What is the deadline for submission of the 2024 financial statement for small and medium enterprises in Vietnam?
What is the deadline for submission of the 2024 financial statement for small and medium enterprises in Vietnam?
Based on the regulation in Clause 1, Article 80 of Circular 133/2016/TT-BTC guiding the accounting regime for small and medium enterprises regarding the deadline for preparing and submitting financial statements:
Responsibilities, deadlines for preparing and submitting financial statements
- Responsibilities, deadlines for preparing and submitting financial statements:
a) All small and medium enterprises must prepare and submit annual financial statements no later than 90 days from the end of the fiscal year to the relevant authorities as per regulations.
b) In addition to preparing annual financial statements, enterprises may prepare monthly or quarterly financial statements to serve management and operational purposes.
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Based on the regulation, all small and medium enterprises must prepare and submit annual financial statements no later than 90 days from the end of the fiscal year to the relevant authorities as per regulations.
For the fiscal year 2024, from January 1, 2024, to December 31, 2024, the deadline for submitting the 2024 financial statement is March 30, 2025.
What is the deadline for submission of the 2024 financial statement for small and medium enterprises in Vietnam? (Image from Internet)
Which entities are receiving authorities for financial statements of small and medium enterprises in Vietnam in 2024?
Based on the regulation in Clause 2, Article 80 of Circular 133/2016/TT-BTC guiding accounting policies for small and medium enterprises regarding the recipients of the annual financial statements:
Responsibilities, deadlines for preparing and submitting financial statements
...
2. The recipients of the annual financial statements are stipulated as follows:
Enterprises must submit their annual financial statements to the tax authorities, business registration authorities, and statistical offices.
Enterprises (including domestic companies and those with foreign investment capital) with headquarters located in export processing zones, industrial zones, or high-tech zones, in addition to submitting their annual financial statements to the prescribed authorities (Tax authorities, business registration authorities, statistical offices), must also submit them to the management board of the export processing zones, industrial zones, or high-tech zones if required.
Thus, small and medium enterprises submit their 2024 annual financial statements to the tax authorities, business registration authorities, and statistical offices.
However, enterprises (including domestic and foreign-invested enterprises) with headquarters in export processing zones, industrial zones, or high-tech zones must also submit their annual financial statements to the management board of these zones if required, in addition to the prescribed authorities.
What are requirements for information presented in the 2024 financial statement in Vietnam?
The requirements for the information presented in the 2024 financial statement for small and medium enterprises are stipulated in Clause 1, Article 72 of Circular 133/2016/TT-BTC as follows:
The information presented in the financial statement must be complete, objective, and error-free to provide a truthful and reasonable reflection of the financial condition, situation, and business results of the enterprise.
- Information is considered complete when it includes all necessary details to help users understand the nature, form, and risks of transactions and events. For certain items, complete presentation must also describe additional information about quality, factors, and circumstances that may affect the quality and nature of the item.
- Objective presentation means not being biased when selecting or describing financial information. Objective presentation must ensure neutrality, without focusing, emphasizing, underplaying, or performing other operations that change the level of impact of financial information to the advantage or disadvantage of users of the financial statement.
- Error-free means no omission in the description of phenomena and no errors in the process of providing selected and applied reporting information.
+ Error-free does not mean completely accurate in all aspects, for example, estimating prices and values that cannot be observed precisely.
+ An estimate presentation is considered truthful if the estimated value is clearly described, the nature and limitations of the estimation process are explained, and there are no errors in selecting appropriate data during the estimation process.
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