Summary of the 26 accounting standards of Vietnam in 2024

According to the law in Vietnam, what is an accounting standard?

Pursuant to Article 7 of the Law on Accounting in 2015 stipulating accounting standards and codes of ethics for accountants:

Accounting standards and codes of ethics for accountants

1. Accounting standards comprise the basic accounting methods and regulations for making financial statements.

2. Code of ethics for accountants comprises regulations and instructions on principles, application of the code of ethics to accountants, accounting practitioners, enterprises and households providing accounting services.

3. The Ministry of Finance shall provide for accounting standards and codes of ethics for accountants based on international accounting standards and Vietnam’s conditions.

As regulations above, accounting standards comprise the basic accounting methods and regulations for making financial statements.

Summary of the 26 accounting standards of Vietnam in 2024 - image from internet

Summary of the 26 accounting standards of Vietnam in 2024

The Ministry of Finance issues 26 accounting standards of Vietnam, including:

(1) There are 04 accounting standards of Vietnam (phase 1) issued under the Decision 149/2001/QD-BTC, including:

1. Standard No. 02 - Inventories

2. Standard No. 03 - Tangible fixed assets;

3. Standard No. 04 - Intangible fixed assets;

4. Standard No. 14 - Turnover and other incomes

(2) There are 06 accounting standards of Vietnam (phase 2) issued under the Decision 165/2002/QD-BTC, including:

5. Standard No. 01 - General standard;

6. Standard No. 06 - Leases;

7. Standard No. 10 - Effects of changes in foreign exchange rates;

8. Standard No. 15 - Construction contracts;

9. Standard No. 16 - Borrowing costs;

10. Standard No. 24 - Cash flow statements;

(3) There are 06 accounting standards of Vietnam (phase 3) issued under the Decision 234/2003/QD-BTC, including:

11. Standard No. 05 - Investment Property

12. Standard No. 07 - Accouting for Investments in Associates

13. Standard No. 08 - Financial Reporting of Interest in Joint Ventures

14. Standard No. 21 - Presentation of Financial Statements

15. Standard No. 25 - Consolidated Financial Statements and Accounting for Investments in Subsidiaries

16. Standard No. 26 - Related Parties

(4) There are 06 accounting standards of Vietnam (phase 4) issued under the Decision 12/2005/QD-BTC, including:

17. Standard No. 17 - Income Taxes

18. Standard No. 22 - Disclosures in Financial Statements of Banks and Similar Financial Institutions

19. Standard No. 23 - Events after the Balance Sheet Date

20. Standard No. 27 - Interim Financial Reporting

21. Standard No. 28 - Segment Reporting

22. Standard No. 29 - Changes in Accounting Policies, Accounting Estimates and Errors

(5) There are 04 accounting standards of Vietnam issued under the Decision 100/2005/QD-BTC, including:

23. Standard 11 - Business Combination;

24. Standard 18 - Provisions, contingent assets and liabilities;

25. Standard 19 - Insurance Contract;

26. Standard 30 - Earning Per Share.

What are accounting subjects in Vietnam?

Pursuant to Article 8 of the Law on Accounting in 2015 stipulating accounting subjects in Vietnam:

[1] Accounting subjects with regard to revenues, expenditures of state budget, administrative operation; operation of units and organizations using state budget include:

- Money, supplies, and fixed assets;

- Budgets, funds;

- Internal and external payments of the accounting unit;

- Revenues, expenditures, and settlement of difference between revenue and expenditure;

- Revenues, expenditures, and surplus of state budget;

- Financial, credit investment by the State;

- Debt and settlement of public debt;

- Public assets;

- Other property, assets, and liabilities related to the accounting unit.

[2] Accounting subjects with regard to operation of units and organizations that do not use state budget include assets and sources of assets specified as follows:

- Money, supplies, and fixed assets;

- Budgets, funds;

- Internal and external payments of the accounting unit;

- Revenues, expenditures, and settlement of difference between revenue and expenditure;

- Other property, assets, and liabilities related to the accounting unit.

[3] Accounting subjects with regard to business operation include:

- Assets;

- Liability and owner’s capital;

- Revenues, operating cost, incomes, and other cots;

- Taxes and amounts payable to state budget;

- Business outcome and distribution thereof;

- Other property, assets, and liabilities related to the accounting unit.

[4] Accounting subjects with regard to the fields of banking, credit, insurance, securities, and financial investment include:

- Assets;

- Liability and owner’s capital;

- Revenues, operating cost, incomes, and other cots;

- Taxes and amounts payable to state budget;

- Business outcome and distribution thereof;

- Other property, assets, and liabilities related to the accounting unit.

- Financial and credit investment;

- Internal and external payments of the accounting unit;

- Commitments, guarantees, valuable papers.

Best regards!