Who must sign the financial statements in Vietnam according to the Law on Accounting?

Vietnam: What does a financial statement include?

Based on Clause 1, Article 29 of the Law on Accounting 2015, the provisions are as follows:

Financial statements of accounting units

1. Financial statements of accounting units are used to summarize and explain the financial situation and operational results of the accounting unit. The financial statements of the accounting unit include:

a) Balance sheet;

b) Income statement;

c) Cash flow statement;

d) Notes to the financial statements;

e) Other reports as prescribed by law.

The financial statements of an accounting unit are used to summarize and explain the financial situation and operational results of the accounting unit.

Financial statements include:

- Balance sheet;

- Income statement;

- Cash flow statement;

- Notes to the financial statements;

- Other reports as prescribed by law.

Who must sign the financial statements in Vietnam according to the Law on Accounting? (Image from the Internet)

Who must sign the financial statements in Vietnam?

As stipulated in Article 29 of the Law on Accounting 2015:

Financial statements of accounting units

1. Financial statements of accounting units are used to summarize and explain the financial situation and operational results of the accounting unit. The financial statements of the accounting unit include:

a) Balance sheet;

b) Income statement;

c) Cash flow statement;

d) Notes to the financial statements;

e) Other reports as prescribed by law.

2. Preparation of financial statements of accounting units is carried out as follows:

a) The accounting unit must prepare financial statements at the end of the accounting period year; if the law provides for financial statements according to another accounting period, the accounting unit must prepare according to that period;

b) Financial statements must be based on data after closing accounting books. The superior accounting unit must prepare a consolidated financial statement or a combined financial statement based on the financial statements of the accounting units within the same superior accounting unit;

c) Financial statements must be prepared correctly in terms of content, method, and consistently presented between accounting periods; in cases where financial statements are presented differently between periods, the reasons must be clearly explained;

d) Financial statements must have the signatures of the preparer, the chief accountant, and the legal representative of the accounting unit. The person signing the financial statements must take responsibility for the content of the report.

3. The annual financial statements of the accounting unit must be submitted to the competent state agency within 90 days from the end of the accounting year as prescribed by law.

4. The Ministry of Finance provides detailed regulations on financial statements for each field of operation; responsibility, subjects, preparation period, preparation method, submission deadline, report recipient, and public disclosure of financial statements.

Thus, the preparation of financial statements must have the signatures of the preparer, the chief accountant, and the legal representative of the accounting unit.

The person signing the financial statements must take responsibility for the content of the report.

Shall taxpayers submit tax declaration dossier and financial statements upon shutdown in Vietnam?

Based on Clause 6, Article 43 of the Law on Tax Administration 2019, the provisions are as follows:

tax declaration dossier dossier

...

6. The tax declaration dossier dossier in the case of cessation of operations, termination of contracts, change of enterprise type, or reorganization of enterprises includes:

a) Tax finalization declaration;

b) Financial statement up to the point of cessation of operations or termination of contract, or change of enterprise type, or reorganization of enterprise;

c) Other documents related to tax finalization.

7. Cross-border profit reporting in cases where the taxpayer is the ultimate parent company of a group in Vietnam having cross-border transactions and with consolidated global revenue exceeding the prescribed limit or the taxpayer has an ultimate parent company abroad, and the ultimate parent company is obligated to prepare a cross-border profit report according to the regulations of the home country.

8. The Government of Vietnam provides details on tax declaration dossier dossiers specified in this Article, regulations on monthly, quarterly, and annual tax declaration dossiers, one-time tax obligation declarations, tax finalization declarations, declarations of fees and charges collected by the Socialist Republic of Vietnam's representatives abroad, declarations, provision, exchange, and use of information on cross-border profit reports; criteria for determining taxpayers to declare taxes quarterly.

Thus, in the case of business cessation, a tax declaration dossier dossier must be submitted, which includes:

- Tax finalization declaration;

- Financial statement up to the point of cessation of business operations;

- Other documents related to tax finalization.