According to these instructions, financial statements of microfinance institutions must be prepared in accordance with Vietnamese accounting standards and accounting regimes in force in order to record main economic and financial information of microfinance institutions.
The financial reporting system shall be comprised of financial status reports, income statements, cash statements and explanatory notes on financial statements.
Financial statements must provide information about microfinance institutions, including:
- Assets;
- Liabilities and equity;
- Revenues and expenses;
- Profit, loss and distribution of business income;
- Taxes and account payables to the State;
- Other assets related to the accounting unit;
- Cash flows.
In addition, microfinance institutions must provide other relevant information in the “Explanatory Notes on a financial institution” in order to explain more about items included in financial statements.
For more details, please read Circular No. 05/2019/TT-BTC (entering into force from April 1, 2019 and applying to the financial year starting on January 1, 2020).
>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE
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