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MINISTRY OF
FINANCE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence – Freedom – Happiness
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No.: 1299/QD-BTC
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Hanoi, July 31,
2019
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DECISION
APPROVING THE SCHEME
FOR ANNOUNCEMENT OF VIETNAM'S PUBLIC SECTOR ACCOUNTING STANDARDS
MINISTER OF FINANCE
Pursuant to the Law on accounting No.
88/2015/QH13 dated November 20, 2015;
Pursuant to the Government’s Decree No.
87/2017/ND-CP dated July 26, 2017 defining functions, tasks, powers and
organizational structure of the Ministry of Finance;
At the request of the Director of the Department
of Accounting and Auditing Regulations,
HEREBY DECIDES:
Article 1. The Scheme for announcement of
Vietnam’s public sector accounting standards that includes the following
contents is hereby approved.
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1. General objectives
Improve the legal framework in terms of finance and
accounting; establish effective and efficient management tools for the State
and public sector entities; increase the accountability of public sector
entities which should be made in a timely and sufficient manner and
internationally recognized. Determine grounds for preparing state financial
statements and performing general state accounting task by the State Treasury.
Promote economic integration, especially regional
and international integration in public sector, so as to improve the
transparency and comparableness of financial data.
2. Specific objectives
- Study, formulate, promulgate
and announce Vietnam’s public sector accounting standards on the basis of
International public sector accounting standards. Vietnam's public sector
accounting standards applied by public sector entities must meet the national
requirements for economic integration, be consistent with Vietnam’s reforms in
and policies for economic management and public sector financial management,
and be used as the basis for providing financial information in a timely and
honest manner so as to improve competence, efficiency and transparency in the
management of Government resources.
- Studying, formulation and
announcement of Vietnam's public sector accounting standards are associated
with the development of the Scheme for building model for preparation of state
financial statements and shall be used as the basis or grounds for state
financial policies as well as relevant laws such as the Law on state budget,
the Law on management and use of public property, the Law on public debt
management, the Law on management and use of state funding invested in
enterprises, and the Law on securities reformed or being reformed in conformity
with international practices and standards.
- Promulgated Vietnam’s public
sector accounting standards shall be used as the basis for promulgating
specific guidelines on accounting for each type of public sector entities in
conformity with their organization and operation as well as regulations on
public finance and state budget.
II. CONTENTS AND SOLUTIONS
1. Regulated entities
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With regard to training institutions and
professional associations, this Scheme shall apply to universities,
institutions, academies and professional associations with regard to
cooperation in study, training and assistance in applying Vietnam's public
sector accounting standards.
With regard to state regulatory authorities, this
Scheme shall apply to the Ministry of Finance and authorities related to the
process of study, formulation, promulgation, training and provision of
guidelines for development of Vietnam’s public sector accounting standards.
2. Roadmap for
application
In the period from 2019 to 2024, the Ministry of
Finance shall make necessary preparations for implementing the Scheme so as to
ensure that Vietnam’s public sector accounting standards shall be promulgated
on schedule in each period.
a) The first period (2019):
Formulate and promulgate the Scheme for
announcement of Vietnam's public sector accounting standards. Duration of
implementation: By September, 2019
Establish the drafting board/editorial group in
charge of drafting Vietnam’s public sector accounting standards. Duration of
implementation: By December, 2019
b) The second period (2020-2024): Study,
formulate, promulgate and announce Vietnam’s public sector accounting standards
according to the following roadmap:
Stage 1: Duration of implementation
is from January, 2020 to December, 2020
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Stage 3: Duration of implementation
is from January, 2022 to December, 2022
Stage 4: Duration of implementation
is from January, 2023 to December, 2023
Remaining stages: Duration of implementation
is from January, 2024
After 21 accounting standards (Stage 4) are
promulgated, the Ministry of Finance shall review, evaluate and select
remaining standards to be promulgated in the following periods in conformity
with policies for public sector which are amended in conformity with principles
set forth in accounting standards. In case policies for finance or state budget
cannot be amended, contents which are not conformable with international public
sector accounting standards must be determined. Other standards significantly
different from international public sector accounting standards shall be
promulgated in remaining stages and applied when such differences are settled
in conformity with Vietnam's economy.
3. Solutions for
implementing the Scheme
a) Establish the drafting board and editorial
group in charge of drafting Vietnam’s public sector accounting standards (in
2019)
The drafting board for Vietnam’s public sector
accounting standards is comprised of representatives of ministries, local
governments, professional associations, training institutions and entities
affiliated and not affiliated to the Ministry of Finance. The Deputy Minister
of Finance and the Director of the Department of Accounting and Auditing
Regulations shall act as the head and the standing deputy head of the drafting
board for Vietnam’s public sector accounting standards respectively. The number
of members of the drafting board shall be subject to the Ministry of Finance’s
decision.
The head and deputy head of the editorial group for
accounting standards shall be the Director and Deputy Director of the
Department of Accounting and Auditing Regulations respectively; its members
include officials of the Department of Accounting and Auditing Regulations and
representatives of ministries, universities, professional associations,
training institutions and public service providers. The number of members of the
editorial group shall be decided by its head.
b) Formulate and announce accounting standards
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- Study and formulate
standards;
- Promulgate and announce
standards. Form of announcement:
+ Minister of Finance promulgates Circulars to
promulgate and announce Vietnam’s public sector accounting standards according
to stages specified in the Scheme.
+ Minister of Finance promulgates Circulars to
provide guidelines on accounting in each sector according to public sector
accounting standards and current policies for finance and state budget.
c) Formulate and complete legislative documents
in financial and accounting sectors.
d) Apply Vietnam’s public sector accounting
standards
III. IMPLEMENTATION
1. Responsibility of
relevant units
a) Ministry of Finance shall:
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- Establish the drafting board
and editorial group in charge of drafting Vietnam's public sector accounting
standards, mobilize resources and stipulate mechanisms for and organize
operation of the drafting board and editorial group so as to ensure the study and
announcement of accounting standards according to the roadmap specified in
Section 2.3 of the Scheme;
- Promulgate Circulars of the
Minister of Finance on promulgation and announcement of Vietnam’s public sector
accounting standards (according to stages specified in the Scheme) and
Circulars providing guidelines for accounting applicable to each sector in
conformity with public sector accounting standards promulgated according to the
roadmap, ensuring the consistency between policies for finance, state budget
and accounting standards;
- Make plans and organize
activities related to the announcement of Vietnam’s public sector accounting
standards;
- Take charge of reviewing and
evaluating the actual capacity of regulated entities of this Scheme in each
stage so as to provide specific guidelines for implementation of the Scheme,
thereby ensuring the feasibility of the Scheme;
- Make cost estimates and
allocate funding for covering costs of study and implementation of the Scheme.
b) Ministries and Provincial People’s Committees
shall:
- Cooperate with the Ministry
of Finance in studying and announcing Vietnam’s public sector accounting
standards;
- Proactively organize the
implementation of this Scheme according to their managed sectors, propose
solutions for improving legal framework for ensuring the feasibility of the
Scheme and organize activities related to the application of the announced
Vietnam's public sector accounting standards.
c) State regulatory authorities and public
service providers:
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d) Training institutions:
Training institutions that provide training
programs in accounting shall prepare appropriate syllabi and teaching methods
for providing training programs in Vietnam’s public sector accounting
standards.
dd) Professional associations shall:
Cooperate with the Ministry of Finance in studying,
training, disseminating information and assisting their affiliates and members
in the course of announcement, promulgation and application of Vietnam’s public
sector accounting standards.
2. Funding for
implementing the Scheme
a) Funding derived from state budget for
recurrent expenditures
The Ministry of Finance shall allocate funding
derived from budget for recurrent expenditures for covering operations of the
drafting board and editorial group in charge of drafting Vietnam's public
sector accounting standards and other recurrent expenditures as regulated by
laws.
b) Funding from sponsors
Funding provided by domestic and foreign sponsors
shall be used to cover relevant activities as agreed upon with such sponsors.
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Article 3. Director of Department of
Accounting and Auditing Regulations, Director of Department of Personnel and
Organization, Director of Legal Department, and Chief of the Ministry Office
are responsible for the implementation of this Decision./.
PP. MINISTER
DEPUTY MINISTER
Do Hoang Anh Tuan