What agency is responsible for setting accounting standards and regulations in the People's Republic of China?

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 and the Accounting Society of China may be involved in the development of accounting standards, but ultimately it is the Ministry of Finance that has the authority to issue and enforce them. The State Council is the highest administrative authority in China, but it is not specifically responsible for accounting standards and regulations.

What Agency Is Responsible for Setting Accounting Standards and Regulations