Circular 24/2017/TT-BTC: Guidelines on Accounting Policies for Cooperatives and Cooperative Alliances

16:26, 11/07/2024

On March 28, 2017, the Minister of Finance issued Circular 24/2017/TT-BTC guiding accounting policies for cooperatives and unions of cooperatives.

Circular guiding the principles of bookkeeping, preparing, and presenting financial statements of cooperatives.

For large-scale cooperatives with numerous transactions that are not specified in this Circular, the choice to apply the accounting policies for small and medium enterprises issued under Circular 133/2016/TT-BTC and related documents (if any) is allowed. The selection of applicable accounting policies must be consistently applied throughout the fiscal year and must be notified to the tax authority managing the cooperative.

The Circular is effective for the fiscal year starting on or after January 01, 2018. Any provisions contrary to this Circular are annulled. This Circular replaces the provisions applicable to cooperatives in Decision 48/2006/QD-BTC dated September 14, 2006 by the Minister of Finance, guiding the accounting policies for small and medium enterprises, Circular 138/2011/TT-BTC dated October 04, 2011 by the Ministry of Finance amending and supplementing Decision 48/2006/QD-BTC, and Circular 24/2010/TT-BTC dated February 23, 2010 by the Ministry of Finance guiding the Accounting regime applicable to Agricultural, Forestry, Fishery, and Salt Production Cooperatives.

Source: Financial Magazine

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