China Passes New Accounting Record Keeping Regulation 2016

China has updated its record keeping requirements through the 2016 passage of a new accounting regulation, Administrative Measures on Accounting Records. Some of the new retention requirements have increased retention periods significantly. Here’s a breakdown of the new regulation:

  • Accounting Vouchers (Original and Bookkeeping Copies); retention increased from 15 years to 30 years
  • Ledgers and Journals (General and Subsidiary); retention increased from 15 years to 30 years
  • Other Auxiliary Books of Account; retention increased from 15 years to 30 years
  • Financial Statements/Reports (quarterly, monthly and periodic); retention increased from 3 years to 10 years
  • Annual Financial Report; retention stays the same at Permanent
  • Bank Deposits/Reconciliation/Statements; retention increased from 5 years to 10 years
  • Tax Return Forms; retention stays the same at 10 years
  • List of Submitted Accounting Records; retention increased from 15 years to 30 years
  • List of Submitted Accounting Records; retention increased from 15 years to 30 years
  • List of Retained Accounting Records; retention stays the same at Permanent
  • List of Destroyed Accounting Records; retention stays the same at Permanent
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