Circular 53/2016/TT-BTC amending Circular 200 on accounting policies

12:49, 11/07/2024

According to Circular 53/2016/TT-BTC on corporate accounting policies, the principles for determining exchange rates when conducting foreign currency transactions arising during the period, in cases where the contract does not specifically stipulate the payment exchange rate, are amended as follows:

- Enterprises record accounting books based on the actual transaction exchange rate:

+ When recording capital contributions or receiving capital contributions, it is based on the foreign currency buying rate of the commercial bank where the enterprise opens an account to receive the investor's capital on the date of capital contribution.

+ When recording receivables, it is based on the buying rate of the commercial bank where the enterprise designates the customer to make the payment at the time of the transaction.

+ When recording payables, it is based on the selling rate of the commercial bank where the enterprise anticipates the transaction at the time of the transaction.

+ When recording asset purchases or expenses paid immediately in foreign currency (without going through payables accounts), it is based on the buying rate of the commercial bank where the enterprise makes the payment.

+ Enterprises can choose the actual transaction exchange rate based on the approximate buying and selling transfer rate at the commercial bank where they frequently transact.

- Besides the above-mentioned actual transaction exchange rate, enterprises can choose the actual transaction exchange rate as the approximate average buying and selling transfer rate of the commercial bank where they frequently have transactions.

The approximate exchange rate must ensure a deviation not exceeding +/-1% compared to the average buying and selling transfer rate.

The average buying and selling transfer rate is determined daily, weekly, and monthly based on the average of the daily buying and selling transfer rates of the commercial bank.

Circular 53/2016/TT-BTC is effective from the date of signing, amending Circular 200/2014/TT-BTC and applied for the financial year starting on or after January 1, 2016.

Enterprises are allowed to choose to apply the exchange rate regulations mentioned above for Financial Reports.

Quy Tan

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

0 lượt xem

- This translation is generated by OpenAI's GPT-4o model;
- The legal regulations in this article are according to Vietnamese Law;
- This English translation is for reference purposes only and not a definitive translation of the original Vietnamese texts;
- Articles may be compiled from a variety of sources;
- Applicable Terms may have expired at the time you are reading;
- If you have any questions about the copyright of the article, please contact us via email [email protected]