing and distributing the draft for consultation to the finance departments (administrations) of all provinces, autonomous regions, municipalities directly under the Central Government and the cities under separate state planning, and the relevant administrative departments of the State Council, release the information on the website of the Accounting Rules Commission and the other main media, holding discussions and symposium. The project drafting team shall collect the opinions obtained through open consultation, shall revise the draft for consultation according to these opinions and develop a draft. Once more, the draft shall be submitted by the Accounting Department to the Accounting Rules Commission for consultation. (4) PROMULGATION The project drafting team shall revise the draft according to the opinions of the Accounting Rules Commission and develop the draft for examination and approval, which shall be reported and submitted by the Accounting Department to the leader of the Ministry of Finance for examination and approval in accordance with the prescribed procedures. Upon examination and approval of the aforesaid leader, the Ministry of Finance shall promulgate and organize to implement it. V. Where it is necessary to make significant revisions to the accounting rules already promulgated and implemented, the procedures for the revisions shall be the same as the above. VI. The present Procedures shall be effective as of the day when they are promulgated by the Ministry of Finance. |
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