Vietnam Issues Corporate Accounting Regulations

The Ministry of Finance has promulgated new corporate accounting regulations applicable for businesses of all economic sectors nationwide.

 

Such rules are synthesized and complete Vietnam’s corporate accounting regime after the issuance of the Vietnam Accounting Standards (VAS) and instructions.

 

Corporate accounting regulations consist of four components, namely, the account system, financial report system, accounting documents and accounting books.

 

Businesses, companies and corporations are required to, based on the aforementioned rules, to study, specify and build their own accounting regime, specific rules on contents, and applications conforming to business features and the management requirements of different economic sectors.

 

In case of any revision of the first and second-level accounts or financial reports, businesses must obtain approval from the Ministry of Finance.

 

These new rules will help enterprises of all economic sectors unify their accounting activities in order to promote transparency in accounting and the financial performance of their businesses.
VnEconomy