Additional cases of changes to costs of fixed assets of state agencies in Vietnam

Le Truong Quoc Dat

15:36, 11/05/2023

This is a content of Circular No. 23/2023/TT-BTC dated April 25, 2023 guiding regulations on the management and calculation of the depreciation of fixed assets of agencies, organizations, and units promulgated by the Minister of Finance of Vietnam .

Additional cases of changes to costs of fixed assets of state agencies in Vietnam

According to the Circular, the cost of a fixed asset may be changed in the following cases:

- The fixed asset is revaluated during the stocktaking process according to the Prime Minister of Vietnam's decision.

- The fixed asset is upgraded and extended according to a project approved by a competent authority or person.

- One or several parts of the fixed asset are dismantled (in case the value of such parts is being part of the cost of the fixed asset).

- One or several additional parts of the fixed assets are installed.

- The fixed asset is partially lost or severely damaged due to natural disasters, force majeure, or other unexpected impacts (excluding the case where the asset has been restored by public asset insurance).

- The value of land use rights is adjusted in the cases prescribed in Point a Clause 1 Article 7 of Circular No. 23/2023/TT-BTC according to Points a, b, and c Clause 1 Article 103 of Decree No. 151/2017/ND-CP.

(Previously, Circular No. 45/2018/TT-BTC did not specify whether costs of fixed assets may be changed in case of natural disasters, force majeure, or other unexpected impacts (excluding the case where the asset has been restored by public asset insurance).)

See more details in Circular No. 23/2023/TT-BTC of the Ministry of Finance of Vietnam, which comes into force as of June 10, 2023 and replaces Circular No. 45/2018/TT-BTC.

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