Vietnam: Organization that has shares listed or large-scale public company must disclose its half-year financial statements within 05 days

According to Article 14 of the Circular No. 96/2020/TT-BTC of the Ministry of Finance of Vietnam, organizations that have shares listed and large-scale public companies shall periodically disclose information according to Article 10 of this Circular.

Organizations that have shares listed and large-scale public companies shall disclose their half-year financial statements which have been reviewed by accredited audit organizations.

- Half-year financial statements must be complete interim financial statements which are prescribed in the Accounting Standard “Interim financial statements”, contain financial figures in 06 first months of the fiscal year of the company, and are prepared according to Point a Clause 1 Article 10 of this Circular;

- Half-year financial statements must be reviewed according to the Standard on review of financial statements. The full text of the half-year financial statements shall be disclosed together with the review conclusions and the company's explanation about any qualified review conclusion;

- Time limit for disclosure of half-year financial statements: The organization that has shares listed or large-scale public company must disclose its reviewed half-year financial statements within 05 days from the day on which the audit organization signs the review report and within 45 days from the end of 06 first months of the fiscal year. If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must disclose its reviewed half-year financial statements within 05 days from the day on which the audit organization signs the review report and within 60 days from the end of 06 first months of the fiscal year.

Besides, organizations that have shares listed and large-scale public companies shall disclose their quarterly financial statements or reviewed quarterly financial statements (if any):

- Quarterly financial statements must be complete interim financial statements which are prescribed in the Accounting Standard “Interim financial statements” and prepared according to Point a Clause 1 Article 10 of this Circular;

- The full text of the quarterly financial statements or reviewed quarterly financial statements (if any) shall be disclosed together with the review conclusions and the company's explanation in case qualified review conclusions are given to the reviewed quarterly financial statements;

- Time limit for disclosure of quarterly financial statements:

+ The organization that has shares listed or a large-scale public company must disclose its quarterly financial statements within 20 days from the end of the quarter. The organization that has shares listed or large-scale public company must disclose its reviewed quarterly financial statements (if any) within 05 days from the day on which the audit organization signs the review report and within 45 days from the end of the quarter.

+ If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must disclose its quarterly financial statements within 30 days from the end of the quarter.

+ If the organization that has shares listed or large-scale public company has disclosed its reviewed quarterly financial statements within the prescribed time limit for disclosure of quarterly financial statements, it shall not be required to disclose its quarterly financial statements. 

- When disclosing information about financial statements specified in Clauses 1, 2 and 3 of this Article, the organization that has shares listed or large-scale public company shall be required to provide explanation from the occurrence of any of the following events:

+ After-tax profit shown in the income statement of the reporting period increases/decreases by at least 10 compared to that of the same reporting period in the previous year;

+ After-tax profit of the reporting period is negative; YOY (year over year) profit is changed from a positive number to a negative number or vice versa;

+ After audit or review, after-tax profit of the reporting period varies by at least 5% and is changed from a positive number to a negative number or vice versa.

- If the organization that has shares listed or large-scale public company is a parent company or superior accounting unit that has affiliated units with separate accounting apparatus, it must provide explanation about the events in Clause 4 of this Article based on the financial statements of the parent company or general and consolidated financial statements.

View more details at the Circular No. 96/2020/TT-BTC of the Ministry of Finance of Vietnam, effective from January 01, 2021.

Le Vy

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE