An integrated accounting regulation system including 40-strong regulations will be established this year, the Economic Daily reports Thursday.

Liu Yuting, director of the Accounting Department of the Ministry of Finance, said that the comprehensive system will cover all kinds of businesses, meet the standards of international financial reports and simultaneously accord with the situation in China.

In 2005, ten new regulations will be issued while some fundamental rules and 16 specific guidelines will be revised.

Classifying the 40 regulations into two kinds, namely the fundamental rules and specific guidelines, Liu said that the accounting practices in special sectors like petroleum and natural gas have been extraordinarily regulated, especially in terms of their interim financial reports and cash flow statements.

Refusing to disclose when the system will be put to use, Liu said that experts are working on the wording of the regulations to make sure they are easy to understand.

Source: Xinhua