Vietnam: Update of annual knowledge of accounting practitioners

Specifically, according to Circular No. 72/2007/TT-BTC of the Ministry of Finance of Vietnam, the update of annual knowledge of accounting practitioners is specified as follows:

1. Subjects who must update the annual knowledge include the accounting practitioners who are practicing or going to continue registration for the accounting practice in the next year.

2. Content of the update of annual knowledge includes:

- Basic content of law on accounting, economic management, finance, taxation and relevant matters;

- Regulations amended, supplemented in policy, accounting regime, economic management, finance, taxation and relevant matters.

3. Duration of the knowledge update is from 30 hours to 40 hours one year.

4. Forms of the update of annual knowledge:

- Learning at a focused place organized by the professional association(s) authorized by the Ministry of Finance; or

- Self-learning: Accounting service enterprises self-organize the update of knowledge for the accounting practitioners according to the updated requirements and content of the professional association(s) already authorized by the Ministry of Finance. The accounting service enterprises must store dossiers of content, program, duration of update and list of their accounting practitioners already joined.

5. After each course of update of annual knowledge organized by professional association(s) already authorized by the Ministry of Finance or by accounting service enterprises for themselves, the accounting practitioners must do an examination which is organized by professional association(s) in form of multiple choice, answering presupposed exercises or write reports and must pass requirements as condition to be permitted to register for accounting practice in next year.

6. Persons possessing a certificate of auditor and already participated in the update of knowledge in accordance with regulations on registration for audit practice do not compulsorily participate in the update of knowledge for accounting practice.

View more details at Circular No. 72/2007/TT-BTC of the Ministry of Finance of Vietnam, effective from August 07, 2007.

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE