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NATIONAL
ASSEMBLY
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
88/2015/QH13
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Hanoi,
November 20, 2015
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LAW ON ACCOUNTING
Pursuant to the Constitution of Socialist
Republic of Vietnam;
The National Assembly
promulgates the Law on Accounting.
Chapter I
GENERAL PROVISIONS
Article 1.
Scope
This Law provides for contents of
accounting works, accounting apparatus, accountants, accounting services,
accounting management by regulatory bodies, and accounting associations.
Article 2.
Regulated entities
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2. State agencies, organizations,
public service agencies using state budget.
3. Organizations, public service
agencies that do not use state budget.
4. Enterprises established and
operated under Vietnam’s law; branches and representative offices of foreign
enterprises operating in Vietnam.
5. Cooperatives, cooperative
associations.
6. Business households, artels.
7. Accountants.
8. Accounting practitioners,
enterprises and households providing accounting services.
9. Accounting associations.
10. Other agencies, organizations, and
individuals involved in accounting and provision of accounting services in
Vietnam.
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In this Law, the terms below are
construed as follows:
1. Financial statement means
a system of financial information of an accounting unit demonstrated according
to a form provided for by accounting standards and accounting regime.
2. Accounting regime means a
set of regulations and instructions on accounting applied to certain fields or
works promulgated by accounting authorities or organizations authorized by
accounting authority
3. Accounting records are
documents and storage devices that contain economic/financial transactions that
occur and have been complete as the basis for making accounting books.
4. Accounting units are the
agencies, organizations and units specified in Clause 1 through 5 Article 2 of
this Law that make financial statements.
5. Original price means the
initially recorded value of an asset or liability. Original price includes the
cost of purchase, handling, transport, assembly, processing, and other direct
costs until the asset is ready to be used.
6. Reasonable value means
the value that is appropriate for market price that can be generated when
selling an asset or transferring a liability at that time.
7. Form of accounting means
the forms of accounting books, procedures and methods for making accounting
books, and the relation among the accounting books.
8. Accounting means
collection, processing, inspecting, analysis, and provision of economic,
financial information in the form of value, objects, and working hours.
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10. Administrative accounting means
collection, processing, inspecting, analysis, and provision of economic,
financial information to serve administrative requirements and the making of
internal economic, financial decisions of the accounting unit.
11. Accounting practitioner
means a person granted the License to provide accounting services prescribed by
this Law.
12. Accounting inspection
means examination, assessment of conformity with regulations of law on
accounting, truthfulness and accuracy of accounting information and data.
13. Provision of accounting
services means provision of accounting services, chief accountant’s
services, making of financial statements, accounting consultancy, and other
accounting works defined by this Law for service users.
14. Accounting period means
a period of time from the time the accounting unit starts to make its
accounting book to the time it closes the accounting book to make the financial
statement.
15. Economic/financial
transactions are activities that increase or decrease assets and sources of
assets of an accounting unit.
16. Accounting method means
the specific method and procedures for doing each accounting work.
17. Electronic equipment means
equipment operating based on electric, electronic, digital, magnetic
technologies, wireless transmission, optical technologies, electromagnetic
technology, or similar technologies.
18. Accounting documents are
accounting records, accounting books, financial statement, administrative
accounting reports, audit reports, accounting inspection reports, and other
documents relevant to accounting.
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1. Collecting, processing
accounting information and data according to subjects and contents of
accounting works, accounting standards and accounting regime.
2. Inspecting, supervising
revenues, expenditures, debts; inspecting the management, use of assets and
sources of assets; discovering and preventing violations against regulations on
finance and accounting.
3. Analyzing accounting information
and data; advising, proposing solutions for resolving administrative
requirements and making of economic, financial decisions of the accounting
unit.
4. Providing accounting information
and data as prescribed by law.
Article 5.
Accounting requirements
1. All economic/financial
transactions are fully recorded into accounting records, accounting books, and
financial statements.
2. Accounting information and data
are recorded in a timely manner.
3. Accounting information and data are
recorded in a clear, understandable, and accurate timely manner.
4. Status, nature, contents, and
value of economic/financial transactions are recorded truthfully and
objectively.
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6. Accounting information and data
are classified and sorted systematically in a way that can be compared and
verified.
Article 6.
Accounting principles
1. Values of assets and liabilities
must be recorded according to their original prices. After being initially
recorded, regarding certain types of assets and liabilities whose values
fluctuate according to market prices and can be reliably re-determined
according to reasonable values at the end of the financial statement period.
2. Chosen regulations and
accounting method must be consistently applied throughout the fiscal year;
where the chosen regulations and accounting method are changed, the accounting
unit must provide explanation in its financial statement.
3. The accounting unit must
collect, record economic/financial transactions that occur objectively, fully,
truthfully, and in the correct accounting period.
4. Every financial statement must
be completely, accurately, made and sent to competent authority in a timely
manner. Information and data in financial statements of accounting units must
be made publicly available in accordance with Article 31 and Article 32 of this
Law.
5. Accounting units shall apply
methods for evaluation of assets, distribute the revenues and expenditures
carefully; do not falsify the results of their economic, financial activities.
6. Financial statements must be
made and presented in a way that correctly reflects the nature of the
transactions rather than their names.
7. Apart from Clause 1 through 6 of
this Article, regulatory bodies, organizations, public service agencies using
state budget shall do accounting according to state budget tables.
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1. Accounting standards comprise
the basic accounting methods and regulations for making financial statements.
2. Code of ethics for accountants
comprises regulations and instructions on principles, application of the code
of ethics to accountants, accounting practitioners, enterprises and households
providing accounting services.
3. The Ministry of Finance shall
provide for accounting standards and codes of ethics for accountants based on
international accounting standards and Vietnam’s conditions.
Article 8.
Accounting subjects
1. Accounting subjects with regard
to revenues, expenditures of state budget, administrative operation; operation
of units and organizations using state budget include:
a) Money, supplies, and fixed
assets;
b) Budgets, funds;
c) Internal and external payments
of the accounting unit;
d) Revenues, expenditures, and
settlement of difference between revenue and expenditure;
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e) Financial, credit investment by
the State;
g) Debt and settlement of public
debt;
h) Public assets;
i) Other property, assets, and
liabilities related to the accounting unit.
2. Accounting subjects with regard
to operation of units and organizations that do not use state budget include
assets and sources of assets specified in Point a, b, c, d, and I Clause 1 of
this Article.
3. Accounting subjects with regard to
business operation, except for the activities specified in Clause 4 of this
Article, include:
a) Assets;
b) Liability and owner’s capital;
c) Revenues, operating cost,
incomes, and other cots;
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dd) Business outcome and
distribution thereof;
e) Other property, assets, and
liabilities related to the accounting unit.
4. Accounting subjects with regard
to the fields of banking, credit, insurance, securities, and financial
investment include:
a) The subjects specified in Clause
3 of this Article;
b) Financial and credit investment;
c) Internal and external payments
of the accounting unit;
d) Commitments, guarantees,
valuable papers.
Article 9.
Financial accounting, administrative accounting, general accounting, detailed
accounting
1. Accounting works of an
accounting unit include financial accounting and administrative accounting.
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a) General accounting involves
collection, processing, recording, and provision of general information about
economic and financial activities of the accounting unit. General accounting
uses currencies to reflect assets, sources of assets, status and outcomes of
economic and financial activities of the accounting unit. General accounting is
done based on information and data of detailed accounting;
b) Detailed accounting involves
collection, processing, recording, and provision of detailed information in the
form of currencies, objects, and working hours of each particular accounting
subject of the accounting unit. Detailed accounting is meant to illustrate
general accounting. Detailed accounting data must be consistent with general
accounting data in an accounting period.
3. The Ministry of Finance shall
provide guidance on application of administrative accounting to each field.
Article 10.
Units for accounting
1. The accounting currency is
Vietnam dong; its Vietnamese symbol is “đ” and international symbol is
"VND”. Where an economic/financial transaction in a foreign currency
occurs, the accounting unit must record the foreign currency and VND at the
actual exchange rate, unless otherwise prescribed by law; if there is not
exchange rate between the foreign currency and VND, it shall be exchanged into
another foreign currency that has an exchange rate with VND.
An accounting unit whose most
revenues and expenditures are in a foreign currency may use such foreign
currency as the accounting currency and has to take legal responsibility for
such action and notify its supervisory tax authority. When making a financial
statement which is used in Vietnam, the accounting unit must convert the
foreign currency into VND at the actual exchange rate, unless otherwise
prescribed by law.
2. Items and working hours used as
units for accounting are legal units of measurement of Socialist Republic of
Vietnam; Where an accounting unit uses another unit of measurement, it must be
converted into a legal unit of Socialist Republic of Vietnam.
3. Accounting units are allowed to
round numbers, use abbreviated units when making or publishing their financial
statements.
4. The government shall elaborate
and provide guidance on implementation of this Article.
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1. The language of accounting shall
be Vietnamese. Where a foreign language must be used on an accounting record,
accounting book, or financial statement which is used in Vietnam, it is
required to use both Vietnamese and that foreign language.
2. Numbers used for accounting are
Arabic numerals; the thousands separator is a dot (.); and the decimal mark is
a comma (,).
3. With regard to foreign
enterprises, branches of foreign enterprises or foreign organizations who have
to sent their financial statements to the parent companies or overseas
organization, or share the same transaction management software programs with
the parent companies or overseas organization may use a comma (,) as the
thousands separator and a dot as a decimal mark. In this case, it is required
to be noted in the accounting documents, accounting books, and financial
statements; the financial statements submitted to tax authorities, statistics
authorities, and other competent authorities shall comply with Clause 2 of this
Article.
Article 12.
Accounting periods
1. Accounting periods include
annual accounting periods, quarterly accounting periods, and monthly accounting
periods. To be specific:
a) An annual accounting period is 12
months from January 01 to the end of December 31. Any accounting unit, because
of its difference in organizational structure or operation, that is allowed to
begin the annual accounting period on the 1st of the first month of
a quarter and end it on the last day of the last month of the next four quarter
must notify the finance authority and tax authority.
b) A quarterly accounting period
lasts for 03 months from the 1st of the first month of the quarter
to the last day of the last month of the quarter;
c) A monthly accounting period
lasts for 01 month from the 1st to the last day of the month.
2. Accounting periods of a new
accounting unit:
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b) The first accounting period of
another accounting unit other than a new enterprise begins on the issuance date
of the decision on establishment of the accounting unit and ends on the last
day of the annual, quarterly, or monthly accounting period specified in Clause
1 of this Article.
3. Where an accounting unit is
divided, consolidated, merged, converted, transferred, dissolved, shut down, or
bankrupt, the last accounting period begins on the first day of the annual,
quarterly, or monthly accounting period specified in Clause 1 of this Article
and ends on the day preceding the effective date of the decision on division,
consolidation, merger, conversion, transfer, dissolution, shutdown, or
bankruptcy of the accounting unit.
4. If the first or last annual
accounting period is shorter than 90 days, it may be aggregated with the next
or previous annual accounting period, respectively; the first or last annual
accounting period must be shorter than 15 months.
Article 13.
Prohibited acts
1. Forging, making false statements
in, falsifying accounting records or other accounting documents, or forcing
another person to do so.
2. Intentionally providing,
verifying false accounting information and data, or colluding with another
person in doing so or forcing another person to do so.
3. Leaving assets, liabilities of
the accounting unit or related to the accounting unit from the accounting books.
4. Destroying or deliberately
damaging accounting documents before the expiration of the retention period
specified in Article 41 of this Law.
5. Promulgating, publishing
accounting standards or accounting regimes ultra vires.
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7. Allowing the manager or operator
of an accounting unit to act as its accountant, warehouse-keeper, or treasurer,
except for private enterprises and any limited liability company owned by a
single individual.
8. Assigning or hiring people that
fail to satisfy all standards and requirements specified in Article 51 and
Article 54 of this Law as accountants or chief accountants.
9. Renting, borrowing, leasing out,
or lending the accountant certificate or Certificate of Accounting Practice
Registration in any shape or form.
10. Establishing two or more
accounting book systems or providing, publishing financial statements that
contain inconsistent data in the same accounting period.
11. Providing accounting services
without the Certificate of eligibility to provide accounting services or
practice accounting without satisfying all requirements specified in this Law.
12. Use the phrase “dịch vụ kế
toán” (“accounting services”) in the enterprise’s name without the Certificate
of eligibility to provide accounting services after 06 months from the issuance
date of the Certificate of Enterprise Registration, or while the enterprise has
stopped providing accounting services.
13. Hiring individuals or
organizations that fail to satisfy all requirements for practicing accounting
or providing accounting services to provide accounting services.
14. Accounting practitioners and
accounting firms colluding with their clients in providing or verifying false
accounting information and data.
15. Other prohibited acts according
to regulations of law against corruption in accounting works.
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1. Accounting documents and data
have the legal value and used for publishing as prescribed by law.
2. Accounting documents and data
are the basis for formulating and approving plans, estimates, financial
statements, and evaluation of violations.
Article 15.
Responsibility for management, use, provision of accounting information and
documents
1. Accounting units are responsible
for management, use, preservation, and retention of accounting documents.
2. Accounting units have the
responsibility to provide accounting information and documents in a timely, complete,
truthful, and transparent manner to other agencies, organizations, and
individuals as prescribed by law.
Chapter II
CONTENTS OF ACCOUNTING WORKS
Section 1.
ACCOUNTING RECORDS
Article 16.
Contents of accounting records
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a) Name and number of the
accounting record;
b) Date of the accounting record;
c) Name, address of the entity that
makes the accounting record;
d) Name, address of the entity that
receives the accounting record;
dd) Contents of the
economic/financial transaction that occurs;
e) Quantity, unit price, amount of
the economic/financial transaction in number; total amount of accounting
records serving collection or payment of money in both number and words;
g) Signatures, full names of the
persons who make, approve the accounting record, and relevant persons
2. Apart from the primary contents
specified in Clause 1 of this Article, an accounting record may have other
contents depending on its type.
Article 17.
Electronic records
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2. Electronic records must ensure
security and integrity of data and information being used and stored, be
managed and inspected to avoid illegal access, duplication, or piracy. Electronic
records are managed as if accounting documents in original forms when they are
created, sent, or received, provided there are suitable devices for using them.
3. When a physical record is
converted into an electronic one and vice versa, the electronic may be used for
making the economic/financial transaction; the physical record is only for
retention, not for making transactions or payments.
Article 18.
Making and retention of accounting records
1. An accounting record shall be
made for each economic/financial transaction that occurs during the operation
of an accounting unit. Only one accounting record shall be made for each
economic/financial transaction.
2. Accounting records must be made
in a clear, complete, timely, and accurate manner in accordance with the set
form. If an accounting record form is not available, the accounting unit may
design its own accounting records as long as they have sufficient contents
specified in Article 16 of this Law.
3. Economic/financial transactions
on accounting records must not be abbreviated, erased, changed; Text must be
written by pen; digits and letters must be written continuously without
interruption; blank spaces must be crossed out. Accounting records that are
changed are not valid for payment and recording in accounting books. Every
incorrect accounting record must be crossed out.
4. An accounting record must have a
sufficient number of copies as prescribed. Contents of the copies of an
accounting record for an economic/financial transaction must be identical.
5. The persons who make, approve,
and other persons that sign the accounting record are responsible for its
content.
6. Electronic accounting records
must comply with provisions of Article 17, Clause 1 and Clause 2 of this
Article. Electronic accounting records shall be printed and retained in
accordance with Article 41 of this Law. If electronic records are stored in
electronic devices instead of being printed, it is required to ensure safety
and security of information and accessibility during the retention period.
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1. An accounting record must
sufficient signatures. Accounting records must be signed with indelible ink. It
is prohibited to use red ink or rubber signature stamps on accounting records.
Signatures on accounting records appended by the same person must be
consistent. The Government shall provide for signatures on accounting records
appended by visually impaired people.
2. Accounting records must be signed
by competent persons or authorized persons. It is prohibited to sign an
accounting record that does not have sufficient content.
3. Accounting records on payment
must be signed by the person competent to approve payments and the chief
accountant or an authorized person before making such payment. Every copies of
an accounting record on payment must be signed.
4. Electronic records must bear
electronic signatures. Signatures on electronic records are as valid as
signatures on physical records.
Article 20.
Invoices
1. Invoices are accounting records
made by goods sellers and service providers to record information about the
goods sale or service provision as prescribed by law.
2. The content and appearance of
invoices, procedures for making, managing, and using invoices shall comply with
regulations of law on taxation.
Article 21.
Management and use of accounting records
1. Information and data on
accounting records are the basis for making accounting books.
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3. Only competent authorities are
entitled to impound, confiscate, or seal accounting records. Where accounting
records are impounded or confiscated, the competent authority shall photocopy
the records impounded or confiscated, append signature on the copies, and give
the copies to the accounting unit; make a record which specifies the reasons
for impoundment of confiscation, quantity of each type of accounting records
impounded or confiscated, and append the signature and seal on the record.
4. The competent authority that
seals accounting records shall issue a record which specifies the reasons for
sealing, quantity of each type of accounting records sealed, and append the
signature and seal on the record.
Section 2.
ACCOUNTS AND ACCOUNTING BOOKS
Article 22.
Accounts and account system
1. Accounts are used for
classifying and systemizing economic/financial transactions.
2. The account system consists of
necessary accounts. Each accounting unit may only use one account system for
financial accounting as prescribed by the Ministry of Finance.
3. The Ministry of Finance shall
promulgate specific regulations on accounts and account systems of the
following accounting units:
a) Accounting units responsible for
revenues and expenditures of state budget;
b) Accounting units using state
budget;
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d) Accounting units that are
enterprises;
dd) Other accounting units.
Article 23.
Options to apply an account system
1. Each accounting unit shall
select an account system from the account systems established by the Ministry
of Finance.
2. An accounting unit may detail
the selected accounts to serve its purpose.
Article 24.
Accounting books
1. Accounting books are used for
recording economic/financial transactions that occurred and are related to the
accounting unit.
2. Each accounting book must
specify the name of the accounting unit; name, opening date, closing date of
the book; signature of the book maker, chief accountant, legal representative
of the accounting unit, page numbers, and overlapping seals.
3. Each accounting book must have:
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b) Numbers and dates of accounting
records that serve as the basis for making the entries;
c) Summary of economic/financial
transactions that occurred;
d) Amount of money of
economic/financial transactions recorded in the accounts;
dd) Opening balance, transactions
that occur during the period, and closing balance.
4. Accounting books include the
general accounting book and detailed accounting books.
5. The Ministry of Finance shall
promulgate specific regulations on accounting books.
Article 25.
Accounting book system
1. Each accounting unit shall
select an accounting book system from the accounting book systems established
by the Ministry of Finance.
2. Each accounting unit shall use
only one accounting book system for an annual accounting period.
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Article 26. Opening,
recording, closing, and retention of accounting books
1. Accounting books shall be opened
at the beginning of the annual accounting period; new accounting units shall
open their accounting books from the inauguration date.
2. Accounting records are the basis
for making accounting books.
3. Accounting books must be made
clearly, completely, and in a timely manner. Information and data recorded in
the accounting books must be accurate, truthful, and consistent with accounting
records.
4. Economic/financial transactions
must be recorded in the accounting books in chronological order. Information
and data recorded in accounting books of the next year must continue those on
the accounting books of the preceding year. An accounting book must be continuously
made from the beginning to the closing of the book.
5. Information and data on the
accounting books must be recorded by pen, must not be inserted at the top or
bottom and must not overlap; no lines shall be skipped; any empty space of the
page must be crossed out; if one page is not enough, a sum must be done at the
end of each page and carried forward to the next page.
6. The accounting unit must close
its accounting books at the end of the accounting period before making the
financial statement and in other cases specified by law.
7. Accounting units may make
electronic accounting books. Electronic accounting books must comply with
regulations on accounting books in Article 24, Article 25, Clause 1, 2, 3, 4,
and 6 of this Article, except for regulations on the overlapping seal. After
electronic accounting books are closed, they must be printed out and bound into
books for each annual accounting period in order to be retained. If electronic
accounting books are stored in electronic devices instead of being printed, it
is required to ensure safety and security of information and accessibility
during the retention period.
Article 27.
Correcting accounting books
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a) Cross out the error, write the
correct text or number above, and request the chief accountant to sign next to
it;
b) Rewrite the incorrect number in
red ink or in round brackets, then write the correct number and request the
chief accountant to sign next to it;
c) Issue “chứng từ điều chỉnh"
(“corrective note”) and write the difference.
2. If an error is found in an
accounting book before the annual financial statement is submitted to a
competent authority, rectification must be made in the accounting books of the
same year.
3. If an error is found in an
accounting book after the annual financial statement is submitted to a
competent authority, rectification must be made in the accounting books of the
year in which the error is found and explanation must be provided.
4. Rectification of electronic
accounting books shall apply the method specified in Point c Clause 1 of this
Article.
Article 28.
Evaluation and recording according to reasonable value
1. Assets and liabilities to be
evaluated and recorded according to their reasonable values at the end of the
financial statement period include:
a) Financial instruments required
by accounting standards to be recorded and re-evaluated according to their
reasonable values
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c) Other assets and liabilities
whose values regularly fluctuate and required by accounting standards to be
re-evaluated according to their reasonable values.
2. Re-evaluation of assets and
liabilities according to their reasonable values must be well founded. If the
values cannot be reliably determined, assets and liabilities shall be recorded
at their original prices.
3. The Ministry of Finance shall
regulates assets and liabilities to be recorded and re-evaluated according to
reasonable values, accounting method for recording and re-evaluating according
to reasonable values.
Section 3.
FINANCIAL STATEMENTS
Article 29.
Financial statements of accounting units
1. Financial statements of an
accounting unit are used for aggregating and describing its financial
conditions and performance. Financial statements of an accounting unit include:
a) Financial condition statement;
b) Business performance statement;
c) Cash flow statement;
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dd) Other statements defined by
law.
2. Financial statements of an
accounting unit are made as follows:
a) Each accounting unit shall make
the financial statement at the end of the annual accounting period, unless
otherwise prescribed by law;
c) Financial statements shall be
based on figures after accounting books are closed. The superior accounting
unit shall make a general financial statement or consolidated financial
statement based on financial statements of inferior accounting units;
c) Financial statements must be
made correctly in terms of contents, method, and consistency accounting
periods; any difference in presentation of financial statements of different
accounting periods must be explained;
d) Financial statements shall bear
the signatures of the makers, the chief accountant, and the legal
representative of the accounting unit. The persons who sign a financial
statement are responsible for its content.
3. The annual financial statement
of an accounting unit shall be submitted to the competent authority within 90
days from the end of the annual accounting period as prescribed by law.
4. The Ministry of Finance shall
promulgate specific regulations on financial statements in each field;
responsibility, maker, period, method, deadline, places for submission of
financial statements, and publishing of financial statements.
Article 30.
Financial statements of the State
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2. Financial statements of the
State provide information about revenues and expenditures of state budget,
public funds, public debts, state capital in enterprises, assets, sources of
capital, and use of state capital. Financial statements of the State include:
a) Financial condition statement;
b) Statement of financial activity
result;
c) Cash flow statement;
d) Note to financial statements of
the State.
3. Financial statements of the
State are made as follows:
a) The Ministry of Finance shall
make nationwide financial statements, submit them to the Government for
reporting to the National Assembly; direct State Treasuries to take charge and
cooperate with finance authorities in making financial statements of local
governments and submitting them to the People’s Committees of provinces for
reporting to the People’s Councils of provinces;
b) Other regulatory agencies,
public service agencies, business organizations, and relevant units shall make
their own financial statements and provide financial information serving the
making of nationwide and local financial statements.
4. Financial statements of the
State shall be made and submitted to the National Assembly or the People’s Council
at the same time as the state budget statement according to the Law on State
budget.
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Article 31.
Published contents of financial statement
1. Accounting units using state
budget shall publish information about revenues, expenditures of state budget
in accordance with the Law on State budget.
2. Accounting units that do not use
state budget shall publish their annually revenue and expenditure statements.
3. Accounting units using the
people’s contributions shall publish the purposes and use of such
contributions, contributors, contributed amount, results, revenues and
expenditures related to such contributions.
4. Accounting units doing business
shall publish:
b) Assets, liabilities and owner’s
capital;
b) Business performance;
c) Development and use of funds;
d) Workers’ incomes;
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5. Financial statements of
accounting units that are, by law, required to be audited must be enclosed with
audit reports made by the auditing bodies.
Article 32.
Manners and deadline for publishing financial statements
1. A financial statement shall be
published in one of the following manner:
a) Publication;
b) Written notice;
c) Posting;
d) Publication on a website;
dd) Other manners prescribed by
law.
2. The manners and deadlines for
publishing financial statements of accounting units using state budget shall
comply with regulations of law on state budget.
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4. Accounting units doing business
shall publish their annual financial statements within 120 days from the end of
the annual accounting period. Where regulations of law on securities, credit,
or insurance provide for different manners and deadlines for publishing
financial statements; such regulations shall apply.
Article 33.
Audit of financial statements
1. Financial statements of
accounting units that are, by law, required to be audited must be audited
before they are submitted to competent authorities and published.
2. Audited accounting units shall
comply with regulations of law on audit.
3. Audited financial statements of
accounting units must be enclosed with audit reports when being submitted to
competent authorities.
Section 4.
ACCOUNTING INSPECTION
Article 34.
Accounting inspection
1. Accounting units shall have
their accounting works inspected by competent authorities. Accounting inspection
shall only be carried out under a decision of a competent authority as
prescribed by law, except for the authorities specified in Point b Clause 3 of
this Article.
2. The authorities that are
competent to decide accounting inspection include:
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b) Other Ministries, ministerial
agencies, Governmental agencies, other central agencies shall decide accounting
inspection of accounting units under their management;
c) The People’s Committees of
provinces shall decide accounting inspection of accounting units in their
provinces;
d) Superior units shall decide
accounting inspection of affiliated units.
3. The authorities that are
competent to carry out accounting inspection include:
a) The authorities specified in
Clause 2 of this Article;
b) State inspection agencies,
finance inspection agency, State Audit Agency, tax authorities during
inspection and audit of accounting units.
Article 35.
Contents of accounting inspection
1. An accounting inspection
consists of:
a) Inspection of performance of
accounting works;
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c) Inspection of the organization
structure and provision of accounting services;
d) Inspection of the adherence to
other regulations of law on accounting.
2. The accounting inspection
content must be specified in the decision on accounting inspection, except for
the case in Point b Clause 3 Article 34 of this Law.
Article 36.
Duration for accounting inspection
The Duration of an accounting
inspection is decided by the authority competent to carry out the accounting
inspection but not exceeding 10 days, excluding days off and public holidays
defined by the Labor Code. If the inspection content is complicated and thus
requires more time to evaluate and draw a conclusion, the inspecting authority
may extend the duration for up to 05 days, excluding days off and public
holidays defined by the Labor Code.
Article 37.
Rights and obligations of accounting inspectorates
1. During an accounting inspection,
the inspectorate must announce the decision on accounting inspection, except
for the inspectorates and audit commissions specified in Point b Clause 3
Article 34 of this Law. The accounting inspectorate is entitled to request the
accounting unit to provide accounting documents related to the accounting
inspection content and explanation where necessary.
2. At the end of the inspection,
the inspectorate shall make an inspection record and gives one copy to the
inspected unit; Any violations against regulations of law on accounting shall,
if they are within the competence of the inspectorate, be dealt with or, if
they are beyond the competence of the inspectorate, transferred to a competent
authority as prescribed by law.
3. The chief of the inspectorate is
responsible for the inspection conclusion.
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Article 38.
Rights and obligations of inspected accounting units
1. The inspected accounting unit
has the obligations to:
a) Provide the inspectorate with
accounting documents related to the accounting inspection content and
explanation at the request of the inspectorate;
b) Comply with the conclusion given
by the inspectorate.
2. The inspected accounting unit
has the rights to:
a) Refuse the inspection if it is
suspected to be beyond the competence of the inspectorate as prescribed in
Clause 2 and Clause 3 Article 34, or the inspection contents are not
conformable with Article 35 of this Law;
b) File complaints to a competent
authority if the conclusion given by the inspectorate is not concurred with.
Article 39.
Internal control and audit
1. Internal control means establishment
and implementation of internal mechanism, policies, procedures, and regulations
conformable with law meant to prevent, discover, and deal with the risks and
meet the set requirements.
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a) Its assets are protected from
improper and inefficient use;
b) The transactions are approved
intra vires and fully recorded as the basis for making and presenting truthful
and reasonable financial statements.
3. Internal audit means inspection,
assessment, and supervision of the completeness, appropriateness, and
effectiveness of internal control.
4. Objectives of internal audit:
a) Inspect the compatibility,
effectiveness, and efficiency of the internal control system;
b) Inspect and certify the quality,
reliability of economic and financial information of the financial statement
and administrative accounting report before they are submitted;
c) Inspect the adherence to the
rules for operation, management, observance of law, regulations on finance,
accounting, policies, resolutions, and decisions of the heads of the accounting
unit;
d) Discover weaknesses in the
management system; propose solutions for improvement of the management system
of the accounting unit.
5. The Government shall regulate
internal audit of enterprises, regulatory agencies, and public service
agencies.
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Article 40.
Stocktaking
1. Stocktaking means measurement of
quantity, verification and assessment of quality and value of existing assets
and sources of capital at that time in comparison with figures in the
accounting books.
2. An accounting unit shall conduct
stocktaking in the following cases:
a) At the end of the annual
accounting period;
b) Total division, partial
division, consolidation, merger, dissolution, shutdown, bankruptcy, transfer,
or lease of the accounting unit;
c) Conversion of type of business
of the accounting unit;
d) Occurrence of conflagration, flood,
and other unexpected damage;
dd) Re-evaluation of assets under a
decision of a competent authority;
e) Other cases prescribed by law.
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4. The stocktaking must truthfully
reflect the assets and sources of assets. The persons who make and sign the
stocktaking report are responsible for it.
Article 41.
Preservation and retention of accounting documents
1. Accounting documents must be
fully and safely preserved by accounting units.
2. In case of impoundment of
confiscation of accounting documents, it is required to have a record and
copies of the impounded or confiscated accounting documents; in case of loss or
damage of accounting documents, it is required to have a record and copies of
documents or a certification.
3. Accounting documents shall be
retained for 12 months from the end of the annual accounting period or
completion of accounting works.
4. The legal representative of the accounting
unit is responsible for the preservation and retention of accounting documents.
5. Duration of retention of
accounting documents:
a) For accounting documents serving
management and operation of the accounting unit, including those not directly used
for making accounting books and financial statements: at least 05 years;
b) For accounting documents
directly used for making accounting books, financial statements, accounting
books, and annual financial statements: at least 10 years, unless otherwise
prescribed by law;
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6. The Government shall regulates
types of accounting documents that need retaining, duration of retention, beginning
time of retention mentioned in Clause 5 of this Article, places for retention,
and procedures for destruction of accounting documents.
Article 42.
Responsibility of accounting units for loss or damage of accounting documents
Where accounting documents are lost
or damaged, the accounting unit shall immediately:
1. Check, determine the quantity,
conditions, cause of the loss or damaged; notify relevant entities and
competent authorities;
2. Organize a restoration of
damaged accounting documents;
3. Contact entities having
transactions and accounting documents for photocopying the documents or
certifying the loss or damage of accounting documents;
4. Regarding accounting documents
about assets that cannot be restored as set out in Clause 2 and Clause 3 of
this Article, it is required to conduct stocktaking to remake the accounting
documents that are lost or damaged.
Section 6.
ACCOUNTING WORKS IN CASE OF TOTAL DIVISION, PARTIAL DIVISION, CONSOLIDATION,
MERGER, CONVERSION, DISSOLUTION, SHUTDOWN, BANKRUPTCY OF ACCOUNTING UNITS
Article 43.
Accounting works in case of total division of an accounting unit
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a) Close accounting books, conduct
stocktaking, determine unpaid debts, and make a financial statement;
b) Distribute assets and unpaid
debts, make a transfer note, and make the accounting books according to such
transfer note;
c) Transfer accounting documents
about the assets and unpaid debts to the new accounting units
2. According to the transfer note,
new accounting units shall open and make their accounting books in accordance
with this Law.
Article 44.
Accounting works in case of partial division of an accounting unit
1. The accounting unit (transferor
unit) that undergoes a partial division and establishes a new accounting unit
(transferee unit) shall perform the following works:
a) Conduct stocktaking, determine
unpaid debts of the transferee unit;
b) Transfer assets and unpaid debts
of the transferee unit, make a transfer note, and make accounting books
according to such transfer note;
c) Transfer accounting documents
about the assets and unpaid debts to the transferee unit; the transferor unit
shall retain accounting documents that are not transferred in accordance with
Article 41 of this Law.
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Article 45.
Accounting works in case of consolidation of accounting units
1. Where several accounting units
(consolidating units) are consolidated into a new accounting unit (consolidated
unit), the following works shall be performed:
a) Close accounting books, conduct
stocktaking, determine unpaid debts, and make a financial statement;
b) Transfer all assets and unpaid
debts, make a transfer note, and make accounting books according to such
transfer note;
c) Transfer all accounting
documents to the consolidated unit.
2. The consolidated unit shall:
a) Open and make its accounting books
according to the transfer note and in conformity with this Law;
b) Consolidate financial statements
of consolidating units into a financial statement of the consolidated unit;
c) Receive, retain accounting
documents of consolidated units.
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1. The accounting unit that is
acquired by another accounting unit (acquirer) shall:
a) Close accounting books, conduct
stocktaking, determine unpaid debts, and make a financial statement;
b) Transfer all assets and unpaid
debts, make a transfer note, and make accounting books according to such
transfer note;
c) Transfer all accounting
documents to the acquirer.
2. The acquirer shall make its
accounting books according to the transfer note and in conformity with this
Law.
Article 47.
Accounting works in case of conversion of an accounting unit
1. The converted accounting unit
shall:
a) Close accounting books, conduct
stocktaking, determine unpaid debts, and make a financial statement;
b) Transfer all assets and unpaid
debts, make a transfer note, and make accounting books according to such
transfer note;
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2. According to the transfer note,
new converted unit shall open and make their accounting books in accordance
with this Law.
Article 48.
Accounting works in case of dissolution, shutdown, or bankruptcy of an
accounting unit
1. The accounting unit that is
dissolved or shut down shall:
a) Close accounting books, conduct
stocktaking, determine unpaid debts, and make a financial statement;
b) Open an accounting book to
monitor economic/financial transaction related to the dissolution or shutdown;
c) Transfer all accounting
documents of the dissolved or shut down accounting unit to the superior
accounting unit or an entity in charge of document retention in accordance with
Article 41 of this Law.
2. Where an accounting unit is
declared bankrupt, the declaring court shall appoint a person in charge of the
accounting works specified in Clause 1 of this Article.
Chapter III
ORGANIZATION OF ACCOUNTING APPARATUS AND ACCOUNTANTS
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1. Every accounting unit must
organize the accounting apparatus, appoint accountants, or purchase external accounting
services.
2. The organization of the
accounting apparatus, appointment of accounting, the chief accountant,
accounting practitioners, or purchase of accounting services or chief
accountant’s services shall comply with regulations of the Government.
Article 50.
Responsibilities of accounting unit’s legal representative
1. Organize the accounting
apparatus, appointment of accountants, or decide to hire accounting firms or
accounting households in accordance with this Law.
2. Appoint the chief accountant or
purchase chief accountant’s services in accordance with this Law, unless
otherwise prescribed by other laws.
3. Organize and direct accounting
works in the accounting unit in accordance with regulations of law on accounting
and take responsibility for the damage caused by the legal representative’s
misconduct; take joint responsibility for misconduct by others people under the
legal representative’s management.
4. Organize internal accounting
inspection and accounting inspection of inferior units.
Article 51.
Standards, rights and obligations of accountants
1. Every accountant must meet the
standards below:
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b) Have professional accounting
knowledge and skills.
2. Accountants have the right to
perform accounting works independently.
3. Accountants must comply with
regulations of law on accounting, perform given tasks, and take responsibility
for their performance. When an accountant is replaced, the replaced accountant
shall hand over his/her works and documents to the replacing accountant. The
replaced accountant is still responsible for the accounting works done during
his/her practice.
Article 52.
People prohibited from practicing accounting
The following people are prohibited
from practicing accounting:
1. Minors; people who completely or
partly lose their civil capacity as declared by the court; people forcibly sent
to reform schools or rehabilitation centers.
2. People banned from practicing accounting
under an effective court’s judgment or decision; people undergoing criminal
prosecution; people sentenced to imprisonment or were convicted of economic
crimes or other crimes related to finance, accounting and have not had their
criminal records expunged.
3. Parents, adoptive parents,
spouses, children, siblings of the legal representative, head, Director,
General Director, deputies of the head, Deputy Director, Deputy General
Director in charge of finance – accounting, and the chief accountant of the
same accounting unit, except for private enterprises, single-member limited
liability companies owned by individuals, and other cases specified by the
Government.
4. People holding the position of
managers, executive officers, treasurers, warehouse-keepers, buyers or sellers
of assets in the same accounting unit except for private enterprises,
single-member limited liability companies owned by individuals, and other cases
specified by the Government.
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1. The chief accountant is the head
of a unit’s accounting apparatus and in charge of execution of accounting works
therein.
2. Chief accountants of regulatory
agencies, organizations and public service agencies using state budget, and
enterprises whose over 50% charter capital is held by the State, apart from the
tasks specified in Clause 1 of this Article, are also responsible for assisting
the accounting units’ legal representatives in financial supervision of the
accounting units.
3. The chief accountant is subject
to direction by the accounting unit’s legal representative and also direction
and inspection by the chief accountant of the superior accounting unit, if any,
in terms of professional works.
4. Where the chief accountant is
replaced by another accountant, such accountant must satisfy the standards and
conditions specified in Clause 1 Article 54 of this Law, and perform the chief
accountant’s rights and obligations specified in Article 55 of this Law.
Article 54.
Standards and conditions for chief accountants
1. A chief accountant must meet the
standards below:
a) Meet the standards specified in
Clause 1 Article 51 of this Law;
b) Have at least an associate
degree in accounting;
c) Have a certificate of training
in chief accountant’s techniques;
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2. The Government shall specify
standards and conditions for chief accountants that suit each type of
accounting units.
Article 55.
Rights and obligations of chief accountants
1. A chief accountant has the
responsibility to:
a) Comply with regulations of law
on accounting and finance of accounting units;
b) Organize the operation of the
accounting apparatus in accordance with this Law;
c) Make financial statements in
accordance with accounting regimes and accounting standards.
2. The chief accountant has the
right to perform accounting works independently.
3. Chief accountants of regulatory
agencies, organizations and public service agencies using state budget, and
enterprises whose over 50% charter capital is held by the State, apart from the
rights specified in Clause 2 of this Article, also have the right to:
a) Offer opinions in writing about
employment, reassignment, pay raise, commendation, and disciplinary actions for
accountants, warehouse-keepers, and treasurers;
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c) Preserve his/her opinions in
writing if they are at odds with that of the decision maker;
d) Submit written reports to the
legal representative of the accounting unit on discovered violations against
regulations of law on finance and accounting in the unit. If the decision has
to be complied with, the report shall be sent to the person superior to the
decision maker or a competent authority. In this case the chief accountant is
not responsible for the implementation of such decision.
Article 56.
Purchase of accounting services and chief accountant’s services
1. An accounting unit may enter
into a contract with an accounting firm or accounting household to provide
accounting services or chief accountant’s services in accordance with law.
2. The purchase of accounting
services or chief accountant’s services must be made into a contract in
accordance with law.
3. The accounting unit that
purchases accounting services or chief accountant’s services shall provide
adequate and accurate information and documents related to such services and
fully pay for the services as agreed in the contract.
4. The hired chief accountant must
satisfy the standards and conditions specified in Article 54 of this Law.
5. Accounting firms, accounting
households, hired accountants, and hired chief accountants are responsible for
accounting information and data as agreed in the contracts.
Chapter IV
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Article 57.
Accountant certificate
1. A person must meet the standards
below in order to obtain the accountant certificate:
a) Comply with professional ethics,
be truthful, integrated, and abide by law.
b) Have a bachelor’s degree or
higher in finance, accounting, audit, or another discipline specified by the
Ministry of Finance;
c) Pass the examination for the
accountant certificate.
2. The holder of an accounting
expert certificate or accounting practitioner certificate issued by a foreign
organization or an international accounting organization that is accredited by
the Ministry of Finance of Vietnam shall be granted an accountant certificate
if he/she pass the examination in Vietnam’s economics, finance, and accounting
laws and meet the standards specified in Point a Clause 1 of this Article.
3. The Ministry of Finance shall
specify conditions for taking the examination for the accountant certificate,
procedures for issuance and revocation of the accountant certificate.
Article 58.
Registration of accounting practice
1. The holder of an accountant
certificate or auditor certificate according to the Law on Independent audit
may register his/her accounting practice through an accounting firm or
accounting household if he/she:
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b) Has at least 36 months’
experience of finance, accounting, or audit works since graduation from
university; and
c) Has participated in every
mandatory refresher course.
2. The person who satisfies all
conditions in Clause 1 of this Article may register and be granted the
Certificate of Accounting Practice Registration The Ministry of Finance shall
specify procedures for issuance and revocation of the Certificate of Accounting
Practice Registration.
3. The Certificate of Accounting
Practice Registration is only valid when its holder has a full-time contract
with an accounting firm or an accounting household.
4. The following people must not
register accounting practice:
a) Officials and public employees;
professional servicemen and officers; national defense workers and public
employees, police officers.
b) People banned from practicing
accounting under an effective court’s judgment or decision; people undergoing
criminal prosecution; people sentenced to imprisonment or were convicted of
economic crimes or other crimes related to finance, accounting and have not had
their criminal records expunged; people put on probation, and people forcibly
sent to reform schools or rehabilitation centers.
c) People convicted of serious
economic crimes and have not had their criminal records expunged.
d) Any person that incurred a
penalty for an administrative violation against regulations of law on finance,
accounting, audit within the previous 06 months, if the penalty is a warning,
or 01 years, if the penalty is other than a warning.
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Article 59.
Accounting firms
1. An accounting firm may be in
established in the form of:
a) A multi-member limited liability
company; or
b) A partnership; or
c) A private enterprise.
2. The firm may only provide
accounting services after all conditions specified in this Law are satisfied
and the Certificate of eligibility to provide accounting services is obtained.
3. The accounting firm must not
contribute capital to establishment of another accounting firm, except for
contribution of capital together with a foreign accounting firm to
establishment of an accounting firm in Vietnam.
4. The foreign accounting firm
shall provide accounting services in Vietnam in the following manners:
a) Contributing capital together
with an existing accounting firm in Vietnam to establish an accounting firm;
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c) Provide accounting services
across the border as prescribed by the Government.
Article 60.
Conditions for issuance of the Certificate of eligibility to provide accounting
services
1. A multi-member limited liability
company shall be granted the Certificate of eligibility to provide accounting
services after all of the conditions below are satisfied:
a) The company has a Certificate of
Enterprise Registration, Investment Registration Certificate, or an equivalent
document as prescribed by law;
b) At least two capital
contributors (members) are accounting practitioners;
c) The legal representative,
Director or General Director of the company is an accounting practitioner;
d) The accounting practitioners’
holdings in the enterprise, the holdings of members being organizations are
conformable with regulations of the Government.
2. A partnership shall be granted
the Certificate of eligibility to provide accounting services after all of the
conditions below are satisfied:
a) The partnership has a
Certificate of Enterprise Registration, Investment Registration Certificate, or
an equivalent document as prescribed by law;
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c) The legal representative,
Director or General Director of the partnership is an accounting practitioner.
3. A private enterprise shall be
granted the Certificate of eligibility to provide accounting services after all
of the conditions below are satisfied:
a) The enterprise has a Certificate
of Enterprise Registration, Investment Registration Certificate, or an
equivalent document as prescribed by law;
b) There are at least two
accounting practitioners in the enterprise;
c) The owner of the private
company, who holds the position of Director, is an accounting practitioner.
4. A branch in Vietnam of a foreign
accounting firm shall be granted the Certificate of eligibility to provide
accounting services after all of the conditions below are satisfied:
a) The foreign accounting firm is
permitted to provide accounting services according to regulations of law of its
home country;
b) There are at least two
accounting practitioners, including the Director or General Director of the
branch;
c) The Director or General Director
of the branch does not concurrently hold the position of manager or executive
officer of another enterprise in Vietnam;
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5. Within 06 months from the date
of accounting service registration, if the accounting firm or branch of a
foreign accounting firm is not granted the Certificate of eligibility to
provide accounting services, or the Certificate of eligibility to provide
accounting services has been revoked, the accounting firm or branch of a
foreign accounting firm must promptly request the business registration authority
to remove the phrase “dịch vụ kế toán” (“accounting services”) from its name.
Article 61.
Application for Certificate of eligibility to provide accounting services
1. An application form for the
Certificate of eligibility to provide accounting services.
2. Copies of the Certificate of
Enterprise Registration, Investment Registration Certificate, or an equivalent
document.
3. Copies of Certificates of
Accounting Practice Registration of accounting practitioners.
4. Employment contracts between the
accounting firm and accounting practitioners.
5. Documents proving capital
contribution (for limited liability companies).
6. The company’s charter (for
partnerships and limited liability companies).
7. A written commitment to take
responsibility by the foreign firm; documents proving the foreign firm is
permitted to provide accounting services (for branches in Vietnam of foreign
accounting firms).
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1. Within 15 days from the receipt
of the satisfactory application, the Ministry of Finance shall issue the
Certificate of eligibility to provide accounting services. If the application
is rejected, explanation must be provided in writing.
2. If the application needs
clarifying, the Ministry of Finance shall request the applicant to provide
explanation. The time limit for issuance of the Certificate of eligibility to
provide accounting services begins from the date of receipt of additional
documents.
Article 63.
Reissuance of Certificate of eligibility to provide accounting services
1. The Certificate of eligibility
to provide accounting services shall be reissued in the following cases:
a) There is a change in the name,
legal representative, Director, General Director, and address of the firm’s
headquarters or branch of the foreign accounting firm;
b) The Certificate of eligibility
to provide accounting services is lost or damaged.
2. Application for reissuance of
the Certificate of eligibility to provide accounting services:
a) An application form for
reissuance of the Certificate of eligibility to provide accounting services;
b) The original Certificate of eligibility
to provide accounting services, except for the case in Point b Clause 1 of this
Article;
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3. Within 15 days from the receipt
of the satisfactory application, the Ministry of Finance shall reissue the
Certificate of eligibility to provide accounting services. If the application
is rejected, explanation must be provided in writing.
Article 64.
Fees for issuance and reissuance of the Certificate of eligibility to provide
accounting services
An accounting firm that is issued
or reissued with the Certificate of eligibility to provide accounting services
shall pay fees as prescribed by law.
Article 65.
Accounting households
1. A business household may provide
accounting services after all of the conditions below are satisfied:
a) The household has a certificate
of business household registration;
b) The individual or representative
of the group of individuals who establish the business household is an
accounting practitioner.
2. Accounting households are not
required to have the Certificate of eligibility to provide accounting services.
Article 66.
Changes to be notified to the Ministry of Finance
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a) Changes to the list of
accounting practitioners in the firm;
b) One, some, or all of the
conditions for provision of accounting services specified in Article 60 of this
Law are not satisfied;
c) Changes to the firm’s name or
headquarters’ address;
d) Changes to the Director, General
Director, legal representative, or holdings of members/partners;
dd) Suspension of provision of
accounting services;
e) Establishment, shutdown, or
changes to the names of addresses of the accounting firm’s branches;
g) Total division, partial
division, acquisition, consolidation, conversion, or dissolution of the
accounting firm.
2. Within 10 days from the
occurrence of any of the changes below, the accounting household must send a
written notification to the Ministry of Finance: a) Changes to the list of
accounting practitioners;
b) Changes to the household’s name;
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Article 67.
Responsibility of accounting practitioners, accounting firms, and accounting
households
1. Perform accounting works as
agreed in the contract.
2. Comply with regulations of law
on accounting and code of ethics for accountants.
3. Take responsibility to the
clients for provided accounting services and pay compensation for any damage
caused.
4. Keep improving professional
knowledge and skills, participating in annual refresher courses as prescribed
by the Ministry of Finance.
5. Comply with accounting service
quality control by the Ministry of Finance or an accounting association
authorized by the Ministry of Finance.
6. Buy professional liability
insurance as prescribed by the Government.
Article 68. Cases
in which provision of accounting services are prohibited
The accounting firm or accounting
household must not provide accounting services for another accounting unit when
the manager or executive officer of the accounting firm or representative of the
accounting household or the person who directly provides accounting services:
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2. Has a economic – financial
relationship with such accounting unit; or
3. Does not have adequate
professional knowledge or does not satisfy all conditions for provision of
accounting services; or
4. Is providing chief accountant’s
services for a client who has a economic – financial relationship with such
accounting unit; or
5. Is requested by the accounting
unit to work against the code of ethics or professional requirements; or
6. Other cases prescribed by law.
Article 69.
Suspension of provision of services and revocation of Certificate of
eligibility to provide accounting services, Certificate of Accounting Service
Registration
1. An accounting firm shall be
suspended from providing accounting services in one of the following cases:
a) One, some, or all of the
conditions specified in Article 60 of this Law are not satisfied for 03
consecutive months;
b) There are professional errors or
violations against accounting standards or code of ethics for accountants that
cause serious consequences or are likely to cause serious consequences.
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b) Accounting services are not
provided for 12 consecutive months;
c) The errors or violations
mentioned in Clause 1 of this Article are not eliminated within 60 days from
the suspension date;
d) The firm is dissolved, goes
bankrupt, or suspends the accounting service provision itself;
dd) The Certificate of Enterprise
Registration, Investment Registration Certificate, or an equivalent document is
revoked;
e) The firm falsifies accounting
documents, financial statements and provides false information and reports, or
colludes with another entity in doing so;
g) The Certificate of eligibility
to provide accounting services is forged or falsified.
3. The accounting firm whose
Certificate of eligibility to provide accounting services is revoked shall
immediately stop providing accounting services from the effective date of the
decision on revocation.
4. An accounting household shall be
suspended from providing accounting services when there are professional errors
or violations against accounting standards or code of ethics for accountants
that cause serious consequences or are likely to cause serious consequences.
5. An accounting household shall be
shut down in one of the following cases:
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b) The errors or violations
mentioned in Clause 4 of this Article are not eliminated within 60 days from
the suspension date;
c) Accounting service provision is
terminated;
d) The household falsifies
accounting documents, financial statements and provide false information and
reports, or colludes with another entity in doing so;
dd) The household has its
certificate of business household registration revoked;
e) All accounting practitioners in
the same business household have their Certificates of Accounting Service
Registration revoked.
6. An accounting practitioner shall
be suspended from providing accounting services in one of the following cases:
a) There are professional errors or
violations against accounting standards or code of ethics for accountants that
cause serious consequences or are likely to cause serious consequences.
b) The conditions for practicing
are no longer satisfied;
c) Regulations of competent
authorities on accounting inspection are not complied with;
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7. An accounting practitioner shall
have his/her Certificate of Accounting Service Registration revoked in one of
the following cases:
a) Fraudulent documents are used to
apply for the Certificate of Accounting Service Registration;
b) The accountant certificate is
revoked;
c) The practitioner is convicted
under an effective court’s judgment.
Article 70.
Accounting associations
1. Accounting associations shall be
established and operated in accordance with regulations of law on associations
and accounting.
2. Accounting associations may
provide refresher courses for accountants and accounting practitioner, and
perform certain tasks related to accounting works defined by the Government.
Chapter V
STATE MANAGEMENT OF ACCOUNTING
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1. The Government shall unify state
management of accounting
2. The Ministry of Finance is
responsible to the Government for state management of accounting and has the
duties and entitlements below:
a) Develop and submit strategies
and policies on accounting development to the Government;
b) Develop and promulgate
legislative documents on accounting, or submit them to the Government for
promulgation;
c) Issue, reissue, revoke
Certificates of Accounting Service Registration and Certificates of eligibility
to provide accounting services; suspend accounting practice and provision of
accounting services.
d) Decide the examination, issuance,
revocation, and management of accountant certificates;
dd) Carry out accounting
inspections; inspect accounting services; supervise the observance of
accounting standards and accounting regimes;
e) Regulate update of accounting
practitioners’ knowledge;
g) Organize and manage scientific
research into accounting and application of information technology to
accounting works;
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i) Seek international cooperation
in accounting.
3. Other Ministries, ministerial
agencies, within the scope of their duties and entitlements, shall cooperate
with the Ministry of Finance in state management of accounting.
4. The People’s Committees of
provinces, within the scope of their duties and entitlements, are in charge of
state management of accounting in their provinces.
Chapter VI
IMPLEMENTATION
Article
72. Effect
1. This Law comes
into force from January 01, 2017.
2. The Law on Accounting
No. 03/2003/QH11 on June 17, 2003 is annulled from the effective date of this
Law.
Article
73. Transition
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2. Within 24
months from the effective date of this Law, accounting firms established before
such date must satisfy all conditions specified therein to be granted the
Certificate of eligibility to provide accounting services. Otherwise, the
provision of accounting services must be terminated.
3. Accounting
practitioner certificates issued to Vietnamese citizens and foreigners under
the Law on Accounting No. 03/2003/QH11 on June 17, 2003 are as valid as
accountant certificates specified in this Law.
Article
74. Elaboration
1. The Government
and the Ministry of Finance shall elaborate the Articles and Clauses of this
Law.
2. Pursuant to basic principles of
this Law, the Government shall specify accounting works of representative
offices of foreign enterprises operating Vietnam, business households, and
artels.
This Law is
ratified by the 13th National Assembly of Socialist Republic of
Vietnam during the 10th session on November 20, 2015.
PRESIDENT
OF THE NATIONAL ASSEMBLY
Nguyen Sinh Hung
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