Providing accounting information and data as prescribed by law

Accounting information and data are recorded in a timely manner, bookeeping services

Article 4. Accounting objectives

dich-vu-thanh-lap-cong-ty-nuoc-ngoai1. Collecting, processing accounting information and data according to subjects and contents of accounting works, accounting standards and accounting regime. bookeeping services

2. Inspecting, supervising revenues, expenditures, debts; inspecting the management, use of assets and sources of assets; discovering and preventing violations against regulations on finance and accounting.

3. Analyzing accounting information and data; advising, proposing solutions for resolving administrative requirements and making of economic, financial decisions of the accounting unit.

4. Providing accounting information and data as prescribed by law.

Article 5. Accounting requirements

1. All economic/financial transactions are fully recorded into accounting records, accounting books, and financial statements.

2. Accounting information and data are recorded in a timely manner.

3. Accounting information and data are recorded in a clear, understandable, and accurate timely manner.

4. Status, nature, contents, and value of economic/financial transactions are recorded truthfully and objectively.

5. Accounting information and data must be continuously recorded from the beginning to the end of every economic, financial activity, from the establishment to the shutdown of the accounting unit; the accounting data of a period must continue that of the previous period.

6. Accounting information and data are classified and sorted systematically in a way that can be compared and verified.

Article 6. Accounting principles

1. Values of assets and liabilities must be recorded according to their original prices. After being initially recorded, regarding certain types of assets and liabilities whose values fluctuate according to market prices and can be reliably re-determined according to reasonable values at the end of the financial statement period.

2. Chosen regulations and accounting method must be consistently applied throughout the fiscal year; where the chosen regulations and accounting method are changed, the accounting unit must provide explanation in its financial statement.

3. The accounting unit must collect, record economic/financial transactions that occur objectively, fully, truthfully, and in the correct accounting period.

4. Every financial statement must be completely, accurately, made and sent to competent authority in a timely manner. Information and data in financial statements of accounting units must be made publicly available in accordance with Article 31 and Article 32 of this Law.

5. Accounting units shall apply methods for evaluation of assets, distribute the revenues and expenditures carefully; do not falsify the results of their economic, financial activities.

6. Financial statements must be made and presented in a way that correctly reflects the nature of the transactions rather than their names.

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7. Apart from Clause 1 through 6 of this Article, regulatory bodies, organizations, public service agencies using state budget shall do accounting according to state budget tables.bookeeping services

Article 7. Accounting standards and codes of ethics for accountants

1. Accounting standards comprise the basic accounting methods and regulations for making financial statements.

2. Code of ethics for accountants comprises regulations and instructions on principles, application of the code of ethics to accountants, accounting practitioners, enterprises and households providing accounting services.

3. The Ministry of Finance shall provide for accounting standards and codes of ethics for accountants based on international accounting standards and Vietnam’s conditions.

Article 8. Accounting subjects

1. Accounting subjects with regard to revenues, expenditures of state budget, administrative operation; operation of units and organizations using state budget include:

a) Money, supplies, and fixed assets;

b) Budgets, funds;

c) Internal and external payments of the accounting unit;

d) Revenues, expenditures, and settlement of difference between revenue and expenditure;

dd) Revenues, expenditures, and surplus of state budget;

e) Financial, credit investment by the State;

g) Debt and settlement of public debt;

h) Public assets;

i) Other property, assets, and liabilities related to the accounting unit.

2. Accounting subjects with regard to operation of units and organizations that do not use state budget include assets and sources of assets specified in Point a, b, c, d, and I Clause 1 of this Article.

3. Accounting subjects with regard to business operation, except for the activities specified in Clause 4 of this Article, include:

a) Assets;

b) Liability and owner’s capital;

c) Revenues, operating cost, incomes, and other cots;

d) Taxes and amounts payable to state budget;

dd) Business outcome and distribution thereof;

e) Other property, assets, and liabilities related to the accounting unit.

4. Accounting subjects with regard to the fields of banking, credit, insurance, securities, and financial investment include:

a) The subjects specified in Clause 3 of this Article;

b) Financial and credit investment;

c) Internal and external payments of the accounting unit;

d) Commitments, guarantees, valuable papers.