Basic Financial System Sample Clauses

Basic Financial System. (a) The fiscal year of the Company shall be the calendar year. A fiscal year shall be from January 1 to December 31 of the same year. (b) The Company shall use RMB as its bookkeeping base currency. Any cash, bank deposits, foreign currency loans, creditor’s rights, debts, receipts or payments denominated in a currency other than the bookkeeping base currency shall be recorded in the actual currency in which receipts or payments are made. Any exchange gains or losses due to foreign exchange fluctuations shall be dealt with in accordance with foreign exchange transaction accounting methods promulgated by the Ministry of Finance, foreign exchange administrations and other Government Authorities of the PRC. (c) Persons shall be specially assigned to be responsible for safekeeping of all vouchers, books and statements of the Company, and no person may alter or destroy such vouchers, books or statements without authorization. (d) The Board shall engage an accounting firm registered in China to review and examine the financial and accounting documents of the Company. The examination results of the auditor shall be reported to the Board and the General Manager.