When shall the Financial Statement of an Enterprise in Vietnam be Announced?

18:11, 10/07/2024

Recently, the Minister of Planning and Investment of Vietnam has issued Circular 02/2015/TT-BKHDT providing guidance on information disclosure of single-member limited liability companies with state ownership.

The Timing of Corporate Financial Report Disclosure, Circular <label class='loitv' style='background:yellow'> 02/2015/TT-BKHĐT />

When shall the Financial Statement of an Enterprise in Vietnam be Announced? (Illustration)

Article 11 of Circular 02/2015/TT-BKHDT stipulates the procedure and content for disclosing the financial statements of enterprises as follows:

- The enterprise must prepare and submit the semi-annual and annual financial statements as prescribed in Circular No. 200/2014/TT-BTC dated December 22, 2014 of the Ministry of Finance, which provides guidance on corporate accounting policies, to both the Authority executing the ownership rights and the Ministry of Planning and Investment for disclosure. The disclosure must not be later than August 31 of the reporting year for the semi-annual financial report and not later than May 31 of the year following the reporting year for the annual financial report, after the reports have been approved by the Authority executing the ownership rights.

- The Authority executing the ownership rights must disclose the semi-annual and annual financial statements of the enterprise within 5 working days from the date of approval of the financial statements from the enterprise.

- The Ministry of Planning and Investment must disclose the semi-annual and annual financial statements of the enterprise on the Vietnam enterprise Information Portal of the Ministry of Planning and Investment (http://www.bussiness.gov.vn) within 5 working days after receiving the reports from the enterprise.

The information disclosure must be carried out by the legal representative of the enterprise or an authorized person. The legal representative of the enterprise must be responsible for ensuring the accuracy, promptness, and completeness of the information disclosed by the authorized person.

Thus, on a semi-annual and annual basis, enterprises have the responsibility to disclose their financial statements. For the semi-annual financial report: the disclosure period must not be later than August 31 of the reporting year; for the annual report: the disclosure period must not be later than May 31 of the year following the reporting year.

More details can be found in Circular 02/2015/TT-BKHDT, effective from June 22, 2015.

Thuy Tram

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