This Circular takes effect from May 20th, 2020.
This Decision approves roadmap for application and application of financial reporting standards in Vietnam, including international financial reporting standards (IFRS) and Vietnamese financial reporting standards (VFRS) . Read more
Accordingly, with regard to international financial reporting standards (IFRS) the Ministry of Finance shall publicize the Vietnamese translation before March 2021 at the latest. The roadmap for voluntary application is from 2022 to 2025 and compelled application after 2025
With regard to Vietnamese financial reporting standards (VFRS), they shall be issued before November 15th, 2024 and applied from 2025
The application for financial reporting standards under this Scheme is to enhance transparency and trustworthiness of the financial statements and raise accountability of the enterprises.
The Ministry of Finance shall determine enterprises that are obligated to apply the financial reporting standards and issue suitable roadmap for such enterprises.
This Decision takes effect from the date of its signing.
This Circular sets out regulations on tier-2 and tier-3 accounts; methods of recording bookkeeping entries in accounts mentioned in the chart of accounts for microfinance institutions. Read more
Accordingly, Double-entry (Debit-Credit) bookkeeping system may be used to record entries in the on-balance sheet accounts of microfinance institutions.
Single-entry (Debit-Credit-Debit Balances) bookkeeping system may be used to record entries in the off-balance sheet accounts.
Microfinance institutions may subdivide accounts specified in Appendix No. 01 into tier-4 or tier-5 accounts in order to meet requirements concerning administration of service operations of microfinance institutions provided that these accounts are relevant to details, composition of, and methods for entering, corresponding general ledger accounts (parent accounts).
Notably, microfinance institutions may create and use accounts prescribed in this Circular on condition that they have adopted operational rules and regulations, and these new accounts reflect their licensed business activities.
This Circular shall enter into force from March 1st, 2020 and applied in the financial year of 2020.
This Circular takes effect from February 10th, 2020 and applies to the fiscal year 2020. Read more
To replace Circular No. 152/2010/TT-BTC dated September 28th, 2010.
This Circular shall set out regulations on accounting vouchers, chart of accounts, accounting books, financial statements and budget statements used by public investment project management boards. Read more
Accordingly, public investment project management boards are required to use same forms of compulsory accounting vouchers as prescribed in this Circular and are not allowed to modify the prescribed forms of accounting vouchers during the performance of accounting works.
This Circular comes into force from January 1st, 2020 and applies in the fiscal year 2020 afterwards.
This Circular supersedes all provisions in Chapter II, Part II “Accounting instructions for main investors of public service units” of the Circular No. 195/2012/TT-BTC dated November 15th, 2012.
This Decision takes effect from the date of its signing.
This Circular shall set out regulations on the system of bookkeeping accounts, financial statements and accounting books used by microfinance institutions. Read more
Accordingly, microfinance institutions shall consistently use bookkeeping accounts listed in the Chart of Bookkeeping Accounts in the Appendix No. 01 enclosed with this Circular (Clause 1 Article 3).
The system of bookkeeping accounts applicable to microfinance institutions shall be divided into 08 types of bookkeeping accounts: Assets accounts, liabilities accounts; payments account, equity accounts, revenue accounts, expenses accounts, Accounts linked to determination of business results, and off-balance sheet accounts (Clause 7 Article 3).
Microfinance institutions shall be responsible for preparing annual financial statements and mid-year financial statements. The preparation and representation of financial statements must conform to the requirements set out in the Accounting Standard No. 21 – “Representation of financial statements” (Article 76)
This Circular takes effect from April 1st, 2019 and applies in the financial year starting on January 1st, 2020.
This Circular provides instructions for bookkeeping, formulation and representation of financial reports of extra-small enterprises, including those paying corporate income taxes (CIT) by using the method of calculation of CIT based on assessable income and the method of calculation of CIT based on the CIT-to-sales ratio (%). Read more
Accordingly, extra-small enterprises paying their CIT calculated according to the method of calculation of CIT based on assessable income shall apply the accounting regime specified in Chapter II of this Circular (Clause 1 Article 3).
Extra-small enterprises paying CIT calculated according to the method of calculation of CIT based on the CIT-to-sales ratio (%) shall apply the accounting regime specified in Chapter III of this Circular (Clause 2 Article 3).
Extra-small enterprises may also opt to apply the accounting regime to medium and small enterprises which is enshrined in the Circular No. 133/2016/TT-BTC provided that such regime is appropriate for business characteristics and managerial requirements of these enterprises (Clause 3 Article 3).
However, extra-small enterprises shall have the burden of applying the uniform accounting regime in a financial year. Change of the applied accounting regime may only be made in the beginning of the following financial year.
In principle, extra-small enterprises may design forms, charts and templates of accounting documents appropriate of their own accord for their business activities. In case where extra-small enterprises do not autonomously design these forms, charts or templates for their own use, they may use those and methods of design of accounting documents according to the instructions given in the Appendix 1 of this Circular (Article 4).
With regard to accounting machinery and accountants, small enterprises shall be charged with performing accounting duties without being bound to appoint the chief accountant. In addition, extra-small enterprises shall be entitled to sign contracts with accounting service providers to hire accounting or chief accountant services (Article 8).
This Circular takes effect from February 15th, 2019, and applies in the financial year starting on or after April 1st, 2019.
This Circular takes effect from January 1st, 2019 and replaces Circular No. 170/2014/TT-BTC dated November 14th, 2014.
This Circular is to amend, supplement to accounting policies applicable to banks, including: Read more
- Amendments to rules of recognition of transactions related to foreign currencies and gold;
- Amendments to some accounting accounts;
- Amendments to principles of financial statement preparation;
- Supplements to principles of conversion of financial statements into VND.
Accordingly, one of the noticeable point of this Circular is the supplement to the regulation allowing wholly foreign-owned banks and branches of foreign banks to apply international accounting standards for outward forex transactions and derivative contracts
However, the banks have to explain the differences between the international accounting standards and the Vietnamese accounting standards, the effect of the differences on financial statements.
This Circular takes effect from April 1st, 2018. The following regulations shall be expired:
- Clauses 20, 25, 28, 29, 46 and Clause 50 Article 2 of this Circular No. 10/2014/TT-NHNN dated March 20th, 2014;
- Clause 3 Article 1 and Clause 2, Clause 3 Article 2 of Circular No. 49/2014/TT-NHNN dated December 31st, 2014.
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