VNBA invites members to comment on draft Circular replacing Circular 200

According to the Official Dispatch No. 5693/BTC-QLKT dated June 3, 2024 of the Ministry of Finance on soliciting comments on the draft Circular replacing Circular 200/2014/TT-BTC on guidance on the enterprise accounting system, the application of the Circular 200 have shown shortcomings . Especially for FDI enterprises when they enter the Vietnamese market, the Vietnamese accounting system is not consistent with international accounting one so this group of enterprises faces many difficulties in the process of implementing the system.

Therefore, it is necessary to develop a draft Circular to replace the Circular 200, in order to be consistent with international accounting and more flexible for enterprises, especially attracting more foreign businesses to Vietnamese market.

The draft Circular would guide on accounting documents, accounting accounts and accounting bookkeeping, preparation and presentation of Financial Statements (non applicable to determining the tax obligations of enterprises to the State Budget).

Accounting bookkeeping must be based on accounting documents reflected on the basis of economic transactions that have arisen and been completed by the enterprise. At the same time, when conducting economic transactions, enterprises must comply with the provisions of relevant laws, mechanisms and policies.

In particular, accounting guidance applies to enterprises in all fields and economic sectors. Small and medium-sized enterprises (including micro-enterprises) are selected to apply accounting in accordance with the characteristics of their production and business activities and management requirements.

 Accordingly, the draft Circular replacing Circular 200 is built with 6 Chapters, with 32 Articles, including: Chapter 1 has 7 Articles, with the following contents: Scope of regulation; Subjects of application; Currency unit in accounting; Changing currency unit in accounting; Accounting when enterprises choose foreign currency (other than VND) as the currency unit in accounting; Rights and responsibilities of enterprises in organizing the accounting apparatus and accounting work at affiliated units (dependent units); Accounting regime applicable to foreign contractors.

Chapter 2 has 4 Articles, with the following contents: General provisions on accounting vouchers; system of accounting voucher form; Preparing and signing accounting vouchers; Procedures for circulating and checking accounting vouchers;

Chapter 3 has 1 Article on the accounting system. Chapter 4 has 2 Articles on accounting books and the opening, recording and closing of accounting books. Chapter 5 has 15 Articles, with the following contents: Purpose of Financial Statements; Period of preparation of Financial Statements; Subjects and responsibilities for preparation of Financial Statements; Financial Statement System of enterprises; Amendments and supplements to Financial Statements; Requirements for information presented in Financial Statements; Principles for preparation and presentation of Financial Statements of enterprises meeting the assumption of continuous operation; Principles for preparation and presentation of Financial Statements when changing the accounting period; Principles for preparation and presentation of Financial Statements when converting the type of enterprise; Principles for preparation and presentation of Financial Statements when dividing, separating, consolidating, merging enterprises; Preparation and presentation of Financial Statements when enterprises do not meet the assumption of continuous operation; Method for converting Financial Statements prepared in foreign currency to Vietnamese Dong; Deadline for submission of Financial Statements; Place of receipt of Financial Statements; Public Financial Report;

Finally, Chapter 6 has 3 Articles on implementation, with contents such as: Conversion of balances on accounting books; Transition clause; Effective date.

Written comments (including word files) should be sent to VNBA at email address: phamthivananh3110@gmail.com before June 29, 2024 (Phone: 0904.431.189 - Ms. Van Anh).

We look forward to receiving the attention and cooperation of member organizations.