Publication of 3rd batch of 5 Vietnamese Public Sector Accounting Standards

Publication of 3rd batch of 5 Vietnamese Public Sector Accounting Standards

Approval of the 3rd batch of 5 Vietnamese Public Sector Accounting Standards as specified in the attached appendices includes:

- Vietnamese Public Sector Accounting Standard No. 03 "Accounting Policies, Changes in Accounting Estimates and Errors" (Appendix I);

- Vietnamese Public Sector Accounting Standard No. 04 "Effects of Changes in Foreign Exchange Rates" (Appendix II);

- Vietnamese Public Sector Accounting Standard No. 19 "Provisions, Contingent Liabilities and Contingent Assets" (Appendix III);

- Vietnamese Public Sector Accounting Standard No. 32 "Service Concession Arrangements - Grantor" (Appendix IV);

- Vietnamese Public Sector Accounting Standard No. 43 "Leases" (Appendix V).

Additionally, the Vietnamese Public Sector Accounting Standard (VPSAS) No. 03 "Accounting Policies, Changes in Accounting Estimates and Errors" has been drafted based on the International Public Sector Accounting Standards (IPSAS) No. 3 and the current provisions on financial and budgetary mechanisms of Vietnam. VPSAS No. 03 stipulates contents that comply with the existing legal provisions of Vietnam and anticipated amendments and supplements in the future. VPSAS No. 03 does not stipulate contents of the International Public Sector Accounting Standard No. 3 that are not compatible with the long-term financial and budgetary mechanisms, and supplementary provisions will be made based on the actual situation in suitable phases.

The International Public Sector Accounting Standard No. 3 used as a basis is the version circulated in 2000, amended to align with other International Public Sector Accounting Standards as of January 31, 2018, issued by the International Public Sector Accounting Standards Board (IPSASB).

More details can be found in Decision 1351/QD-BTC effective from June 14, 2024.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE