Guidance on Handling Asset Losses After Inventory

13:15, 11/07/2024

Losses of assets refer to assets being lost, missing, damaged, degraded, losing quality, outdated in terms of fashion or technology, and stagnant inventories, which are identified in periodic and ad-hoc inspections.

Cooperatives, cooperative unions must determine the loss value, cause, responsibility, and handle as follows:

- If it is due to subjective reasons, the person causing the loss must compensate and handle according to the provisions of the law. The General Assembly of members or the agency according to the hierarchy in the charter, financial management regulations shall decide the compensation level in accordance with the law and be responsible for its decision;

- If the insured property is lost, it shall be handled according to the insurance contract;

- The value of the lost property, after being compensated by individuals, collectives, or insurance organizations, if there is a shortfall, it shall be compensated by the company's financial reserve fund. In case the financial reserve fund is not sufficient to cover, the shortfall shall be accounted for in the production and business expenses of the period;

- In special cases such as natural disasters, epidemics, fires, and other force majeure cases causing serious damage, if the cooperative or cooperative union cannot self-remedy, a loss-handling plan must be prepared and submitted to the General Assembly of members. The General Assembly of members shall decide the loss handling according to the provisions of the law and be responsible for its decision.

Details can be found in Circular 83/2015/TT-BTC effective from July 15, 2015.

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