Vietnam: Has Circular 23/2024/TT-BTC on amendments to Circulars providing guidance on the management and inspection of accounting service provision been issued?
Has Circular 23/2024/TT-BTC on amendments to Circular providing guidance on the management and inspection of accounting service provision in Vietnam been issued?
On April 12, 2024, the Vietnam Minister of Finance issued Circular 23/2024/TT-BTC amendments to Circulars providing guidance on the management and inspection of accounting service provision.
In Circular 23/2024/TT-BTC, amendments and supplements to certain provisions of Circulars providing guidance on the management and inspection of accounting service provision are stipulated as follows:
(1) Amend, supplement, replace, and annul several provisions of Circular 23/2024/TT-BTC:
- Amend and supplement certain provisions of Circular 23/2024/TT-BTC as follows:
+ Amend and supplement Article 3
+ Amend Clause 1, Article 4
+ Amend Point b, Clause 1, Article 12
+ Amend Point dd, Clause 1, Article 14
+ Amend Clause 3, Article 15
+ Amend Clause 6, Article 15
- Replace certain phrases and Appendices of Circular 23/2024/TT-BTC as follows:
+ Replace the phrase “Ministry of Finance” with “Department of Management and Supervision of Accounting and Auditing, Ministry of Finance” in Clause 3, Article 7; Article 9; Point c, Clause 5, Article 11; Article 12; Point a, Clause 1, Article 14; Article 15; Article 17; Article 18.
+ Replace the phrase “10 working days” with “10 days” in Clause 3, Article 7; Article 9,
+ Replace the phrase “3 days” with “3 working days” in Clause 2, Article 15.
+ Replace the phrase “Ministry of Finance (Accounting and Auditing Regime Department)” with “Department of Management and Supervision of Accounting and Auditing, Ministry of Finance” in Appendix No. 01/CNKT, Appendix No. 05/CNKT issued together with Circular 292/2016/TT-BTC.
+ Replace the phrase “Vietnamese accounting, tax law, accounting ethics” with “Vietnamese accounting, tax law, accounting ethics, practical accounting experience, international accounting standards and international financial reporting standards” in Appendix No. 05/CNKT issued together with Circular 292/2016/TT-BTC.
+ Replace Appendix No. 02/CNKT issued together with Circular 292/2016/TT-BTC with Appendix No. 02/CNKT issued together with Circular 23/2024/TT-BTC.
- Annul several provisions of Circular 292/2016/TT-BTC as follows:
+ Clause 2, Article 5.
+ Clause 7, Article 11.
+ Clause 4, Article 13.
(2) Amend, supplement, replace, remove, and annul several provisions of Circular 292/2016/TT-BTC
- Amend and supplement certain provisions of Circular 292/2016/TT-BTC as follows:
+ Amend Clause 3, Article 3
+ Add Clause 9 after Clause 8, Article 3
+ Amend Clause 3, Article 6
+ Amend Clause 5, Article 6
+ Amend Clause 1, Article 10
+ Amend Clause 2, Article 11
+ Amend Point c, Clause 1, Article 12
+ Amend Article 14
+ Amend Clause 2, Article 15
+ Amend Clause 3, Article 15
+ Amend Clause 4, Article 15
+ Amend Clause 4, Article 16
+ Amend Clause 6, Article 16
+ Add Clause 8a after Clause 8, Article 16
- Replace certain phrases in Circular 292/2016/TT-BTC as follows:
+ Replace the phrase “10 working days” with “10 days” in Clause 4, Article 6.+ Replace the phrase “Vietnamese accounting, tax law, accounting ethics” with “Vietnamese accounting, tax law, accounting ethics, practical accounting experience, international accounting standards, and international financial reporting standards” in Appendix No. 01/ĐKHN issued together with Circular 292/2016/TT-BTC.
+ Replace the phrase “Reason for the certificate of business registration of accounting services being invalid or null” with “Reason for the certificate of accounting service practice registration being invalid or null” in Appendix No. 07/ĐKHN issued together with Circular 292/2016/TT-BTC.
+ Replace the phrase “ID/Passport/Citizen identification card number issued on .... ...... at .........." with “ID/Passport/Citizen identification card number...” in Appendix No. 01/ĐKHN, Appendix No. 02/ĐKHN, Appendix No. 04/ĐKHN issued together with Circular 292/2016/TT-BTC.
- Remove the paragraph “Note: (*) In case of applying for an accounting service practice registration certificate as prescribed in Clause 1, Article 11 and Clause 1, Article 13 of this Circular, this section is not required to be declared” in Appendix No. 01/ĐKHN issued together with Circular 292/2016/TT-BTC.
- Annul Clauses 3 and 4, Article 11 of Circular 292/2016/TT-BTC.
(3) Amend, supplement, and replace some provisions of Circular 297/2016/TT-BTC:
- Amend and supplement certain provisions of Circular 292/2016/TT-BTC as follows:
+ Amend Clause 2, Article 5
+ Amend Clause 3, Article 6
+ Amend Article 7
- Replace certain phrases and Appendices at Circular 292/2016/TT-BTC as follows:
+ Replace the phrase “ID/Passport/Citizen identification card number issued on ... ... at....” with “ID/Passport/Citizen identification card number...” in Appendix 1, Appendix 2, Appendix 6 issued together with Circular 292/2016/TT-BTC.
+ Replace Appendix 3 issued together with Circular 297/2016/TT-BTC with Appendix 3 issued together with Circular 23/2024/TT-BTC.
+ Replace Appendix 7 issued together with Circular 297/2016/TT-BTC with Appendix 7 issued together with Circular 23/2024/TT-BTC.
(4) Amend, supplement, replace, and annul some articles of Circular 09/2021/TT-BTC:
- Amend and supplement some articles of Circular 09/2021/TT-BTC as follows:
+ Amend and supplement point b, clause 2.2, Article 5
+ Amend and supplement clause 1, Article 7
+ Amend and supplement clause 2, Article 9
+ Amend and supplement clause 2, Article 11
+ Amend and supplement point d, clause 1, Article 12
+ Amend clause 1, Article 16
+ Amend clause 1, Article 17
+ Amend clause 3, Article 18
- Replace some phrases and Appendices in Circular 09/2021/TT-BTC as:
+ Replace Appendix I issued with Circular 09/2021/TT-BTC with Appendix I issued with Circular 23/2024/TT-BTC.
+ Replace Appendix IV issued with Circular 09/2021/TT-BTC with Appendix IV issued with Circular 23/2024/TT-BTC.
+ Replace Appendix V issued with Circular 09/2021/TT-BTC with Appendix V issued with Circular 23/2024/TT-BTC.
+ Replace the phrase “60 working days” with the phrase “60 days” in clause 5, Article 9.
+ Replace the phrase “customer” with the phrase “unit provided with accounting services” in clause 2, Article 4, clause 3, Article 13.
- Annul Appendix III issued with Circular 09/2021/TT-BTC.
Has Circular 23/2024/TT-BTC on amendments to Circular providing guidance on the management and inspection of accounting service provision in Vietnam been issued?
Who is subject to annual continuing professional development according to the new regulations in Vietnam?
Under the regulations at point a, clause 1, Article 1 Circular 23/2024/TT-BTC amending and supplementing Article 3 of Circular 292/2016/TT-BTC, accountant professionals subject to annual continuing professional development in Vietnam are as follows:
Accountant professionals subject to CPD are practicing accountants and people registered to practice accounting services. New accountor or auditor certificate holders may register to practice accounting services until December 31 of the year following the year of certification without mandatory CPD. However, to maintain their eligibility to practice accounting services in the subsequent year, they must complete the required CPD hours between August 16 of the year of certification and August 15 of the following year, as specified in Article 5 of Circular 292/2016/TT-BTC.
For example: Nguyen Van A was granted an accountant certificate or auditor certificate on April 23, 20X0, then Mr. A is not required to complete CPD to practice accounting services from time of certification until August 15, 20X0. However, to maintain his eligibility to practice accounting services from January 1, 20X2 to December 31, 20X2, Mr. A must complete required hours of CPD in 20X1 (from August 16, 20X0 to 20X0 to August 15, 20X1) as specified in Article 5 of Circular 292/2016/TT-BTC.
Currently, in Article 3 of Circular 292/2016/TT-BTC the accountant professionals subject to annual continuing professional development are defined as follows:
Accountant professionals subject to annual continuing professional development include practicing accountants and individuals registered for practicing accounting services. Individuals who have recently been granted an accountant certificate or auditor certificate are allowed to practice accounting services from the date of certification to December 31 of the year following the certification year without compulsory knowledge updates.
When does Circular 23/2024/TT-BTC take effect?
Under Article 5 of Circular 23/2024/TT-BTC, the regulations are as follows:
Article 5. Entry into force
1. This Circular comes into force as of July 1, 2024.
2. Difficulties that arise during the implementation of this Circular should be reported to Ministry of Finance for consideration./.
Circular 23/2024/TT-BTC takes effect from July 1, 2024.
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