What agency is responsible for setting accounting standards and regulations in the People's Republic of China?
A)Chinese Institute of CPAs
B)Ministry of Finance
C)Chinese Security Regulatory Commission
D)State Council

Question

Quizplus · Accepted Answer

The Ministry of Finance is responsible for setting accounting standards and regulations in the People's Republic of China. The Chinese Institute of CPAs is a professional organization for CPAs in China and does not have regulatory authority. The Chinese Security Regulatory Commission is mainly responsible for regulating securities and futures markets in China. The State Council is the chief administrative authority in China but does not specifically regulate accounting standards.

What Agency Is Responsible for Setting Accounting Standards and Regulations