Determination of accounting period in the civil judgment enforcement in Vietnam

14:09, 10/07/2024

Recently, the Ministry of Finance issued Circular 78/2020/TT-BTC guiding accounting policies in the civil judgment enforcement in Vietnam, effective from October 1, 2020.

Regulations on the accounting period and power to conduct accounting inspection in Vietnam are stipulated in Circular 78/2020/TT-BTC guiding accounting in the civil judgment enforcement as follows:

accounting period, Circular 78/2020/TT-BTC

Determination of accounting period in the civil judgment enforcement in Vietnam (illustrative image)

+ Annual accounting period: for a full 12 months according to the calendar year, starting from October 1 of the previous year to the end of September 30 of the following year.

+ Quarterly accounting period: from the first day of the first month of the quarter to the last day of the last month of the quarter.

+ Monthly accounting period: from the first day to the last day of the month.

+ Authority for accounting inspection:

- Civil judgment enforcement authorities in Vietnam are subject to periodic accounting inspections by superior civil judgment enforcement authorities and competent state agencies as prescribed by law.

- The content of accounting inspections shall follow accounting laws. Heads and accountants of civil judgment enforcement authorities must comply with financial and accounting inspection decisions of competent state agencies as prescribed by law.

More details may be found in Circular 78/2020/TT-BTC effective from October 1, 2020, replacing Circular 91/2010/TT-BTC.

Long Binh

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