MOF Seeks Comments on Administrative Measures for Accounting Files

The Ministry of Finance ("MOF") has recently released the revised Administrative Measures for Accounting Files (Draft for Comment) (the "Draft') for public comment by June 27, 2015.

The Draft puts further emphasis on an entity's administration of its own accounting files. Besides subsidiary ledgers, the electronic accounting materials developed within an entity shall meet all of the following conditions if they are to be kept on the records in electronic form only: 1. the electronic accounting materials shall come from an authentic and valid source and shall be generated and transmitted by an information system. And 2. the accounting information system used can receive and read accurately, effectively, and in whole the accounting materials; can output accounting materials such as accounting vouchers, ledgers, and financial statements in compliance with the national standard record-filing forms; and has had in place a total of six setting conditions for the necessary review and approval-by-signature procedures including the acceptance, review, and approval of files. The Draft has revised the required retention period of the files and the provision concerned reads "The retention period shall be permanent or a fixed period and the length of the fixed period shall be 10 years or 30 years".