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Legal Counselling IN HANOI, VIETNAM

Vietnam: How to handle errors in financial statements?

Financial statements are a summary of assets, ownership equity, liabilities, financial condition, as well as business results for each period and each year of the enterprise. By examining them, we can understand the operational situation of the enterprises over time and manage them better.

The enterprise itself always desires its financial statements to be completed flawlessly, in part to create a positive impression on investors and individuals, and in part to facilitate reporting to state authorities. Therefore, to perfect these financial statements, some enterprises may not avoid errors, especially in the final months of the year.

Below are several penalties corresponding to common violations related to financial reporting as stipulated in Article 10 of Decree 105/2013/ND-CP off Vietnam's Government that everyone needs to know.

No.

Violation

Fine

1

Failing to make or making financial statements with insufficient contents according to regulations

VND 5,000,000 - VND 10,000,000

2

Making and presenting financial statements without observing the prescribed method; with unclear or contradictory contents according to regulations

3

Submitting financial statements, settlement reports to competent State bodies between one and three months later than the set deadline

4

Disclosing financial statements with insufficient contents according to regulations, including: the annual settlements of state budget revenue and expenditure, and other financial revenues and expenditures; situation of assets, payable debts, equity capital, result of business operation, setting up and use of funds, incomes of laborers

5

Disclosing financial statements later than one to three months in comparison with the set deadline

6

Submitting financial statements, settlement reports to competent State bodies more than three months later than the set deadline

VND 20,000,000 - VND 30,000,000

7

Making financial statements at variance with the figures on accounting books and accounting vouchers

8

Forging financial statements, falsifying figures in financial statements

9

Reaching agreement with or compelling other persons to forge financial statements, falsify figures in financial statements

10

Deliberately reaching agreement with or compelling other persons to provide or certify untrue information, accounting figures

11

Disclosing financial statements more than three months later than the set deadline

12

Information and figures in the disclosed financial statements are untrue

13

Submitting financial statements to competent state agencies without enclosed audit reports for cases where audit is required in accordance with law

Financial statements hold significant importance in the management of an enterprise and they represent the face of the company to supervisory bodies and related parties. Therefore, each business must comply with various legal regulations in preparing, declaring, and submitting financial statements to avoid tarnishing its reputation and helping the business to thrive and develop.

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  • - This translation is generated by OpenAI's GPT-4o model;

  • - The legal regulations in this article are according to Vietnamese Law;
  • - This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
  • - Articles may be compiled from a variety of sources;
  • - Applicable Terms may have expired at the time you are reading;
  • - If you have any questions about the copyright of the article, please contact us via email banquyen@lawnet.vn


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