Vietnam: Registration for amendments to Accounting policies

According to the Circular No. 200/2014/TT-BTC of the Ministry of Finance of Vietnam, registration for amendments to Accounting policies for chart of accounts is carried out as follows:

- According to chart of accounts of accounting policies for enterprises issued together with this Circular, the enterprise shall apply a detailed chart of accounts in conformity with requirements pertaining business and management of every business line and unit, provided that it conforms to content, structure and method of accounting of equivalent ledger accounts.

- If the enterprise needs to add accounts or sub-accounts or modify accounts or sub-accounts about names, signs, content and accounting methods, the approval issued by the Ministry of Finance before the supplement or modification is required.

- The enterprise may open sub-accounts or sub-sub accounts if the Chart of accounts prescribed in Appendix 1 of this Circular does not regulate such accounts without the approval of the Ministry of Finance.

Concurrently, Circular No. 200/2014/TT-BTC also stipulates the registration for amendments to Accounting policies for financial statements as follows:

- According to forms and contents of items of the financial statement prescribed in Appendix 2 of this Circular, the enterprise shall detail the items (available) of the financial statement system in conformity with operation and management of every business line and unit.

- If the enterprise needs to add or modify names, signs, content of items of the financial statement, the approval issued by the Ministry of Finance before the supplement or modification is required.

According to the Circular No. 200/2014/TT-BTC of the Ministry of Finance of Vietnam, registration for amendments to Accounting policies for accounting documents and accounting records are as follows:

- All accounting documents are optional, the enterprise may use forms issued together with Appendix No. 3 of this Circular or design their forms in conformity with their operation and management provided that their forms satisfy all requirements as prescribed in the Law on Accounting and their amended documents.

- All forms of accounting records (including Ledgers or Journals) are optional. The enterprise may apply the forms as prescribed in Appendix No. 4 of this Circular or amendments to forms or accounting cards in conformity with their operation and management provided that they are sufficient, clear and easy to control.

View more details at Circular No. 200/2014/TT-BTC of the Ministry of Finance of Vietnam, effective from February 05, 2015.

-Thao Uyen-

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