The Ministry of Finance guides the application of Vietnam's public accounting standards. It is expected that by 2024, 21 public accounting standards in Vietnam will be published.
- What are the issued public accounting standards in Vietnam?
- Guidance on subjects to apply Vietnamese public accounting standards in Vietnam?
- Guidance on the suitability with the financial and budgetary mechanism applying Vietnamese public accounting standards?
- About the roadmap to announce the next Vietnamese public accounting standards?
What are the issued public accounting standards in Vietnam?
According to Official Letter 372/BTC-QLKT in 2022, the Ministry of Finance issued the following:
- On September 1, 2021, the Ministry of Finance issued Decision 1676/QD-BTC announcing 05 Vietnamese public accounting standards (hereinafter referred to as VPSAS) phase 1, including the following standards in Vietnam:
+ Vietnam Public Accounting Standard No. 01 “Presentation of financial statements”;
+ Vietnamese Public Accounting Standard No. 02 “Cash Flow Statement”;
+ Vietnam Public Accounting Standard No. 12 “Inventories”;
+ Vietnam Public Accounting Standard No. 17 “Real Estate, Plant and Equipment”;
+ Vietnamese public accounting standard No. 31 “Intangible assets”.
The Ministry of Finance guides the application of Vietnam's public accounting standards. It is expected that by 2024, 21 public accounting standards in Vietnam will be published. (picture from internet)
Guidance on subjects to apply Vietnamese public accounting standards in Vietnam?
According to Section 1 of Official Dispatch 372/BTC-QLKT in 2022, the Ministry of Finance issues the following:
After the Ministry of Finance issued the above Decision, a number of units exchanged opinions on the plan to apply VPSAS on the subjects of application as follows:
- Public accounting standards in Vietnam are templates and principles for promulgating accounting regimes applicable to accounting units in the field of state accounting in accordance with the accounting law.
- At the same time, the promulgation of accounting regimes in accordance with the announced standards in Vietnam must be consistent with current legal documents on finance and budget.
- The Ministry of Finance will base on the system of public accounting standards and financial and budgetary mechanisms, and prescribe appropriate contents for each object to issue accounting regimes in accordance with applicable laws. for units in the fields according to the appropriate roadmap.
Accordingly, public accounting units will apply Vietnamese public accounting standards by following the accounting regimes prescribed by the Ministry of Finance, ensuring that they are suitable to the type and characteristics of their management. unit itself.
Guidance on the suitability with the financial and budgetary mechanism applying Vietnamese public accounting standards?
According to Section 2 of Official Letter 372/BTC-QLKT in 2022, the Ministry of Finance issues the following:
- After promulgating public accounting standards, the Ministry of Finance will supplement and amend accounting regimes for units according to fields and appropriate roadmap.
- Accordingly, for the contents of public accounting standards that are not synchronized with the public financial mechanism and relevant laws that are in effect, they have not been guided for application.
Thus, the Circular guiding the accounting regime always ensures that the contents comply with the financial mechanism and other current laws of Vietnam. This is also consistent with the current reality that accounting regimes will specify the accounting method for each arising economic operation in accordance with management and operation requirements.
- Because the accounting regimes stipulate the accounting method suitable to the field and actual operation of the units, accounting units with different operating organizations may refer to specific regulations. arising at their units to perform.
- Small-sized accounting units can also apply standards to their arising economic operations, through the implementation of the accounting regime with the operations specified in the regulations. accounting level is applied.
About the roadmap to announce the next Vietnamese public accounting standards?
According to Section 3 of Official Letter 372/BTC-QLKT in 2022, the Ministry of Finance issues the following:
- The Ministry of Finance will continue to announce the next batch of standards, it is expected that by 2024, 21 Vietnamese public accounting standards will be published; and conduct conformity assessment to be able to publish other subsequent standards.
- After each standard announcement, the Ministry of Finance will post it on the Portal of the Ministry of Finance so that a large number of organizations and individuals can exploit and use it. For public accounting standards phase 1, units can exploit in the Accounting and Auditing section (Vietnam Public Accounting Standards) on the website of the Ministry of Finance at the following link https:/ /mof.gov.vn/webcenter/portal/btcvn/pages_r/chuyen-muc-1/ktkt/cmktcvn.
Above are some guidelines as well as orientation of the Ministry of Finance on the application of Vietnamese public accounting standards.
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