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STATE BANK OF
VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
22/2017/TT-NHNN
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Hanoi, December
29, 2017
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CIRCULAR
ON
THE AMENDMENT OF, SUPPLEMENTATION TO SEVERAL ACCOUNTS IN THE CHART OF ACCOUNTS
OF CREDIT INSTITUTIONS ISSUED TOGETHER WITH THE DECISION NO. 479/2004/QD-NHNN
DATED APRIL 29, 2004 AND THE FINANCIAL REPORTING POLICIES APPLICABLE TO CREDIT
INSTITUTIONS ISSUED TOGETHER WITH THE DECISION NO. 16/2007/QD-NHNN DATED APRIL
18, 2007 OF THE GOVERNOR OF THE STATE BANK
Pursuant to the Law on the State bank of Vietnam
dated June 16, 2010;
Pursuant to the Law on credit institutions dated
June 16, 2010 and the Law on amendments to some Articles of the Law on credit
institutions dated November 20, 2017;
Pursuant to the Law on accounting dated November
20, 2015;
Pursuant to the Decree No. 16/2017/ND-CP dated
February 17, 2017 of the Government providing for the functions, duties,
authorities and organizational structure of the State bank of Vietnam;
At the request of the Director General of the
Department of Finance and Accounting;
The Governor of the State bank of Vietnam hereby
promulgates the Circular on amendment of, supplementation to several accounts
in the chart of accounts of credit institutions issued together with the
Decision No. 479/2004/QD-NHNN dated April 29, 2004 and the financial reporting
policies applicable to credit institutions issued together with the Decision
No. 16/2007/QD-NHNN dated April 18, 2007 of the Governor of the State bank
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1. Point 8 Section I- General
provisions is amended as follows:
“8. Recognition of transactions related to
foreign currencies and gold
The recognition on foreign currency accounts
specified in this Chart of accounts shall be implemented as follows:
8.1. Conduct counterpart accounting balancing
between foreign currency accounts and each foreign currency.
8.2. Regarding purchase or sale of foreign
currencies, both corresponding foreign currency entry and Vietnam dong entry
shall be recorded at the same time.
8.3. Gold of credit institution shall be recognized
similarly to foreign currency (Gold is treated as a type of foreign currency),
the unit of calculation is tael of 99.99% purity gold and gold sale/purchase
shall be recognized in accounts 4711 and 4712 similarly to the recognition of
sale and purchase of foreign currency.
8.4. Income and profit in foreign currencies shall
be converted into Vietnam dong through the account for purchase and sale of
foreign currencies to be recognized in the income and profit accounts in
Vietnam dong.
8.5. Exchange rate
a) The exchange rate used in purchase or sale of
foreign currencies/gold shall be the real exchange rate at the time of
occurrence of economic/financial transactions.
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(i) Credit institutions authorized to trade in
foreign currencies: The average exchange rate for spot selling and buying of
such foreign currency (hereinafter referred to as ‘spot exchange rate') of the
credit institution at the time of occurrence of economic/financial transactions
or the average spot exchange rate of all exchange rate changes at the date of
transaction.
(ii) Credit institutions not authorized to trade in
foreign currencies: The spot exchange rate at the time of occurrence of
economic/financial transactions of the commercial bank where the credit
institution regularly trade during the accounting period.
(iii) If the credit institution does not have the
spot exchange rate between such foreign currency and VND, it shall be exchanged
into another foreign currency that has an exchange rate with VND and is listed
on the Reuters chart or Bloomberg chart or other methods if it is not listed on
the Reuters or Bloomberg chart at the time of exchange.
8.6. At the end of a month/quarter/year, when
preparing the balance sheet converted from each type of foreign currencies, the
credit institution shall convert the balance and turnover of the foreign
currency account into VND for synthesis and recognition into the monthly
balance sheet in VND as follows:
a) Credit institutions authorized to trade in
foreign currencies:
(i) Currency items with foreign currency origin
shall be:
Convert at the spot exchange rate (regarding gold
converted at the average selling and buying rate) at the end of the last
working day of the month/quarter/year of the credit institution if the
difference between this rate and the weighted average buying and selling rate
of the last working day of the month/quarter/year is less than 1%.
If the difference between the spot exchange rate at
the end of the last working day of the month/quarter/year and the weighted
average buying and selling rate of the last working day of the
month/quarter/year is 1% or more, the credit institution shall use the weighted
average buying and selling rate of the last working day of the
month/quarter/year.
The weighted average buying and selling rate is the
sum of the weight average buying rate and the weighted average selling rate
divided by 2.
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If the credit institution does not have the spot
exchange rate between such foreign currency and VND at the last day of the
month/quarter/year, the credit institution shall exchange such foreign currency
into another foreign currency that has an exchange rate with VND and is listed
on the Reuters chart or Bloomberg chart or other methods if it is not listed on
the Reuters or Bloomberg chart at the time of exchange.
(ii) Non-currency items (contribution of capital in
foreign currency, etc.) shall be converted at the exchange rate at the
transaction day.
b) Credit institutions not authorized to trade in
foreign currencies:
(i) Currency items with foreign currency origin
shall be converted at the spot exchange rate at the end of the last working day
in the month/quarter/year of the commercial bank where most of the transactions
of the credit institution are made during the accounting period.
If the credit institution does not have the spot
exchange rate between such foreign currency and VND at the last day of the
month/quarter/year, the credit institution shall exchange such foreign currency
into another foreign currency that has an exchange rate with VND and is listed on
the Reuters chart or Bloomberg chart or other methods if it is not listed on
the Reuters or Bloomberg chart at the time of exchange.
(ii) Non-currency items (contribution of capital in
foreign currency, etc.) shall be converted at the exchange rate at the
transaction day.
8.7. Credit institutions using foreign currency as
the accounting currency shall recognize the transactions using the currencies
other than the accounting currency similarly to Point 8.4, 8.5 and 8.6.
8.8. Wholly foreign-owned credit institutions and
branches of foreign banks may apply international accounting standards for
outward forex transactions and derivative contracts; at the same time prepare
notes explaining the differences between the international accounting standards
and the Vietnamese accounting standards, the effect of the differences on
financial statements.
8.9. The recognition of foreign currency
transactions of people’s credit funds and microfinance institutions shall be
guided in the Official Dispatch of the State bank on the basis of applying the
abovementioned regulations in accordance with the operational characteristics
of such people’s credit funds and microfinance institutions.”
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a) Name of Account 20- Lending to other credit
institutions is changed into “Credit extension to other credit institutions”.
b) Name of Account 275- Other lending is changed
into “Other credit extensions”.
c) Name of Account 387- Foreclosed assets of which
ownership has been transferred to credit institutions, pending for settlement
is changed into “Assets put up as replacement for the fulfillment of the
guarantor‘s obligation of which ownership has been transferred to credit
institutions, pending for settlement”.
d) Name of Account 41- Debts to other credit
institutions is changed into “Debts to other credit institutions and financial
institutions”.
dd) Account 419- Borrowings through discount,
rediscount of negotiable instruments and other financial instruments is amended
as follows:
(i) Name of Account 419 is changed into “Other
receipts of credit extensions”;
(ii) Tier III Accounts “4191 – Receipt of credit
extension under the form of discount, rediscount of negotiable instruments and
other financial instruments” and “4199- Other receipt of credit extension” are
added.
e) Tier III Account “9823- Interests on loans under
capital syndication contracts” is added to Account 982- Lending under
syndication contracts.
g) Tier III Account “9833- Interests from credit
granting under entrustment contract” is added to Account 983- Credit granting
under entrustment contract.
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(i) Name of Account 994 is changed into “Assets,
financial instruments mortgaged or pledged by customers
(ii) Tier III Accounts “9941 – Assets, financial
instruments mortgaged or pledged by customers” and “9942- Financial instruments
for discount, rediscount whose ownership have been transferred of customers”
are added.
i) Account 996- Financial instruments pledged by
customers is amended as follows:
(i) Name of Account 996 is changed into “Debt-based
financial instruments, financial instruments for discount, rediscount whose
ownership have been transferred of customers for use”;
(ii) Tier III Accounts “9961 – Debt-based financial
instruments” and “9962- Financial instruments for discount, rediscount whose
ownership have been transferred of customers for use” are added.
3. Section III-
Recognition of accounts (amended in Clause 2 Article 2 of the Circular No.
10/2014/TT-NHNN dated March 20, 2014 on the amendment of, supplement to several
accounts in the accounts system of credit institutions issued in conjunction
with the Decision No. 479/2004/QD-NHNN) is amended as follows:
a) Name of Account 20- Lending to other credit
institutions is changed into “Credit extension to other credit institutions”.
b) Name of Account 275- Other lending is changed
into “Other credit extensions”.
c) Account 34 is amended as follows:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
This account is used for recognizing the value and
changes of long term capital contributions, investments of the credit
institution.
The Accounting on this account shall comply with
the following regulations:
1. Accounting on this account
shall consist of: Capital contributions for subsidiaries, capital contributions
for joint venture in jointly controlled entities, capital contributions in
associates and other long term investments that are not yet listed in the securities
market (long term investments have already been listed in securities market
shall be recognized in Account 15 – Investment securities available for sale
appropriately).
2. If an asset is contributed
as capital, the investor must re-assess such asset under the agreement between
contributing parties. The difference between the book value or remaining value
and re-assessed value of the asset shall be recognized as other income or other
expense.
3. An investment shall be
recorded at its historical cost which comprises buying price plus (+) directly
attributable costs (if any), such as transactions, brokerage, consultancy,
auditing, fees, taxes and banking fees, etc. In case of investment by an asset,
the cost of the investment shall be recorded according to the fair value of the
asset at the time the financial, economic transactions arising.
4. The credit institution must
keep records of the capital contributions for subsidiaries, capital
contributions for joint venture in jointly controlled entities, capital
contributions in associates and other long term investments. A long term
financial investment shall be recognized when the ownership is acquired by the
credit institution.
5. The credit institution
shall fully and promptly recognize all dividends and distributed profits to
Account 78- Incomes from capital contribution, share purchase and recognize
them on the separate financial statement of the parent company at the time of
receipt. The dividends and distributed profits, in some cases, shall be recognized
as follows:
a) Dividends and distributed profits in the form of
cash or asset received after investment date shall be recorded as financial
income according to the fair value on the date of receipt;
b) Dividends and distributed profits in the form of
cash or non-monetary asset received before investment date shall be recorded as
a decrease in investment value instead of financial income;
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d) If the dividends are received in the form of
shares, it is required to follow rules below:
(i) Non wholly state-owned credit institutions
shall only keep track of number of shares stated in the notes to financial
statement, but not record an increase in value of investment and financial
income;
(ii) Wholly state-owned credit institutions shall
comply with regulations of law on wholly state-owned companies.
6. If the capital
contributions and investments are in foreign currency, the credit institution
must convert them into the accounting currency in accordance with the exchange
rate specified in Point 8 Section I- General provisions. The credit institution
shall not revaluate the capital contribution even if the exchange rate
difference is for recording an increase or decrease in capital contribution.
Account 34 has the following tier II and III
accounts:
341- Investments in subsidiaries in VND
342- Capital contributions for joint venture in VND
3421- Capital contributions for joint venture with other credit institutions
3422- Capital contributions for joint venture with business entities
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344- Other long term investments in VND
345- Investments in subsidiaries in foreign
currency
346- Capital contributions for joint venture in
foreign currency
3461- Capital contributions for joint venture with other credit institutions
3462- Capital contributions for joint venture with business entities
347- Investments in associate companies in foreign
currency
348- Other long term investments in foreign
currency
349- Provisions for decline in value of long term
investment
Account 341- Investments in subsidiaries in
VND
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
This account is used for recognizing the present
value and changes of capital contributions in subsidiaries. A subsidiary is a
company that is specified in Clause 30 Article 4 of the Law on credit
institutions.
Recognition on this account shall be in accordance
with the regulations on recognition of account 34, Vietnamese Accounting
Standard No. 25 – Consolidated financial statements and the following
regulations:
Accounting of transactions arising during the
business consolidation of the credit institution defined as the buyer in case
of business consolidation that results in parent-subsidiary relationship shall
comply with the Vietnamese Accounting Standard No. 11 – Business Consolidation
and the Circular guiding this document.
Debit:
- Increase in actual value of the investments in
subsidiaries
Credit:
- Decrease in actual value
of the investments in subsidiaries
Debit balance:
- Actual value of the
current investments in subsidiaries
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Open a detailed account
for each subsidiary.
Account 342- Capital contributions for joint
venture in VND
Account 346- Capital contributions for joint
venture in foreign currency
This account is used for recognizing the entire capital
contribution for joint venture in the form of establishment of jointly
controlled entity and the recovery of contributed capital for joint venture
upon the termination of the joint venture contract.
The jointly controlled entity is established by capital
contributors. The jointly controlled entity is newly established, independently
operates as an enterprise but still subject to the control of the joint venture
parties under the joint venture contract. The jointly controlled entity shall
perform its own accounting in accordance with effective law provisions on
accounting.
Capital contributed in the jointly controlled
entity shall include all types of assets and funds belonging to the ownership
of the enterprise, including long term loan fund used for the capital
contribution.
Recognition on this account shall be in accordance
with the regulations on recognition of account 34, Vietnamese Accounting
Standard No. 08 – Financial information on capital contributions for joint
venture and the following regulations:
1. The investment in jointly
controlled entity shall be recognized on this account as long as the credit
institution has joint controlling power over financial policies and operation
of the invested jointly controlled entity. Where the credit institution has no
longer jointly controlling power, the investment in the jointly controlled
entity shall be recognized as a decrease on these accounts.
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3. The value of capital
contributed in jointly controlled entities recognized on this account shall be
the value of contributed capital that is unanimously assessed and approved by
the joint venture parties in the minutes of capital contribution.
4. Directly-attributable expenses
to investments in joint ventures or jointly controlled entities shall be
recorded to financial expenses within a period.
5. Upon recovering contributed
capital for joint venture, the contributed capital amount shall be recognized
as a decrease based on the value of the assets and amount of money returned by
the jointly controlled entity. If incurring any loss due to the fact that the
contributed capital cannot be fully recovered, this loss shall be recorded as a
cost of business operation of the credit institution. If the recovered amount
is higher than the contributed capital, this gain shall be recorded as income
from capital contribution, share purchase.
6. Parties who contribute
capital to the jointly controlled entity shall be entitled to transfer their
contributed capital within the joint venture. If the transferred value is
higher than the capital contributed to the jointly controlled entity, the
interest difference due to capital transfer shall be reflected to the Credit
side of account other incomes. On the contrary, if the transferred value is
lower than the contributed capital, the difference shall be loss from capital
transfer and be reflected to the Debit side of account other expenses.
7. The jointly controlled
entity shall not record the expenses that are incurred relevant to the transfer
of contributed capital of the joint venture parties.
8. Credit institutions
repurchasing the stake of other parties in the jointly controlled entity shall
recognize such stake at the actual purchasing price.
Debit:
- Increase in the amount of capital contributed
for joint venture in jointly controlled entities increased
Credit:
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Debit balance:
- Amount of capital
contributed for joint venture in jointly controlled entities available at the
end of the period of the credit institution.
Detailed recognition:
- Open a detailed account
for each jointly controlled entity.
Account 343- Investments in associate
companies in VND
Account 347- Investments in associate
companies in foreign currency
This account is used for recognizing the value of
the direct investment by the investor in an associate company and changes of
the value of the investments in associate companies. An associate company is a
company that is specified in Clause 29 Article 4 of the Law on credit
institutions.
The recognition of this account shall comply with
the provisions on recognition of account 34 and the following regulations:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Regarding the investments in
listed joint-stock companies, the recognition by the credit institution shall
be based on the actual paid amount when purchasing the shares, including costs
directly related to the share purchase and the official notice from the Securities
Exchange on the purchase of shares of the associate company owned by the
investor;
- Regarding the investments in
unlisted joint-stock companies, the recognition shall be based on the ownership
certificate to the shares and the written receipt of money from sale of shares
of the invested company or the documents for purchase of such investments;
- Regarding investments in
other types of enterprises, the recognition shall be based on the minutes of
capital contribution, documents or vouchers for purchase or sale of such
investments;
- The credit institution shall
only record the dividends and profits distributed from associate companies when
receiving official notices from the associate companies on the amount of
dividends to be received or profits to be distributed in the period.
Debit:
- Increase in historical value of the investments
in associate companies
Credit:
- Decrease in historical
cost of the investments due to receiving benefits other than distributed
profits.
- Decrease in historical
cost of the investments due to selling or liquidating the entire or a part of
the investment.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Historical value of the
current investments in associate companies
Detailed recognition:
- Open a detailed account
for each associate company.
Account 344- Other long term investments in
VND
Account 348- Other long term investments in
foreign currency
This account is used for recognizing the present
value and changes of other long term investments (other than investments in
subsidiaries, capital contribution in jointly controlled entities, investments
in associate companies as specified in Clause 29 Article 4 of the Law on credit
institutions and stocks listed in securities markets).
The recognition of this account shall comply with
the provisions on recognition of account 34 and the following regulations:
The accountant shall record in details under the
following criteria:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Regarding contractual
capital contributions which are unlisted on the market: Record in details by
each capital contributor.
Debit:
- Increase in other long term investments.
Credit:
- Decrease in other long
term investments.
Debit balance:
- Value of the current long
term investments of the credit institution.
Detailed recognition:
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Account 349- Provisions for decline in value
of long term investment
This account is used for recognizing the current
balance and increase (decrease) of provisions for the decline in value of long
term investments.
The recognition of this account shall comply with
the following regulations:
1. The setting up for
provision shall comply with law provisions on setting up and use of provision.
2. If the amount of provision
to be set up in the current year is higher than the amount of provision stated
in the accounting books, such difference shall be recorded to expenses of the
current period. If the amount of provision to be set up in the current year is
lower than the provision balance set up for previous year that is not yet used
up, such difference shall be recorded as a decrease in expenses, in case where
the balance of the expense account is not enough to cover the reverse of
provision, the remaining shall be reversed to the income account.
3. The provision for decline
in value of financial investments shall be used for covering the loss of long
term investments actually incurred due to such causes as the investor going
bankrupt, natural disaster, etc. which lead to the investment being
unrecoverable or being recoverable at an amount lower than the historical costs
of the investment. This provision is not used for covering losses from the
liquidation of investments.
Debit:
- Reversed difference
between the provision of one period and unused provision of the previous
period
- Compensation for
impairment of long term investments from created provision.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Provisions set up for
decline in value of long term investment (Calculate the first time and the
increased difference of provision)
Credit balance:
- Closing provision
allowance for decline in value of long term investment.
Detailed recognition:
- Open a detailed account.”
d) Account 387 is amended as follows:
“Account 387- Assets put up as replacement for
the fulfillment of the guarantor‘s obligation of which ownership has been
transferred to credit institutions, pending for settlement
This account is used for recognizing the value of
assets put up as replacement for the fulfillment of the guarantor‘s obligation
of which ownership has been transferred to credit institutions, pending for
settlement. The credit institution must have sufficient documents proving the
legal ownership to such assets.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Value of assets put up as
replacement for the fulfillment of the guarantor‘s obligation of which
ownership has been transferred to credit institutions, pending for settlement
Credit:
- Value of assets put up as
replacement for the fulfillment of the guarantor‘s obligation of which ownership
has been transferred to credit institutions that have been settled.
Debit balance:
- Recognize the value of
assets put up as replacement for the fulfillment of the guarantor‘s
obligation of which ownership has been transferred to credit institutions,
pending for settlement
Detailed recognition:
- Open a detailed account
for each type of assets put up as replacement for the fulfillment of the
guarantor‘s obligation of which ownership has been transferred to credit
institutions, pending for settlement.”
dd) Name of Account 41- Debts to other credit
institutions is changed into “Debts to other credit institutions and financial
institutions”.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Account 419- Other receipts of credit
extensions
This account is used for recognizing the value of
debts of other credit institutions, financial institutions (except from those
recognized in Account 415, 416, 417, 418).
The recognition of this account shall comply with
the following regulations:
1. The credit institution
shall not recognize the debts with contents prescribed to be recognized in
other appropriate accounts into this account.
2. The credit institution
shall closely monitor the debts according to each loan and each credit
institution or financial institution which has granted the credit.
Account 419 has the following tier III accounts:
4191 – Receipt of credit extension under the form
of discount, rediscount of negotiable instruments and other financial
instruments
4199- Other receipt of credit extension
Account 4191 – Receipt of credit extension
under the form of discount, rediscount of negotiable instruments and other
financial instruments
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Credit:
- Amount of debts of other credit institutions
Debit:
- Amount payable to other
credit institutions
Credit balance:
- Recognize the amount to be
paid to other credit institutions
Detailed recognition:
- Open a detailed account
for each credit institution granting credit under the form of discount or
rediscount.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
This account is used for recognizing the value of
the debts of other credit institutions or financial institutions (except from
the contents prescribed to be recognized in other appropriate accounts).
The recognition of account 4199 shall be carried
out similarly to the recognition of Account 4191.”
g) Account 471 is amended as follows:
“Account 471- Purchase, sale of foreign
currency for trading purpose
This account is used for recognizing the value of
trading foreign currencies of the credit institution.
The recognition of this account shall comply with
the following regulations:
1. Determine the business
performance:
- At the end of the accounting
period, the difference between the value of sold foreign currency at the
monthly average actual selling rate and the value of bought foreign currency at
the monthly average actual buying rate, if no foreign currency is bought during
the month, the monthly average actual buying rate of the previous month shall
be applied, is determined and recorded to income from foreign currency trading
or expense of foreign currency trading accordingly.
- If the credit institution
applies information technology in the assessment of business performance
according to each foreign currency buying/selling transactions during the day at
the actual daily buying/selling rate and the average daily exchange rate,
the data shall be accurate and in accordance with Vietnamese accounting
standard No. 10 – Effect of the change of exchange rate.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Account 471 has the following tier III accounts:
4711- Purchase, sale of foreign currency for
trading purpose
4712- Payment for purchase, sale of foreign
currency for trading purpose
Account 4711- Purchase, sale of foreign
currency for trading purpose
This account is used for recognizing the value of
foreign currency purchased or sold on the basis of purchasing then selling of
foreign currency (sold from the trading foreign currency)
Credit:
- Value of foreign currency purchased.
Debit:
- Value of foreign currency
sold.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Recognize the value of
foreign currency purchased but not yet sold.
Debit balance:
- Recognize the value of foreign
currency from other sources sold but not yet purchased for set-off purpose
Detailed recognition:
- Open a detailed account
Account 4712- Payment for purchase, sale of
foreign currency for trading purpose
This account is used for recognizing the amount of
VND paid for purchasing foreign currency or received from sale of foreign
currency corresponding to the value of foreign currency purchased or sold in
account 4911- Purchase, sale of foreign currency for trading purpose.
Debit:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Carry over the gain
difference of foreign currency trading (counterpart of account 72- Income
from foreign exchange trading)
- Amount of increasing Debit
balance to be equal to the balance of Account 4711 upon revaluating the
balance of trading foreign currency at the exchange rate of the final day of
the month (counterpart of Account 631 - Difference of exchange rate).
Credit:
- Amount of VND received
from the sale of foreign currency (at the actual selling rate).
- Carry over the loss
difference of foreign currency trading (counterpart of account 82- Expense of
foreign exchange trading)
- Amount of decreasing Debit
balance to be equal to the balance of Account 4711 upon revaluating the
balance of trading foreign currency at the exchange rate of the final day of
the month (counterpart of Account 631 - Difference of exchange rate).
Debit balance:
- Recognize the amount of
VND paid corresponding to the balance of foreign currency purchased but not
yet sold of the credit institution.
Credit balance:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Detailed recognition:
- Open a detailed account
h) Account 6312 is amended as follows:
“Account 6312- Difference in foreign exchange
rate during the investment in construction works
This account is used for recognizing the
differences due to change in exchange rate in the re-assessment of foreign
currency account of the investment in construction works (before inauguration
and completion of investment)
Credit:
- Difference due to re-assessment of foreign
currency account of the investment in construction works (before
inauguration)
- Carry over the difference
in exchange rate of the investment in construction works (when the investment
in construction works ends) to Expense or expense pending for allocation
account.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Difference due to
re-assessment of foreign currency account of the investment in construction
works (before inauguration)
- Carry over the difference
in exchange rate of the investment in construction works (when the investment
in construction works ends) to income or income pending for allocation
account.
Credit balance or debit balance:
- Recognize the debit/credit
difference in exchange rate of the investment in construction works (before
inauguration and completion of investment) at the time of preparing the
balance sheet at the end of the fiscal year
At the end of the year, the balance of this account
shall be settled. If the account has Credit balance, such Credit balance shall
be recorded to income account; if the account has Debit balance, such Debit
balance shall be recorded to expense account.”
i) Account 911 is amended as follows:
“Account 911- Foreign currency
This account is used for recognizing the foreign
currencies managed for clients. The amount on off-balance foreign currency
accounts shall be recognized in their original currencies. At the end of the
month, the credit institution shall convert all of these foreign currency
accounts at the exchange rate specified in Point 8 Section I- General
provisions for preparing reports. Account 911 has the following tier III
accounts:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
9114- Foreign currency not eligible for circulation
pending for settlement
Account 9113- Foreign currency remitted
abroad by customers for collection
This account is used for recognizing the foreign
currency remitted abroad by customers for collection.
Debit:
- Amount of foreign currency remitted abroad for
collection
Credit:
- Amount of foreign currency
paid abroad.
Debit balance:
- Recognize the foreign
currency remitted abroad by customers that are not yet collected.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Open a detailed account
for each collecting foreign bank
Account 9114- Foreign currency not eligible
for circulation pending for settlement
This account is used for recognizing foreign
currencies suspected as counterfeit, counterfeit foreign currency, damaged
foreign currency (cut, corrected, torn) pending for settlement.
Debit:
- Amount of foreign currency
not eligible for circulation collected by the credit institutions for pending
for settlement
Credit:
- Foreign currency not eligible
for circulation which have been settled
Debit balance:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Detailed recognition:
- Open a detailed account
for each client whose foreign currency not eligible for circulation pending
for settlement
k) Tier III Account “9823- Interests on loans under
capital syndication contracts” is supplemented as follows:
“Account 9823- Interests on loans under
capital syndication contracts
This account is opened at the head credit
institution and used for recognizing the value of interests from loans of the
member credit institution under capital syndication contracts.
Debit:
- Increase in amount of
interests of loans under capital syndication contracts.
Credit:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Debit balance:
- Recognize the amount of
interests of loans under capital syndication contracts.
Detailed recognition:
- Open a detailed account
for each member credit institution and each borrower.”
l) Tier III Account “9833- Interests from credit granting
under entrustment contract” is supplemented to Account 983 as follows:
Account 9833- Interests from credit granting
under entrustment contract
This account is opened at the credit institution
entrusted for credit extension to recognize the interests from credit granting
under entrustment contract.
Debit:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Credit:
- Decrease in the value of interests from credit granting under entrustment
contract
Debit balance:
- Recognize the value of
interests from credit granting under entrustment contract
Detailed recognition:
- Open a detailed account
for each customer.”
m) Account 994 is amended as follows:
Account 994- Assets,
financial instruments mortgaged, pledged, discounted or rediscounted by
customers
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Account 994 has the following tier III accounts:
9941- Assets, financial instruments mortgaged or
pledged by customers
9942- Financial instruments for discount,
rediscount whose ownership have been transferred of customers
Account 9941- Assets, financial instruments
mortgaged or pledged by customers
This account is used for recognizing the value of
assets, financial instruments (face value) mortgaged or pledged by customers at
the credit institutions for loans.
Debit:
- Value of the mortgage, pledge at the credit
institutions for loan guarantee.
Credit:
- Value of the mortgage,
pledge returned to the borrower when the loan is paid.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Debit balance:
- Recognize the value of the
mortgage, pledge managed by the credit institution.
Detailed recognition:
- Open a detailed account
for each type of mortgage, pledge and each customer.
Account 9942- Financial instruments for discount,
rediscount whose ownership have been transferred of customers
This account is used for recognizing the assets,
financial instruments (face value) for discount, rediscount whose ownership has
been transferred to the credit institutions.
Debit:
- Increase in value of the
financial instruments for discount, rediscount whose ownership have been
transferred
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Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Decrease in value of the
financial instruments for discount, rediscount whose ownership have been
transferred
Debit balance:
- Recognize the value of the
financial instruments for discount, rediscount whose ownership have been
transferred to the credit institution.
Detailed recognition:
- Open a detailed account
for each type of financial instrument and each customer.
n) Account 996 is amended as follows:
“Account 996- Borrowed financial instruments,
financial instruments for discount, rediscount whose ownership have been
transferred for use”
This account is used for recognizing the value of financial
instruments (face value) borrowed by the credit institution, financial
instruments for discount, rediscount which are used by the credit institution.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
9961- Borrowed financial instruments
9962- Financial instruments for discount,
rediscount whose ownership have been transferred to the credit institution for
use
Account 9961- Borrowed financial instruments
This account is used for recognizing the value of
financial instruments (face value) borrowed by the credit institution.
Debit:
- Increase in the value of
financial instruments borrowed by the credit institution.
Credit:
- Decrease in the value of
financial instruments borrowed by the credit institution.
Debit balance:
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Detailed recognition:
- Open a detailed account
for each type of financial instrument and each customer.
Account 9962- Financial instruments for discount,
rediscount whose ownership have been transferred to the credit institution for
use
This account is used for recognizing the financial
instruments (face value) for discount, rediscount of the customers whose
ownership has been transferred to the credit institution for use.
Debit:
- Increase in the value of
financial instruments for discount, rediscount of the customers whose
ownership have been transferred to the credit institution for use
Credit:
- Decrease in the value of financial
instruments for discount, rediscount of the customers whose ownership have
been transferred to the credit institution for use
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
- Recognize the value of financial instruments
for discount, rediscount of the customers whose ownership have been
transferred to the credit institution for use
Detailed recognition:
- Open a detailed account
for each type of financial instrument and each customer.”
Article 2. Amendments to a
number of Articles of the financial reporting policies applicable to credit
institutions issued together with the Decision No. 16/2007/QD-NHNN dated April
18, 2007 of the Governor of the State Bank
1. Article 3 is amended as
follows:
“Article 3. Principles of financial statement
preparation and currency used for financial statement preparation
1. The preparation and presentation of financial
statements shall comply with the principles stipulated in Vietnam Accounting
Standards on presentation of financial statements, including: going concern,
accrual basis, consistency, materiality and aggregation, offsetting,
comparability and additional principles stipulated in the Vietnam Accounting
Standard on supplementary contents of financial statements of banks and similar
financial institutions and other related law provisions.
2. The currency used for
preparation of financial statement publicized and submitted to Vietnamese
regulatory bodies
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
3. Principles of financial
statement preparation when changing the currency
a) When changing the accounting currency, the
accountant shall transfer the balances in accounting books into the new
currency according to the following principles:
(i) Credit institutions authorized to trade in
foreign currencies: Use the average spot transfer rate of the credit
institution at the date of changing.
(ii) Credit institutions not authorized to trade in
foreign currencies: The average transfer rate of the commercial bank where the
credit institution regularly trade during the accounting period at the date of changing.
b) The rate applied to comparative information in
balance sheets, income statements and cash flow statements:
When presenting comparative information (column
"Previous year” in the annual balance sheet, income statement, cash flow
statement; column “Beginning” in the interim balance sheet), the credit
institution shall apply the corresponding rate of the comparing period.
c) When changing the currency in accounting, the
credit institution must clearly present in the notes to financial statement reasons
of change of the currency in accounting and impacts (if any) to financial
statement due to changes in currency in accounting.”
2. Article 3a is supplemented
as follows:
“Article 3a. Principles of conversion of
financial statements into VND
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
a) Assets and liabilities shall be converted into
VND:
Assets and liabilities shall be converted into VND
at the spot transfer rate at the end of the last working day of reporting
period if the difference between this rate and the weighted average buying and
selling rate of the last working day of the reporting period is less than 1%.
If the difference between the spot transfer rate at
the end of the last working day of the reporting period and the weighted
average buying and selling rate of the last working day of the reporting period
is 1% or more, the credit institution shall use the weighted average buying and
selling rate of the last working day of the reporting period.
The weighted average buying and selling rate shall
be calculated in accordance with Point 8.6 Section I- General provisions, chart
of accounts applicable to credit institutions.
b) Charter capital in foreign currency (granted
capital, contributed capital and capital increased in accordance with law
provisions) shall be converted into VND at the average spot transfer rate of
the credit institution at the time of receiving the contributed capital or the
average spot transfer rate of the credit institution calculated according to
all changes in exchange rate at the date of receiving the contributed capital;
c) Undistributed after-tax profits and funds
derived therefrom shall be converted into VND according to items of the income
statement;
d) Paid profits and dividends shall be converted
into VND at the average spot transfer rate of the credit institution on payment
date;
dd) Items in the income statement and cash flow
statement shall be converted into VND at the average spot transfer of the
credit institution on occurrence date. In case the average exchange rate
of the accounting period of the credit institution is approximate the average
spot transfer rate of the credit institution on occurrence date (the difference
does not exceed 3%), the credit institution may apply the average exchange rate
of the accounting period.
e) Foreign exchange differences arising when
converting financial statements prepared in foreign currencies into VND shall
be recognized to “Exchange difference” in the equity item of the balance sheet and
shall not be recognized to the income statement.
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ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
a) Assets and liabilities shall be converted
into VND at the spot transfer rate at the end of the last working day in the
reporting period of the commercial bank where the credit institution regularly
trade during the accounting period.
b) Charter capital in foreign currency (granted
capital, contributed capital and capital increased in accordance with law
provisions) shall be converted into VND at the spot transfer rate of the
commercial bank where the credit institution regularly trade during the
accounting period at the date of receiving the contributed capital.
c) Undistributed after-tax profits and funds
derived therefrom shall be converted into VND according to items of the income
statement;
d) Paid profits and dividends shall be
converted into VND at the spot transfer rate of the commercial bank where the
credit institution regularly trade during the accounting period at the payment
date;
dd) Items in the income statement and cash
flow statement shall be converted into VND at the spot transfer rate of the
commercial bank where the credit institution regularly trade during the
accounting period at the occurrence date.
e) Foreign exchange differences arising when
converting financial statements prepared in foreign currencies into VND shall
be recognized to “Exchange difference” in the equity item of the balance sheet
and shall not be recognized to the income statement.
3. Principles of conversion of periodical financial
statements in the year with change in exchange rate policy
a) The rate applied to comparative information in
balance sheets, income statements and cash flow statements:
When presenting comparative information (column
"Previous year” in the annual balance sheet, income statement, cash flow
statement; column “Beginning” in the interim balance sheet), the credit
institution shall apply the corresponding rate of the comparing period.
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Article 3. Implementation
responsibilities
The Chief Officers, the Director of the Department
of Finance and Accounting, heads of relevant entities affiliated to the State
Bank, Directors of branches of the State Bank of provinces and
central-affiliated cities, Presidents of the Boards of Directors, Presidents of
the Member assembly and Directors General (Directors) of credit institutions
shall implement this Circular.
Article 4. Effect
1. This Circular comes into
force from April 01, 2018
2. From the effective date of
this Circular, the following regulations shall be annulled:
a) Clause 20, 25, 28, 29, 46 and 50 of Article 2 of
the Circular No. 10/2014/TT-NHNN dated March 20, 2014 on the amendment of,
supplement to several accounts in the accounts system of credit institutions issued
in conjunction with the Decision No. 479/2004/QD-NHNN dated April 29, 2004 of
the Governor of the State bank.
b) Clause 3 Article 1 and Clause 2, 3 Article 2 of
Circular No. 49/2014/TT-NHNN dated December 31, 2014 on amendments and
supplements to a number of articles in the financial reporting policies
applicable to credit institutions issued together with Decision No.
16/2007/QD-NHNN dated April 18, 2007 and the accounts systems of credit
institutions issued together with Decision No. 479/2004/QD-NHNN dated April 29,
2004 of the Governor of the State bank./.
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