Vietnam: Accounting works in case of total division, partial division, consolidation, merger of accounting units

Case of total division of an accounting unit

The accounting unit that undergoes a total division shall:

- Close accounting books, conduct stocktaking, determine unpaid debts, and make a financial statement;

- Distribute assets and unpaid debts, make a transfer note, and make the accounting books according to such transfer note;

- Transfer accounting documents about the assets and unpaid debts to the new accounting units

New accounting units shall:

Open and make their accounting books in accordance with this Law according to the transfer note

Case of partial division of an accounting unit

The accounting unit (transferor unit) that undergoes a partial division and establishes a new accounting unit (transferee unit) shall:

- Conduct stocktaking, determine unpaid debts of the transferee unit;

- Transfer assets and unpaid debts of the transferee unit, make a transfer note, and make accounting books according to such transfer note;

- Transfer accounting documents about the assets and unpaid debts to the transferee unit; the transferor unit shall retain accounting documents that are not transferred in accordance with Article 41 of this Law.

New transferee unit shall:

Open and make their accounting books in accordance with this Law according to the transfer note

Case of consolidation of accounting units

Consolidating units shall:

- Close accounting books, conduct stocktaking, determine unpaid debts, and make a financial statement;

- Transfer all assets and unpaid debts, make a transfer note, and make accounting books according to such transfer note;

- Transfer all accounting documents to the consolidated unit.

Consolidated units shall:

- Open and make its accounting books according to the transfer note and in conformity with this Law;

- Consolidate financial statements of consolidating units into a financial statement of the consolidated unit;

- Receive, retain accounting documents of consolidated units.

Case of acquisition of an accounting unit

The accounting unit that is acquired by another accounting unit (acquirer) shall: 

- Close accounting books, conduct stocktaking, determine unpaid debts, and make a financial statement;

- Transfer all assets and unpaid debts, make a transfer note, and make accounting books according to such transfer note;

- Transfer all accounting documents to the acquirer.

The acquirer shall:

Make its accounting books according to the transfer note and in conformity with this Law

Case of conversion of an accounting unit

The converted accounting unit shall:

- Close accounting books, conduct stocktaking, determine unpaid debts, and make a financial statement;

- Transfer all assets and unpaid debts, make a transfer note, and make accounting books according to such transfer note;

- Transfer all accounting documents to the converted accounting unit.

New converted unit shall:

Open and make their accounting books in accordance with this Law according to the transfer note

Case of dissolution, shutdown, or bankruptcy of an accounting unit

The accounting unit that is dissolved or shut down shall:

- Close accounting books, conduct stocktaking, determine unpaid debts, and make a financial statement;

- Open an accounting book to monitor economic/financial transaction related to the dissolution or shutdown;

- Transfer all accounting documents of the dissolved or shut down accounting unit to the superior accounting unit or an entity in charge of document retention in accordance with Article 41 of this Law.

Where an accounting unit is declared bankrupt

The declaring court shall appoint a person in charge of the accounting works specified in Clause 1 Article 48 of the Law on Accounting 2015 of Vietnam