New points in the revised Accounting Law 2015

The Accounting Law (amended) consists of 6 chapters, 74 articles, regulations on contents of accounting work, accounting organization, accountants, accounting services, state management of Accounting and accounting professional organization.

The main law stipulates that the principles of accounting should apply to all fields, so that separate chapters on state accounting and corporate accounting can be separated. Dedicated to state accounting and business accounting. The specific provisions on the accounting regime for each sector will be adjusted by the legal documents to suit the reality (at present, the Government has issued Decree No. 128/2004 / ND-CP Accounting in the field of state accounting and Decree 129/2004 / ND-CP regulating accounting applied in business operations).

The Law applies to the following 10 entities: Agencies charged with State budget revenues and expenditures at all levels; State agencies, organizations and non-business units using the state budget; Organizations and non-business units not using the state budget; Enterprises of all economic sectors established and operating under the laws of Vietnam; Branches, representative offices of foreign enterprises operating in Vietnam; Co-operatives, unions of cooperatives; Business households, cooperative groups; Accountants; Practicing accountants; Enterprises and households dealing in accounting services; Accounting professional organization; Other agencies, organizations and individuals involved in accounting and accounting service business activities in Vietnam.

One of the new points of the Accounting Law (amended) is the electronic document. The law stipulates that electronic vouchers are considered as accounting vouchers when they contain the contents specified in Article 16 of this Law and are expressed in the form of electronic data, encoded without being changed in the past. Transmission via computer networks, telecommunication networks or on information carriers such as magnetic tapes, magnetic disks, and payment cards. E-vouchers must ensure the confidentiality and preservation of data and information during use and archival; They must be managed and checked against any forms of taking advantage of the exploitation, penetration, copying, theft or use of electronic vouchers in contravention of regulations. Electronic documents are managed as original accounting documents that are created, sent or received, but must have adequate equipment to use.

In cases where paper vouchers are converted into electronic vouchers for transaction or payment or vice versa, e-vouchers are valid for carrying out such economic and financial operations, paper vouchers are valid only for prices Keeping records for recording, monitoring and checking, no effect for transactions, payment.

The revised Accounting Law also specifies the State Financial Reporting. Accordingly, state financial reports are prepared on the basis of consolidation of financial statements of state agencies, public service delivery agencies, economic organizations and other relevant units of the state sector. , Used to synthesize and explain the state financial situation, results of state financial activities and cash flow from state financial activities nationwide and each locality. State financial reports provide information on state budget revenues and expenditures, state financial funds, public debts, state capital in enterprises, assets, sources of capital and use of capital sources of the House. country.

State financial reports shall be prepared and submitted to the National Assembly, the People’s Councils together with the time of state budget finalization in accordance with the provisions of the State Budget Law. Laws assign the Government to specify the contents of state financial reports; Organizing the implementation, making public financial reports; Responsibilities of agencies, units and localities in providing information for making state financial reports.

Regarding the public contents of the financial report, the Law stipulates that the State budget accounting units shall publicize State budget revenue and expenditure information according to the provisions of the State Budget Law. The accounting units which do not use the State budget shall make public financial revenues and expenditures publicly. The accounting units use the contributions of the people to publicize the purpose of mobilizing and using contributions, contributors, mobilization levels, results of use and final settlement of revenues and expenditures of each contribution. . The accounting units in their business activities shall publicize contents on assets, liabilities and owners’ equity; Business results; Establishment and use of funds; Income of employees; Other contents as prescribed by law.

The Law on Accounting takes effect from 1/1/2017.

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