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.
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.
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.