Common use of Financial Affairs and Accounting Clause in Contracts

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.

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 People’s Republic of China issued by the Ministry of Finance 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.

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 People’s Republic of China for Chinese-foreign Equity Joint Ventures and in the light of its own actual circumstancescircumstances and execute the accounting system upon the discussion and approval of the Board of Directors. The accounting system of the JVC must be filed for record with the Shanghai Guangzhou Finance Bureau and Shanghai Guangzhou Taxation Bureau.