Vietnam: Inventory of assets in civil judgment rnforcement from October 1, 2020

The inventory of assets in civil judgment enforcement in Vietnam is stipulated in Article 5 of Circular 78/2020/TT-BTC guiding accounting policies in civil judgment enforcement as follows:

Vietnam: Inventory of assets in civil judgment enforcement from October 1, 2020 (illustration)

+ General regulations:

- Civil judgment enforcement authorities in Vietnam must conduct regular and extraordinary inventories to determine the cash balance in safes, assets, and evidence stored in warehouses to ensure consistency with the accounting records at the time of inventory.

- In cases where the inventory results show discrepancies with the accounting records, a verification must be conducted, causes identified, and reported to the authorized level for handling these discrepancies. If there is a shortage, material liability must be assigned for handling.

- Based on the opinions regarding the handling of inventory discrepancies, the accounting department must adjust the accounting records to ensure they correspond accurately with the actual figures.

+ Periodical inventory:

The unit must conduct a periodical inventory at the end of the quarter and the end of the fiscal year before preparing the civil judgment enforcement report.

+ Extraordinary inventory:

The unit must conduct an extraordinary inventory in cases of natural disasters, fires, transfers, mergers, amalgamations, divisions of the unit, and other unusual incidents, as decided by the competent state authority.

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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