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. 16 CHAPTER 12 PROFIT DISTRIBUTION......................................... 17 CHAPTER 13
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. (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. 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. 11.1 The Company shall establish a sound financial system in accordance with the relevant PRC regulations.
11.2 The Company shall pay various types of tax pursuant to the relevant national and local laws and regulations of China, and shall apply for all types of preferential tax treatment permitted by the Chinese law.
11.3 The Company shall, according to the provisions of PRC Chinese-Foreign Equity Joint Ventures Law and its implementing rules, the PRC Company Law and other relevant regulations, make allocations to various types of funds, the proportion of which shall be proposed by General Manager and determined by the Board.
11.4 The Company shall be audited in accordance with the various PRC laws and regulations.
Financial Affairs and Accounting. 14.01 Accounting System -----------------
Financial Affairs and Accounting. 19 13. INSURANCE............................................................ 21 14. CONFIDENTIALITY...................................................... 21 15.
Financial Affairs and Accounting. 20 Acticle 11.
