First Quarter 2024: Which Months Does It Cover? When Is the Deadline for Submitting the First Quarter 2024 Financial Report?
In the first quarter of 2024, which months are included?
According to the Gregorian calendar, also known as the solar calendar, which is widely used globally, a calendar year has 12 months, each month consisting of 28-31 days. Some years (leap years) have an additional leap day added to February.
Therefore:
- A year has 12 months, with each month having either 30 or 31 days
- A year has 4 quarters, and each quarter consists of 3 months as follows:
Quarter 1: January, February, March
Quarter 2: April, May, June
Quarter 3: July, August, September
Quarter 4: October, November, December.
Thus, the first quarter begins from January and ends in March each year.
Which months are included in the first quarter of 2024? When is the deadline to submit the financial statement for the first quarter of 2024? (Image from the Internet)
What is a financial statement?
Based on the regulations in the Accounting Law 2015 and related regulations, a financial statement can be understood as an economic and financial information system of the accounting unit presented according to the form prescribed by accounting standards and accounting policies.
The financial statement must be prepared and submitted to the competent authorities fully, accurately, and promptly.
The content for publicizing financial statements includes:
- Accounting units using the state budget disclose the revenue and expenditure information of the state budget as stipulated in the State Budget Law 2015.
- Accounting units not using the state budget disclose the annual financial revenue and expenditure settlement.
- Accounting units using contributions from the public disclose the purpose of mobilizing and using the contributions, contribution subjects, mobilization level, utilization results, and settlement of each contributed amount.
- Accounting units operating business activities disclose the following contents:
+ Status of assets, liabilities, and owner's equity;
+ Business operation results;
+ Setting up and using funds;
+ Employees' income;
+ Other contents as prescribed by law.
- Financial statements of accounting units that are required by law to be audited must include the audit report of the auditing organization when publicizing.
When is the deadline to submit the financial statement for the first quarter of 2024?
According to the provisions in Article 109 of Circular 200/2014/TT-BTC, the deadline for submitting the financial statement for the first quarter of 2024 is as follows:
(1) For state-owned enterprises with 100% charter capital
- Accounting units must submit the quarterly financial statement no later than 20 days following the end of the quarterly accounting period; for parent companies and State General Corporations, no later than 45 days.
Example: The accounting period for the first quarter of 2024 is from January 1, 2024, to March 31, 2024, so the deadline for submitting the first quarter financial statement of 2024 is April 20, 2024. For parent companies and State General Corporations, the deadline is May 15, 2024.
Note: Since April 20, 2024, falls on a holiday, it will be moved to the next working day as stipulated in Article 86 of Circular 80/2021/TT-BTC, which is April 22, 2024.
- Accounting units under enterprises, State General Corporations must submit quarterly financial statements to the parent company or General Corporation according to the deadlines set by the parent company or General Corporation.
(2) For other types of enterprises
Currently, the law does not mandate other enterprises to prepare quarterly financial statements. However, under point c clause 3 Article 14 of Circular 96/2020/TT-BTC, it is stipulated as follows:
Disclosure of periodic information
...
3. Organizations listed on the stock exchange or large-scale public companies must disclose quarterly financial statements or reviewed quarterly financial statements (if any).
a) Quarterly financial statements must be interim financial reports in full form according to the accounting standard "Interim Financial Reporting", prepared as stipulated in point a clause 1 Article 10 of this Circular;
b) The full text of the quarterly financial statement or the reviewed quarterly financial statement (if any) must be fully disclosed, accompanied by the review conclusion and the company's explanation in case the reviewed quarterly financial statement has a review conclusion that is not a full acceptance conclusion;
c) Deadline for disclosing quarterly financial statements
Organizations listed on the stock exchange or large-scale public companies must disclose the quarterly financial statement within 20 days from the end of the quarter. Organizations listed on the stock exchange or large-scale public companies must disclose the reviewed quarterly financial statement (if any) within 05 days from the signing date of the audit report but not exceeding 45 days from the end of the quarter.
In case organizations listed on the stock exchange or large-scale public companies are parent companies of other organizations or accounting units with their own accounting system, they must disclose the quarterly financial statement within 30 days from the end of the quarter.
In case organizations listed on the stock exchange or large-scale public companies have disclosed the reviewed quarterly financial statement within the prescribed time, they do not need to disclose the quarterly financial statement again.
Thus, organizations listed on the stock exchange or large-scale public companies must disclose the quarterly financial statement within 20 days from the end of the quarter, which is similar to the previous case, i.e., April 22, 2024.
In case organizations listed on the stock exchange or large-scale public companies are parent companies of other entities or upper-level accounting units with their own accounting system, they must disclose the quarterly financial statement within 30 days from the end of the quarter (i.e., April 30, 2024).
However, April 30, 2024, is a consecutive public holiday with May 01, 2024 (Reunification Day of April 30 and International Workers' Day of May 01).
Therefore, the deadline for disclosing the first quarter financial statement of 2024 in this case is May 02, 2024.
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