Hanoi: What are the rules for tracking fixed assets, tools, instruments and supplies of the State Bank of Vietnam?

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Tracking fixed assets, tools, instruments, and supplies of the State Bank of Vietnam must comply with the following rules:

- All assets that are fixed assets, tools, instruments or supplies must be reflected or tracked in a full and systematic manner on the FA branch.

- For fixed assets:

+ Each objects qualified for being recognized as a fixed asset must be classified, numbered and tagged separately, and tracked in detail. In case of upgradation, expansion or repair of a fixed asset, each fixed asset affected by any of such activities must be tracked in detail.

+ When entering a fixed asset as a system that is constituted by different separate parts linked together and having different depreciation periods, and that continues to perform its main functions even though any of these parts are missed out, SBV’s affiliates must classify such fixed asset by such separate parts. If these separate parts meet both standards for recognition of fixed assets, they can be accepted as independent tangible fixed assets. 

+ Each fixed asset must be tracked according to its historical cost, accumulated depreciation and residual value recorded in accounting books:

+ SBV’s affiliates must track and keep custody of unneeded fixed assets and fixed assets awaiting disposition that have not been completely depreciated in accordance with regulations currently in force, and must depreciate them under the provisions of Circular 35/2019/TT-NHNN.

- All tools or instruments must be tracked by detailing types and users thereof. Tools or instruments can be tracked from the time of purchase to the time of liquidation, irrespective of whether their value has been completely distributed or not.

- All supplies kept in warehouses must be tracked in detail by their material, quantity or unit prices determined once they are moved in or out of warehouses, or inventory quantity or value according to the specific identification method.

- At end of each accounting year, inventory checking of fixed assets, tools, instruments and supplies must be carried out. In case of discovering excess or inadequacy, a report on such situation must be made, including acceptable explanations and possible actions to be taken to deal with such situation.

More details can be found in Circular 35/2019/TT-NHNN effective from March 1, 2020.

Thu Ba

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