Vietnam: New guidance on accounting regimes of state agencies

16:20, 08/11/2017

The Ministry of Finance of Vietnam issued Circular No. 107/2017/TT-BTC on guidelines for public sector accounting.

According to Vietnam’s new regulations, accounts are classified as follows:

- There are 09 types of accounts on the balance sheet including type 1 to type 9 (06 types of accounts including type 1 to type 6 according to current regulation of Decision No. 19/2006/QĐ-BTC) and to be double recorded (double-entry bookkeeping).

- Accounts off balance sheet including type 0 and to be single recorded (non double-entry bookkeeping).

Note: Circular No. 107/2017/TT-BTC of the Ministry of Finance of Vietnam shall not apply to public sector entities that cover recurrent expenditures and capital expenditure by their own budgets and apply business financial regulations or business accounting regulations when satisfying conditions in accordance with applicable regulations and laws; and other entities, regardless of using or not using state budget.

View detailed new guidelines at Circular No. 107/2017/TT-BTC of the Ministry of Finance of Vietnam effective from November 24, 2017, applicable from January 01, 2018.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE

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