When is the deadline for submitting and disclosing consolidated financial statements in Vietnam? Where to file consolidated financial statements?
When is the deadline for submitting and disclosing consolidated financial statements in Vietnam?
The deadline for submitting and disclosing the consolidated financial statements according to Article 6 of Circular 202/2014/TT-BTC is as follows:
- The annual consolidated financial statements must be submitted to the owner and the competent State management agencies within 90 days from the end of the annual accounting period and made public within 120 days from the end of the accounting year.
The parent company which is an entity with public interests in the securities sector must submit the annual and publicized consolidated financial statements in accordance with the law on securities.
- The interim consolidated financial statements must be submitted to the owners and the competent State management agencies within 45 days from the end of the accounting period.
The parent company that is an entity with public interest in the securities sector must submit and disclose its interim financial statements in accordance with the law on securities.
When is the deadline for submitting and disclosing consolidated financial statements in Vietnam? Where to file consolidated financial statements?
What are the responsibilities for preparing consolidated financial statements in Vietnam?
Pursuant to Article 5 of Circular 202/2014/TT-BTC stipulating this content as follows:
Responsibilities for preparing consolidated financial statements
1. At the end of the accounting period, the parent company is responsible for preparing the consolidated financial statements of the whole group, specifically:
a) The parent company being an organization listed on the stock market, a large-scale public company and a state-owned parent company must prepare annual consolidated financial statements and semi-consolidated financial statements. Full annual financial statements, Quarterly consolidated financial statements in summary form (full quarterly consolidated financial statements can be prepared if required).
b) For the parent company that is not subject to Point a above:
- Consolidated financial statements in five complete forms must be prepared;
- Encourage the preparation of the consolidated financial statements in full or summary form (if required).
2. The parent company is not required to prepare the consolidated financial statements when all of the following conditions are satisfied:
a) The parent company is not a public interest entity;
b) The parent company is not owned by the State or the State holds controlling shares;
c) The parent company is also a subsidiary company owned by another company and the failure to prepare the consolidated financial statements is agreed upon by all shareholders, including non-voting shareholders;
d) The equity instrument or debt instrument of that parent company is not traded on the market (including domestic market, foreign market, over-the-counter market (OTC), local market and regional market);
dd) The parent company does not make a dossier or is not in the process of submitting it to the competent authority for permission to issue financial instruments to the public;
e) The company owning the parent company prepares the consolidated financial statements for the purpose of disclosing information to the public in accordance with the provisions of Vietnamese Accounting Standards.
Thus, at the end of the accounting period, the parent company is responsible for preparing the consolidated financial statements of the whole group (except for cases where the conditions are not required to prepare the consolidated financial statements specified in Clause 2 Article 5 of Circular 202/2014/TT-BTC), specifically:
- The parent company being an organization listed on the stock market, a large-scale public company and a state-owned parent company must prepare annual consolidated financial statements and Full semi-annual consolidated financial statements, Quarterly consolidated financial statements in summary form (full quarterly consolidated financial statements can be prepared if required).
- For the parent company that is not subject to Point a above:
+ Consolidated financial statements in five complete forms must be prepared;
+ Encourage the preparation of the consolidated financial statements in full or summary form (if required).
Where to file consolidated financial statements in Vietnam?
According to Article 7 of Circular 202/2014/TT-BTC stipulating where to file the consolidated financial statements as follows:
The annual and mid-year (quarterly) consolidated financial statements must be submitted to the financial authorities, tax offices, statistical offices and agencies granting investment licenses or business registration certificates, and the State Securities Commission and the Stock Exchange, specifically as follows:
(1) Financial agency:
State-owned corporations and parent companies established by the provincial People's Committees must submit their consolidated financial statements to the Department of Finance.
State-owned corporations and parent companies established under the decision of ministries, ministerial-level agencies, government-attached agencies or the Prime Minister must submit consolidated financial statements to the Ministry of Finance (Department of Corporate Finance), except for the following cases:
- State-owned corporations and parent companies operating in the fields of banking and financial investment submit consolidated financial statements to the Ministry of Finance (Department of Banking and Finance and financial institutions).
Particularly, State Capital Investment Corporation (SCIC); Debt and outstanding asset trading company (DATC); In addition to submitting the consolidated financial statements according to the above provisions, Baoviet Group must also submit it to the Corporate Finance Department;
- State-owned corporations and parent companies operating in the insurance sectors submit consolidated financial statements to the Ministry of Finance (the Department of Insurance Management and Supervision);
- State-owned corporations and parent companies operating in the securities sector must submit consolidated financial statements to the State Securities Commission and the Stock Exchange.
(2) State-owned parent company, in addition to submitting reports as prescribed in Clause 1, Article 7 of Circular 202/2014/TT-BTC, must also submit consolidated financial statements to entities exercising ownership according to assignment and decentralization in Decree 10/2019/ND-CP and amendments and supplements (if any).
(3) Tax and statistical offices:
- State-owned corporations and parent companies established under the decision of ministries, ministerial-level agencies, government-attached agencies or the Prime Minister must submit consolidated financial statements to the General Department of Taxation, tax authorities, local tax authorities, General Statistics Office, local statistical office.
- Groups and other parent companies must submit consolidated financial statements to local tax authorities and statistical offices.
(4) Investment License or Business Registration Authority:
The parent company which is not owned by the State shall submit the consolidated financial statements to the Investment License or Business Registration Authority.
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