First Rating for Local Government Debts, Governmental Accounting Commission to Set Up

　　Now the Ministry of Finance of China is undertaking the formulation of a set of governmental accounting system comprising both basic and concrete accounting standards along with the formation of a governmental accounting commission.

　　CICPA Financial-Auditing Leading (Backup) Talents Selection Launched

　　This selection campaign is oriented to top 100 accounting firms ranked in 2014 annual comprehensive assessment by the Chinese Institute of Certified Public Accountants (CICPA). Among the firms ranked in top 20 therein, each can recommend not-more-than 10 certified accountants to the selection test, while each of the firms ranked 21st-100th can recommend not-more-than 5 certified accountants to the selection test.

　　2014 International Accounting Professional Networks Ranking List and Chinese Status List

　　It is for the consecutive third year that CHINA ACCOUNTING (www.esnai.com) provides the International Accounting Professional Networks Ranking List and their Chinese Status List.

　　VAT Rates Consolidated to 3% from July 1

　　For the purpose of further standardized and fair taxation, the Ministry of Finance and the State Administration of Taxation recently issued the Notice on Consolidation of Value-Added Tax Rates, stating the uniform adjustment of the VAT levy rates of 6% and 4% into 3%, which shall enter into force on July 1, 2014.