Guidance for Corporate Accounting System Amended

 

According to the Circular 75, enterprises which have to prepare interim financial statements for 2015, starting from January 1 or later (quarterly financial statements and half-year financial statements) are allowed to apply either Decision No. 15/2006/QD-BTC dated March 20, 2006 issued by Finance Minister to prepare the 2015 interim financial statements. The annual financial statements of 2015 must be prepared in compliance with the Circular 200.

 

The new circular replaces the corporate accounting system governed by Decision No. 15/2006/QD-BTC dated March 20, 2006 of Finance Minister on the issue of corporate accounting system and the Circular No. 244/2009/TT-BTC dated December 31, 2009 of the Ministry of Finance amendments and supplements to corporate accounting system. Accounting standards not contrary to these circulars are still valid while contradictory ones will be annulled.

 

Before accounting standards for financial instruments and instructive documents for the implementation of accounting standards for financial instruments issued, businesses are encouraged (but not required) to present and disclose financial instruments as stipulated in the Circular No. 210/2009/TT-BTC dated November 6, 2009 of the Ministry of Finance on guidance for application of international accounting standards on presentation of financial statements and interpretation of financial instruments. This circular takes effect on July 14, 2015.