Financial Affairs and Accounting. 16.1. The JVC shall establish an accounting organization, provide itself with accounting personnel and formulate its accounting system in accordance with the Accounting System of the PRC for Chinese-foreign Equity Joint Ventures and in the light of its own actual circumstances. The accounting system of the JVC must be filed for record with the Shanghai Finance Bureau and Shanghai Taxation Bureau.
16.2. The JVC shall prepare monthly, quarterly and annual financial statements, including a profit and loss statement, cash flow statement, balance sheet, and other forms. The Board of Directors shall engage a PRC qualified and registered public accounting firm as an independent auditor which shall examine and verify the annual financial reports of the JVC in accordance with the PRC laws and by reference to internationally used accounting methods. In addition, the JVC shall allow an internationally or PRC qualified auditor appointed by each Investing Party to examine its records, provided that, the Board of Directors will be given prior notice of such examination and the expenses incurred therefrom will be borne by the Investing Party which requests the examination. The annual financial reports and examination reports shall be delivered to each Director at least seven (7) days before the same are submitted to the Board of Directors for approval. The Annual financial reports and annual audit reports which have been approved by the Board of Directors shall be delivered to the Parties and the relevant governmental authorities for filing according to laws or regulations.
16.3. All expenditure documents of the JVC shall be valid only if signed by the General Manager or a person authorized thereby. The JVC shall use the invoices issued by the tax authority as evidence of receipt and payment. The invoices issued for the oversea (including Hong Kong and Macao) purchase of merchandise such as machinery, equipment, parts and components (where the custom declaration is required) will be deemed valid only if supported by declaration forms with the PRC ports of entry or custom declaration forms with the PRC customs.
16.4. The JVC shall adopt the internationally used accrual basis of accounting and the debit and credit method of keeping accounts in its accounting. All vouchers, books, receipts, statements and other accounting documents shall be written in Chinese. The JVC shall use Renminbi as its standard bookkeeping currency.
16.5. Except for the first year of the establishme...
Financial Affairs and Accounting. The JVC shall establish an accounting organization, provide itself with accounting personnel and formulate its accounting system in accordance with the Accounting System of the People’s Republic of China issued by the Ministry of Finance and in the light of its own actual circumstances.
Financial Affairs and Accounting. 14 CHAPTER 12 PROFIT DISTRIBUTION....................................... 15
Financial Affairs and Accounting. The Chief Financial Officer and Assistant Financial Officer of the Joint Venture Company, under the leadership of the CEO, shall be responsible for the financial management of the Joint Venture Company. The CEO, the Chief Financial Officer and Assistant Financial Officer shall prepare the Joint Venture Company's accounting system and procedures in accordance with the relevant PRC laws and regulations, and submit the same to the Board of Directors for adoption.
Financial Affairs and Accounting. 10.1 会计制度 Accounting System
(a) 公司应按照财政部颁布的《中华人民共和国企业会计制度》和补充规定制定公司的会计制度和程序。 The Company shall adopt an accounting system and procedures in accordance with the Enterprise Accounting System of the People’s Republic of China and supplementary stipulations promulgated by the Ministry of Finance.
(b) 公司应采用人民币为记帐本位货币。经甲方要求，某些数据应另外以美元记帐。 The books of account of the Company shall be kept in RMB. At the request of Party A, certain data shall be additionally recorded in US Dollars.
(c) 公司应当准备中文和英文的季度和年度的财务报表。该等报表应至少包括下列各项：资产负债表、损益表、成本报表、现金流量表和外国资金报表。该等报表应按适用法律的有关规定提交各方和有关政府部门。 The Company shall prepare quarterly and annual financial statements in Chinese and English. These statements shall include at least the following: balance sheet, profit and loss statement, cost statement, cash flow statement and foreign funds statement. These statements shall be provided to each Party and to the relevant government authorities as required by applicable laws.
10.2 审计 Auditing
(a) 公司应当聘请一个双方同意的独立的审计公司为其审计年度财务报表，并由董事会根据本合同第6.2(b)条的规定聘任。公司应当在财政年度结束后三(3)个月内向双方各提交一份年度最终财务报表(包括经审计后的财务年度损益表和资产负债表)以及该独立审计公司出具的审计报告。 An independent auditing firm mutually agreed upon by the Parties shall be engaged by the Company to audit its annual financial statements and shall be appointed by the Board in accordance with Article 6.2(b) hereof. The Company shall submit to the Parties an annual statement of final accounts (including the audited profit and loss statement and balance sheet for the fiscal year) within three (3) months after the end of the fiscal year, together with the audit report of such independent auditing firm.
(b) 各方有权对任何会计年度内的某个会计项目或事宜进行专项审计。公司应在需要进行该专项审计前十(10)日获得书面通知。公司应当对该等审计予以配合。 Each Party shall have the right to conduct a specific audit of a particular accounting item or matter for any fiscal year. The Company shall be notified in writing of any requirement for such a specific audit ten (10) days in advance. The Company shall cooperate with such specific audit.
Financial Affairs and Accounting. The Controller or Chief Financial Officer shall head the EJV’s Financial Department and shall be responsible for the EJV’s financial and accounting matters.
(a) RMB shall be used as the bookkeeping currency of the EJV. Cash, deposits, accounts payable and receivable, income and expenses shall be set forth in the currency in which they are paid or received. All financial statements of the EJV shall be presented in both RMB and USD.
(b) For purposes of preparing the EJV’s accounts and statements of the Parties’ contributions, and for any other purposes where it may be necessary to effect a currency translation, such translation shall be in accordance with the posted exchange rate as determined by the middle rate for buying and selling, announced by the People’s Bank of China on the date of actual payment.
(c) Subject to the Board’s determination, the accounting, tax and fiscal year for the EJV shall commence on January 1 and end on December 31. The accounting, tax and fiscal year for the first year of operation of the EJV shall begin on the Effective Date and shall end on December 31 of the same year.
(d) All local expenses of the EJV including but not limited to, expenses of materials, wages for PRC personnel, taxes, duties, charges, services and utilities, shall be paid for in RMB.
(e) The Controller (or the financial manager of the EJV resident in the PRC) shall prepare the EJV’s monthly financial statements in English in accordance with US-GAAP. For the purpose of such statements, the accounting, tax and fiscal year for the EJV applied in such statements, notwithstanding the Article 13.1 (c) above, shall commence on July 1 of each year and end on June 30 of next year, unless modified by the Board.
(f) At the end of each fiscal quarter, a set of financial statements shall be prepared in Chinese and English setting out all the details required by the Accounting Regulations of both PRC GAAP and US GAAP. A copy of these statements shall be sent to each Party and to each director and shall be created in accordance with the provisions of Article 13 hereof.
(g) The Parties shall have the right, upon reasonable prior notice, to request from the Controller to review the books and records of the EJV and to make copies of any of the books and records for their own use. If requested by a Party, the accounting staff of the EJV shall cooperate with such Party in providing all financial information of the EJV reasonably required by such Party.
Financial Affairs and Accounting. (a) All appropriate accounting records and statements of the JVC shall be prepared and kept in both the Chinese and English languages and in accordance with PRC Generally Accepted Accounting Principles. To satisfy GTS's reporting requirements in the U.S. and the JVC's need to obtain loans outside China, such accounting records and statements shall be simultaneously converted to separate records and statements that are consistent with United States Generally Accepted Accounting Principles.
(b) The Board of Directors shall select a certified accountant from an internationally recognized accounting firm registered in China to be the auditor of the JVC, to examine and verify the accounts and books of the JVC and to submit to the Board of Directors and the General Manager of the JVC a signed audit report. The methodologies used by such certified accountant must satisfy the requirements of both parties.
Financial Affairs and Accounting. 20 Acticle 11.
Financial Affairs and Accounting. The Company’s accounting and reporting system shall be in accordance with the generally accepted accounting principles as issued by the Institute of Chartered Accountants of India, to fairly represent the financial condition of the Company. The accounting and reporting systems, as well as the procedures to be adopted by the Company, shall be submitted to their respective Board for approval. The Shareholders shall have the right to inspect the records and books of accounts of the Company through representatives or accountants of their choice at reasonable times and providing reasonable notice. Transfer of Shares
Financial Affairs and Accounting. 14.01 Accounting System -----------------
