Issue of 5 Vietnam public sector accounting standards in the first stage

Bao Ngoc

10:35, 10/09/2021

On September 1, 2021, the Ministry of Finance of Vietnam promulgated Decision 1676/QD-BTC on issue of 5 Vietnam public sector accounting standards in the first stage.

Specially, Approve 5 Vietnam Public Sector Accounting Standards (VPSASs) in the first stage as prescribed in Appendixes below:

1. VPSAS 1: Presentation of Financial Statements (Appendix 01);

2. VPSAS 2: Cash Flow Statement (Appendix 02);

3. VPSAS 12: Inventories (Appendix 03);

4. VPSAS 17: Property, Plant and Equipment (Appendix 04);

5. VPSAS 31: Intangible Assets (Appendix 05).

According to this Decision, designating the Director of Accounting and Auditing Supervisory Department to base on the issued public sector accounting standards, request the competent authorities to make amendments to accounting standards applied to accounting entities in public sector and relevant legal documents, in accordance with applicable regulations on public finance mechanism and state budget, seek guidelines for accounting system applied to entities in each line of business from the Minister of Finance according to predetermined roadmap.

See details at Decision 1676/QD-BTC of Vietnam effective from September 1, 2021.

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