What are types of financial statement of accounting units in Vietnam?
What are types of financial statement of accounting units in Vietnam? Thank you!
According to the law in Vietnam, what is a financial statement in Vietnam?
Pursuant to Clause 1 Article 3 of the Law on Accounting in 2015 stipulating as follows:
Definitions
In this Law, the terms below are construed as follows:
1. Financial statement means a system of financial information of an accounting unit demonstrated according to a form provided for by accounting standards and accounting regime.
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As regulations above, financial statement means a system of financial information of an accounting unit demonstrated according to a form provided for by accounting standards and accounting regime.
Financial statements provide information about the financial condition, business performance, and cash flows of an accounting unit, meeting the management requirements of the business owner, state agencies, and the useful needs of users in making economic decisions.
What are types of financial statement of accounting units in Vietnam? - Image from Internet
What are types of financial statement of accounting units in Vietnam?
Pursuant to Article 29 of the Law on Accounting in 2015 stipulating financial statements of accounting units as follows:
Financial statements of an accounting unit are used for aggregating and describing its financial conditions and performance. Financial statements of an accounting unit include:
- Financial condition statement;
- Business performance statement;
- Cash flow statement;
- Note to financial statements;
- Other statements defined by law.
In addition, financial statements of an accounting unit are made as follows:
- Each accounting unit shall make the financial statement at the end of the annual accounting period, unless otherwise prescribed by law;
- Financial statements shall be based on figures after accounting books are closed. The superior accounting unit shall make a general financial statement or consolidated financial statement based on financial statements of inferior accounting units;
- Financial statements must be made correctly in terms of contents, method, and consistency accounting periods; any difference in presentation of financial statements of different accounting periods must be explained;
- Financial statements shall bear the signatures of the makers, the chief accountant, and the legal representative of the accounting unit. The persons who sign a financial statement are responsible for its content.
What are regulations on the making of financial statements of the State of Vietnam?
Pursuant to Article 30 of the Law on Accounting in 2015 stipulating financial statements of the State as follows:
Financial statements of the State
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2. Financial statements of the State provide information about revenues and expenditures of state budget, public funds, public debts, state capital in enterprises, assets, sources of capital, and use of state capital. Financial statements of the State include:
a) Financial condition statement;
b) Statement of financial activity result;
c) Cash flow statement;
d) Note to financial statements of the State.
3. Financial statements of the State are made as follows:
a) The Ministry of Finance shall make nationwide financial statements, submit them to the Government for reporting to the National Assembly; direct State Treasuries to take charge and cooperate with finance authorities in making financial statements of local governments and submitting them to the People’s Committees of provinces for reporting to the People’s Councils of provinces;
b) Other regulatory agencies, public service agencies, business organizations, and relevant units shall make their own financial statements and provide financial information serving the making of nationwide and local financial statements.
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As regulations above, financial statements of the State are made as follows:
[1] The Ministry of Finance are responsibile to:
- Make nationwide financial statements, submit them to the Government for reporting to the National Assembly;
- Direct State Treasuries to take charge and cooperate with finance authorities in making financial statements of local governments and submitting them to the People’s Committees of provinces for reporting to the People’s Councils of provinces;
[2] Other regulatory agencies, public service agencies, business organizations, and relevant units are responsible to
- Make their own financial statements;
- Provide financial information serving the making of nationwide and local financial statements.
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