Invoices are also considered to be accounting records (Clause 1 Article 20 of the Law on accounting No. 88/2015/QH13). As the result, in principle, enterprises are not allowed to use carved signature seals to append on invoices.
Regarding financial statement form, to comply with the new form issued together with Circular No. 133/2016/TT-BTC from the fiscal year beginning on or after January 1st, 2017.
If enterprises have submitted financial statements according to the old form issued together with Decision No. 48/2006/QD-BTC, they have to re-send financial statements made according to the new form as mentioned above.
According to the new regulations in Clause 9 Article 2 of this Circular, each equitized enterprise must be applied at least 2 different enterprise valuation methods, in which, it is compulsory to apply the asset-based approach and adopt one or some other suitable methods.
In addition, according to Clause 3 Article 8, welfare and reward funds arising from the date of enterprise valuation to the issuance date of initial business registration certificate for joint stock company shall be used and managed by the equitized enterprise as regulated. The unused funds (if any) shall be inherited and used by the new joint stock company.
This Circular comes into force from June 18th, 2018. The contents prescribed in this Circular will be applied on January 1st, 2018. To replace Circular No. 127/2014/TT-BTC dated September 5th, 2014.
- Project management boards holding legal status incorporated by regulatory agencies or public sector entities;
- Entities in charge of off-budget financial funds;
- Entities financed by the state to operate in accordance with particular political-social objectives.
The appointment of a chief accountant shall comply with the regulations at point a Clause 2 Article 20 of Decree No. 174/2016/ND-CP.
Chief accounts and accountants in charge must have qualifications as prescribed in Article 21 of Decree No. 174/2016/ND-CP.
Power to appoint or reappoint, procedures for appointment or reappointment of, deadline for reappointment of, chief accountants and accountants shall comply with Article 6 through Article 9 of this Circular
The monthly responsibility allowance for a chief accountant and an accountant is still equivalent to 0.2 and 0.1 of the statutory base salary, respectively.
This Circular takes effect from May 15th, 2018 and replaces Joint Circular No. 163/2013/TTLT-BTC-BNV dated November 15th, 2013.
With regard to specific fine levels, this Decree increases fine levels imposed on violations of misapplication of regulations on letters and numbers in accounting, monetary units, accounting periods from a fine ranging from VND 5,000,000 to VND 10,000.000 to a fine ranging from VND 10,000,000 to VND 20,000,000; Forging financial statements: a fine ranging from VND 20,000,000 to VND 30,000,000 shall be increased to a fine ranging from VND 40,000,000 to VND 50,000,000
In addition, this Decree also adds fines on other violations as follows:
- Misapplication of applicable accounting regulations: A fine ranging from VND 10,000,000 to VND 20,000,000 shall be imposed.
- Red or faded signatures on accounting records; Using signature stamps on accounting records, Expense records do not have signatures on all copies: A fine ranging from VND 3.000.000 to VND 5,000,000 shall be imposed.
- Failure to translate accounting records in foreign language to Vietnamese: a fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed.
- The financial statement is not made in accordance with the standard form: A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed
This Decree takes effect from May 1st, 2018 and replaces Decree No. 105/2013/ND-CP dated September 16th, 2013.
Annual budget statements of off-budget financial funds shall be inspected, appraised and notified in compliance with regulations herein and other relevant documents.
Budget statements of public investment capital, funding for making up the difference in interests and management costs given to Vietnam Bank for Social Policies, Vietnam Development Bank and target program on South China Sea – Islands and budget statements made by the Management Board for construction investment project shall be made under the guidance provided in specific documents
This Circular only applies to state agencies and administrative, non-business units.
This Circular comes into force from February 10th, 2018 and applies to budget statements from 2017 and onwards.
This Circular replaces Circular No. 01/2007/TT-BTC dated January 2nd, 2007.
Expenses of overseas business trips serving the company’s business and production activities with adequate legitimate invoices and documents according to Article 4 of Circular No. 96/2015/TT-BTC shall be exempt from enterprise income tax.
With regard to expenses related to the representative office in the foreign country, if all conditions prescribed in Article 4 of Circular No. 96/2015/TT-BTC are met, they shall be also deducted.
Notably, invoices and documents related to expenses incurred outside Vietnam must be appropriate to regulations of the host country and must be translated into Vietnamese according to the guidelines in Clause 4 Article 5 of Circular No. 156/2013/TT-BTC.
According to Article 20, Article 22 of Decree No. 174/2016/ND-CP, some enterprises have only acting chief accountant, (such as extra – small enterprises) or person who is hired to act as a chief accountant without chief accountant
However, forms of “Written request for enterprise registration" and "Notification of adjustment to enterprise registration contents" issued together with Circular No. 20/2015/TT-BKHDT have only information about chief accountant without information about acting chief accountant or about person who is hired to act as a chief accountant and therefore tax agencies cannot manage.
However, this Circular amends conditions for taking exams for an accounting practicing certificate in the manner of being looser than the earlier regulations.
For example, entities taking the exams also include those who obtain a bachelor's degree in banking or a bachelor's degree in other majors with total units of study (or classes) of subjects: Finance, accounting, audit, financial activity analysis, or taxation accounting for at least 7% of total units of study (or classes) of the entire course; or obtain a bachelor's degree in other majors awarded by international audit or accounting associations (Clause 2 Article 4).
Regarding condition on practical experience in finance, accounting, or audit field, it is also reduced to 36 months from 60 months (Clause 3 Article 4).
This Circular takes effect from October 15th, 2017 and replaces Circular No. 129/2012/TT-BTC dated August 9th, 2012.
Accordingly, state financial reports include these reports: Reports on State finance (State property, payables of the State, funds of the State); Reports on state financial operation results (revenues of the State, expenditures of the State, State financial operation results); Cash flow reports (flows of cash collected from and paid for major activities, investment activities and financial activities in the reporting period); and State financial report explanations.
Scope of coverage of state financial reports includes: (i) National state financial reports which shall be compiled by the Ministry of Finance and (ii) Provincial state financial reports which shall be compiled by provincial state treasuries.