What are regulations on financial statements of the State in Vietnam? What are the regulations regarding the form and deadline for publishing financial statements?

What are regulations on financial statements of the State in Vietnam?

Pursuant to the provisions of Article 30 of the Law on Accounting 2015, the preparation of financial statements of the States is executed as follows:

- The financial statements of the State is prepared based on the consolidation of financial statements from government agencies, public service providers, economic organizations, and other related units within the public sector. This is used to aggregate and elucidate the state’s financial situation, state financial operation results, and cash flows from state financial activities on a nationwide and local scale.

- The financial statements of the State provides information on the state budget’s revenue and expenditure, state financial funds, public debt, state capital in enterprises, assets, capital, and use of the State's resources. The financial statements of the State includes:

+ Report on the state financial situation;

+ Report on the results of state financial operations;

+ Cash flow statement;

+ Notes on the financial statements of the State.

- The preparation of the financial statements of the State is conducted as follows:

+ The Ministry of Finance is responsible for preparing the nationwide financial statements of the State and presenting it to the Government of Vietnam to report to the National Assembly. It directs the State Treasury to take charge and coordinate with finance agencies to prepare local financial statements, presenting them to the provincial People's Committee to report to the respective People's Council;

+ Government agencies, public service providers, economic organizations, and related units are responsible for preparing their individual reports and providing the necessary financial information to aid in preparing financial statements of the States both nationwide and locally.

- The financial statements of the State is prepared and presented to the National Assembly, and People's Council concurrently with the finalization of the state budget according to the provisions of the State Budget Law.

- The Government of Vietnam specifies the detailed contents of the financial statements of the State; the organizational implementation of the preparation and disclosure of the financial statements of the State; and the responsibilities of agencies, units, and localities in providing information to assist in preparing the financial statements of the State.

What are regulations on financial statements of the State in Vietnam? What are the regulations regarding the form and deadline for publishing financial statements? (image from the Internet)

What are the regulations regarding the form and deadline for publishing financial statements?

Pursuant to the provisions of Article 32 of the Law on Accounting 2015, the form and deadline for publishing financial statements are regulated as follows:

- Forms of publishing financial statements:

+ Publishing printed documents;

+ Notification in writing;

+ Posting;

+ Uploading on electronic information sources;

+ Other forms of public financial statement disclosure as prescribed by law.

- The form and deadline for publishing financial statements of accounting units utilizing the state budget are executed according to the provisions of state budget law.

- Deadline for publishing financial statements:

+ Accounting units not utilizing the state budget, but utilizing contributions from the public, are required to publicize their annual financial statements within 30 days from the date of submission.

+ Accounting units involved in business activities must disclose their annual financial statements within 120 days from the end of the fiscal year. If laws on securities, credit, or insurance provide specific different provisions on the form or deadline for publishing financial statements than those of this Law, the provisions of the specialized law shall apply.

Vietnam: What does the disclosure of financial statement content include under the regulations?

According to the provisions of Article 31 of the Law on Accounting 2015, financial statement disclosure includes the following contents:

- Accounting units utilizing the state budget must disclose information on state budget revenue and expenditure as regulated by the State Budget Law.

- Accounting units not utilizing the state budget must disclose the annual financial settlement.

- Accounting units utilizing public contributions must disclose the purpose of mobilizing and using the contributions, contributors, mobilization level, usage results, and settlement of each contribution.

- Accounting units involved in business activities must disclose the following contents:

+ Asset conditions, liabilities, and owner’s equity;

+ Business operation results;

+ Establishment and usage of funds;

+ Employee income;

+ Other contents as prescribed by law.

- Financial statements of accounting units that are legally required to be audited must disclose when publicized.