Registration of changes to accounting policy of small and medium enterprises in Vietnam

Registration of changes to accounting policy (balance sheet, financial statements, accounting books and accounting documents) shall be carried out as follows:

Regarding the balance sheet:

- In the cases where an enterprise wishes to add a sub-account or change the name, symbol, contents, transaction accounting method of a sub-account, it must obtain a written approval by the Ministry of Finance of Vietnam.

- An enterprise may add sub-accounts to accounts without sub-accounts specified in the Enterprise Account System in Appendix 1 enclosed with Circular No. 133/2016/TT-BTC without approval by the Ministry of Finance.

Regarding financial statements:

- An SME shall prepare its financial statement using the template in Appendix 2 enclosed herewith in a way that is appropriate for its business operation.

- Addition or change to any item of the financial statement is subject to written approval by the Ministry of Finance.

Regarding accounting books and accounting documents:

- Each enterprise may design its own accounting documents that are suitable for its operation as long as primary content and compulsory information specified by technical defects and its instructional documents are sufficient.

- All accounting book templates (including logs and ledgers) are instructional (not mandatory). Enterprises shall comply with the Law on Accounting and instructional documents thereof. Enterprises may design their own accounting books and tags as long as information is sufficient, clear and easy to inspect.

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