Classification of Accounting Accounts in Asset Execution Accounting from October 1, 2020

Article 10 Circular 78/2020/TT-BTC guiding the accounting of civil judgment execution operations stipulates the accounting accounts and accounting system as follows:

Classification of accounting accounts in civil judgment execution accounting operations from October 01, 2020 (illustrative image)

+ Function of accounting accounts:

- Accounting accounts are used to classify and systematize the economic and financial operations arising per economic content and sequentially over time. Accounting accounts reflect and continuously, systematically monitor the situation of revenue, expenditure, import and export of money, assets, and evidences in execution activities, and the execution results by money, assets in civil judgment execution agencies at all levels.- Accounting accounts are opened for each accounting object with distinct economic content. The accounting system includes all the accounting accounts used in execution accounting operations, uniformly regulated on account types, number of accounts, symbols, names, and recording contents of each account.

+ Classification:

- Accounts on the balance sheet reflect all economic and financial operations arising per accounting objects, accounted using the double-entry method.- Off-balance sheet accounts reflect accounting objects already accounted on the balance sheet but need to be detailed further for management purposes such as various foreign currencies. Additionally, off-balance sheet accounts also reflect assets and evidences obtained by execution agencies but whose value is not yet determined or has been sealed, accounted at a conventional price. Off-balance sheet accounts are accounted using the single-entry method (not accounting cross-entries between accounts).

+ Application of the accounting system:

- Civil judgment execution agencies at all levels must base on the accounting system issued in this Circular to apply appropriate accounting accounts for the unit.- The unit may add accounting accounts in the following cases:

- Add detailed accounts for the accounts regulated in the accounting system list in Appendix 02 attached to this Circular to serve the management needs of the unit.- The Ministry of Finance approves in writing the addition of accounts parallel with the accounts regulated in the accounting system list in Appendix 02 attached to the **Circular**.

Note: The list of the accounting system, explanation of structure, content, and method of accounting of some primary economic activities of the unit is regulated in Appendix 02 “Accounting System” attached to Circular 78/2020/TT-BTC.

See details Circular 78/2020/TT-BTC effective and applicable from October 01, 2020 replacing Circular 91/2010/TT-BTC.

Long Binh

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