Common use of Accounting Responsibility Clause in Contracts

Accounting Responsibility. Party A shall undertake the accounting responsibility of Entrusted Assets, and shall be ultimately liable for accounting responsibility of Entrusted Assets. Party A, as the owner of the entrusted assets, shall provide to Party B the accounting method and assets valuation method of the entrusted assets under PRC and Hong Kong/U.S. accounting principles. Party B shall, in accordance with the requirements of Service Standards Manual, conduct accounting and financial management of entrusted assets, and be responsible for the quality of the accounting work.

Accounting Responsibility. 2.8.1 Party A shall undertake the accounting responsibility of Entrusted Assetsentrusted assets, and shall be ultimately liable for accounting responsibility of Entrusted Assetsentrusted assets. Party A, as the owner of the entrusted assets, shall provide to Party B the accounting method and assets valuation method of the entrusted assets under PRC Enterprise Accounting Principles and Hong Kong/U.S. accounting principlesInternational Financial Reporting Standards. Party B shall, Valuation of the entrusted assets shall be conducted in accordance with provisions of applicable laws and regulations and the requirements of Service Standards Manual, conduct accounting and financial management of entrusted assets, and be responsible for the quality of the accounting workvaluation method issued by China Life Insurance Company Limited.