07 Circulars on Accounting and Culture Effective from Early January 2017

1. From January 1, 2017, beauty queens are allowed to take nude photos

This is a new regulation under Circular 10/2016/TT-BVHTTDL (effective from January 1, 2017), amending Circular 01/2016/TT-BVHTTDL on performing arts, fashion shows, beauty pageants, and modeling.

The prohibition on certain acts for art performers, fashion show performers, and titleholders in beauty pageants and modeling contests has been lifted as follows:

- Taking photos or recording videos of individuals without clothing, or using inappropriate clothing or makeup, and unintentionally or intentionally disseminating or circulating them on telecommunications networks;- Taking photos, recording audio or video images of groups or individuals performing acts that violate the provisions under Article 6 of Decree 79/2012/ND-CP and unintentionally or intentionally disseminating or circulating them on telecommunications networks;- Acting or speaking in a manner that is inappropriate with social values, ethical standards, Vietnamese traditions and customs, violating legal regulations, and unintentionally or intentionally disseminating through media or publicly causing adverse consequences.

2. Additional karaoke rooms must undergo an appraisal fee

Pursuant to Circular 212/2016/TT-BTC which specifies the rates, collection, remittance, management, and use of the appraisal fee for issuing karaoke business licenses, the fee for the initial issuance of a karaoke business license remains unchanged compared to the current regulations, however:

- Facilities that have been licensed to operate karaoke business and request additional rooms, the fee is 2,000,000 VND/room in centrally run cities and provincial cities/district-level towns.- Facilities that have been licensed to operate karaoke business and request additional rooms, the fee is 1,000,000 VND/room in other areas (excluding the mentioned above);

3. Register to amend accounting regulations for small and medium enterprises

Circular 133/2016/TT-BTC which provides guidelines for accounting policies for small and medium enterprises was issued by the Ministry of Finance on August 26, 2016, and applies to fiscal years commencing on or after January 1, 2017.

An enterprise registering to amend its accounting regulations with regard to the accounting account system shall follow these steps:

- Must obtain written approval from the Ministry of Finance before enforcement for cases that require the addition of level 1, level 2 accounts or modification of level 1, level 2 accounts concerning names, symbols, contents, and methods of accounting for specialized economic transactions.- Opening additional level 2, level 3 accounts for accounts that do not stipulate level 2, level 3 accounts in the enterprise's accounting account system outlined in Appendix 1 of this Circular does not require approval from the Ministry of Finance.

Circular 133/2016/TT-BTC replaces Decision 48/2006/QD-BTC; Circular 138/2011/TT-BTC and abolishes any provisions contradictory to this Circular.

4. Accountants will be suspended from practice if they do not fulfill the knowledge update hours

This is stipulated in Circular 292/2016/TT-BTC, which provides guidelines on the annual knowledge update for practicing accountants (KTVHN) and those registering to practice accounting services.

If by December 15 of the current year, KTVHN fails to meet the required update hours or if by December 25 of the current year, the Ministry of Finance has not received a report on the completion of the lacking update hours, KTVHN will be suspended from practicing accounting services from January 1 to December 31 of the following year.

Refer to the detailed new regulations on the knowledge update period in Circular 292/2016/TT-BTC, effective from January 1, 2017, which replaces the knowledge update regulations under Circular 72/2007/TT-BTC.

5. Circular 296/2016/TT-BTC provides guidelines on the issuance, revocation, and management of the Certificate of Registration for practicing accounting services issued by the Minister of Finance.
6. Circular 297/2016/TT-BTC regarding the issuance, management, and use of the Certificate of Eligibility to practice accounting services issued by the Minister of Finance.
7. Circular 271/2016/TT-BTC stipulates the rates, collection, remittance, appraisal fee for the issuance of practicing registration certificates, certificates of eligibility to practice accounting, and auditing services issued by the Minister of Finance.

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