Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Law prescribes the contents of accounting work, the organization of accounting apparatuses, accountants and professional accounting activities.
Article 2. Subjects of application
1. The subjects of application of this Law include:
a) State agencies, non-business units and organizations which are funded with the State budget;
b) Non-business units and organizations which are not funded with the State budget;
c) Enterprises of all economic sectors, which are established and operate under the Vietnamese laws; branches and representative offices of foreign enterprises operating in Vietnam;
d) Cooperatives;
e) Individual business households, cooperation groups;
f) Accountants, other persons related to accounting.
2. For representative offices of foreign enterprises operating in Vietnam, individual business households and cooperation groups, the Government shall specify the contents of accounting work on the basis principles laid down in this Law.
Article 3. Application of international treaties
Where the international treaties which the Socialist Republic of Vietnam has signed or acceded to contain accounting provisions different from those of this Law, the provisions of such international treaties shall apply.
Article 4. Interpretation of terms and phrases
In this Law, the following terms and phrases are construed as follows:
1. Accounting means the collection, processing, examination, analysis and supply of economic and financial information in the forms of value, kind and labor time.
2. Financial accounting means the collection, processing, examination, analysis and supply of economic and financial information in financial statements to the subjects that need to use information of the accounting units.
3. Management accounting means the collection, processing, examination, analysis and supply of economic and financial information according to the requirement of economic and financial management and decision within the accounting units.
4. Economic and financial operations mean specific arising activities that increase or decrease assets and/or asset-forming sources of the accounting units.
5. Accounting units mean the subjects specified at Points a, b, c, d and e, Clause 1, Article 2 of this Law, which make financial statements.
6. Accounting period means a definite period from the time an accounting unit starts to make entries in accounting books to the time it ends the making of entries in accounting book and closes accounting books in order to make financial statements.
7. Accounting vouchers mean papers and information-carrying articles reflecting economic and financial operations that have arisen and completed, serving as a basis for making entries in accounting books.
8. Accounting records mean accounting vouchers, accounting books, financial statements, management accounting reports, audit reports, accounting inspection reports and other accounting-related records.
9. Accounting regime means regulations and guidelines on accounting in a particular domain or particular jobs, which are promulgated by State management bodies in charge of accounting or by organizations as authorized by State management bodies in charge of accounting or by organizations as authorized by State management bodies in charge of accounting.
10. Accounting inspection means the consideration and assessment of the observance of the accounting legislation, truthfulness and accuracy of accounting information and data.
11. Accountancy practice means the provision of accounting services by enterprises or individuals that satisfy all criteria and conditions therefor.
12. Accounting forms mean the forms of accounting books, order and methods of making entries therein and the relationships among accounting books.
13. Accounting methods mean specific modes and procedures for performing each content of accounting work.
Article 5. Accounting tasks
1. Collecting and processing accounting information and data according to the subjects and contents of accounting work as well as the accounting standards and regimes.
2. Inspecting and supervising financial revenues and expenditures, collection and payment obligation and debt clearance; inspecting the management and use of assets and asset-forming sources; detecting and precluding acts of violating the finance and accounting legislation.
3. Analyzing accounting information and data; giving advice, proposing measures in service of the economic and financial management and decision of the accounting units.
4. Supplying accounting information and data according to law provisions.
Article 6. Accounting requirements
1. To reflect fully arising economic and financial operations in accounting vouchers, accounting books and financial statements.
2. To reflect accounting information and data in time and on schedule as prescribed.
3. To reflect accounting information and data explicitly, understandably and accurately.
4. To reflect truthfully the actual condition and nature of events, contents and value of economic and financial operations.
5. Accounting information and data must be reflected continuously from the commencement to the completion of economic and financial activities; from the establishment to the operation termination of accounting units; accounting data reflecting this period must ensure continuity from those of the preceding period.
6. To classify and arrange accounting information and data in an orderly, systematic and comparable manner.
Article 7. Accounting principles
1. The value of assets shall be calculated according to their original prices covering the costs of purchase, loading and unloading, transportation, assembly, processing and other directly related costs incurred by the time of putting assets into the ready-for-use state. Accounting units must not adjust without permission the value of assets already recorded in accounting books, unless otherwise provided for by law.
2. The selected accounting regulations and methods must be applied consistently throughout the annual accounting period; if there are any changes therein, the accounting units must give explanations therefor in their financial statements.
3. The accounting units must collect and reflect objectively, fully and truthfully all economic and financial operations according to the accounting period when such operations arise.
4. Information and data in the annual financial statements of the accounting units must be publicized according to the provisions in Article 32 of this Law.
5. The accounting units must use the methods of asset valuation and allocation of revenues and expenditures in a prudent manner without distorting the results of their economic and financial operations.
6. State agencies, non-business units and organizations funded with the State budget must, apart from complying with the provisions in Clauses 1, 2, 3, 4 and 5 of this Article, must also do accounting work according to the State budget index.
Article 8. Accounting standards
1. Accounting standards comprise basic accounting principles and methods for making entries in accounting books and for compiling financial statements.
2. The Ministry of Finance shall prescribe accounting standards on the basis of international accounting standards and the provisions of this Law.
Article 9. Accounting objects
1. The accounting objects in State budget collection and spending activities, administrative and non-business activities of units and organizations funded with the State budget include:
a) Cash, supplies and fixed assets;
b) Funding sources, funds;
c) Payments inside and outside the accounting units;
d) Revenues, expenditures and handling of differences to revenues from and expenditures on activities;
e) Revenues, expenditures and the State budget remainder;
f) Financial investments and credits of the State;
g) The State's debts and the handling thereof;
h) National properties;
i) Other assets related to the accounting units.
2. The accounting objects in activities of units and organizations not funded with the State budget include assets and asset-forming sources specified at Points a, b, c, d and i, Clause 1 of this Article.
3. The accounting objects in business activities include:
a) Fixed assets, current assets;
b) Liabilities and owner's equity;
c) Turnovers, business costs, other outlays and incomes;
d) Taxes and amounts remittable into the State budget;
e) Business results and shared business results;
f) Other assets related to the accounting units.
4. The accounting objects in banking, credit, insurance, securities, financial investment activities, apart from those specified in Clause 3 of this Article, also include:
a) Financial investments, credits;
b) Payments inside and outside the accounting units;
c) Committed and guaranteed amounts, valuable papers.
Article 10. Financial accounting, management accounting, general accounting and detailed accounting
1. Accounting at the accounting units comprises financial accounting and management accounting.
2. When carrying out financial accounting and management accounting, the accounting units must practice general accounting and detailed accounting as follows;
a) General accounting must collect, process, record and supply general information on economic and financial activities of the units. General accounting uses monetary units to reflect the situation of assets, the asset-forming sources, the situation and results of economic and financial activities of the accounting units;
b) Detailed accounting must collect, process, record and supply detailed information in monetary units, kind units and labor time units according to each particular accounting object in the accounting units. Detailed accounting illustrates general accounting. Detailed accounting data must dovetail general accounting data in a certain accounting period.
3. The Ministry of Finance shall guide the application of management accounting suitable to each field of activity.
Article 11. Calculation units used in accounting
The calculation units used in accounting include:
1. The monetary unit being Vietnam dong (with the national symbol of "d" and the international symbol of "VND"). Where economic or financial operations arise in foreign currencies and Vietnam dong at the actual exchange rates or converted at the exchange rates announced by Vietnam State Bank at the time they arise, unless otherwise provided for by law; for those foreign currencies for which the rates of exchange with Vietnam dong are not available, they must be converted via a foreign currency for which the rate of exchange with Vietnam dong is available.
The accounting units which have revenues and expenditures mostly in foreign currencies may choose a foreign currency prescribed by the Ministry of Finance as a monetary unit for accounting, but, when making financial statements for use in Vietnam, must convert it into Vietnam dong at the exchange rate announced by Vietnam State Bank at the time of closing books for making financial statements, unless otherwise provided for by law.
2. The kind unit and the labor-time unit being the official measurement units of the Socialist Republic of Vietnam; where other measurement units are used, they must be converted into the official measurement units of the Socialist Republic of Vietnam.
Article 12. Script and numerals used in accounting
1. The scrip used in accounting is the Vietnamese script. Where a foreign script must be used in accounting vouchers, accounting books and financial statements in Vietnam, the Vietnamese script and the foreign script must be used simultaneously.
2. Numerals used in accounting are Arabic numerals: 0, 1, 2, 3, 4, 5, 6, 7, 8, 9; following the thousand, million, billion, thousand billion, million billion and billion billion, a point (.) must be placed; for decimals, a comma (,) must be placed after the numeral representing units.
Article 13. Accounting period
1. An accounting period may be an annual accounting period, a quarterly accounting period or a monthly accounting period, which is prescribed as follows:
a) An annual accounting period consists of twelve months, counting from the beginning of January 1 to the end of December 31 of the calendar year. For accounting units which have unique organizational and/or operational characteristics, they may select an annual accounting period consisting of twelve full months according to the calendar year, starting from the beginning of the first day of the first month of a quarter to the end of the last day of the last month of preceding quarter of the subsequent year and shall have to notify the finance offices thereof.
b) A quarterly accounting period consists of three months, counting from the beginning of the first day of the first month of a quarter to the end of the last day of the last month of the quarter.
c) A monthly accounting period consists of one month, counting from the beginning of the first day to the end of the last day of the month.
2. The accounting period of newly founded accounting units is prescribed as follows:
a) The first accounting period of newly founded enterprises is counted from the date they are granted the business registration certificates to the end of the last day of the annual accounting period, the quarterly accounting period or the monthly accounting period prescribed in Clause 1 of this Article;
b) The first accounting period of other accounting units is counted from the effective date inscribed in their establishment decisions to the end of the last day of the annual accounting period, the quarterly accounting period or the monthly accounting period prescribed in Clause 1 of this Article;
3. For accounting units, when being separated, split, consolidated, merged, transformed in ownership, dissolved, terminating operation or going bankrupt, their last accounting period is counted from the beginning of the first day of the annual accounting period, the quarterly accounting period or the monthly accounting period prescribed in Clause 1 of this Article to the end of the day preceding the effective date inscribed in the decisions on their division, separation, consolidation, merger, ownership transformation, dissolution, operation termination or bankruptcy.
4. Where the first annual accounting period or the last annual accounting period is shorter than 90 days, it shall be allowed to be added (+) to the subsequent annual accounting period or the preceding annual accounting period for counting as an annual accounting period. The first or last annual accounting period must be shorter than fifteen months.
Article 14. Prohibited acts
1. Forging, falsely declaring, colluding with or forcing other persons to forge or falsely declare or erasing accounting records.
2. Deliberately supplying or certifying, colluding with or forcing other persons to supply or certify untruthful accounting information and data.
3. Not recording in accounting books assets of or related to the accounting units.
4. Destroying or deliberately damaging accounting records ahead of the archival time limit specified in Article 40 of this Law.
5. Promulgating or publicizing accounting standards and/or regimes ultra vires.
6. Abusing one's post and powers to threaten or take revenge on accountants in the performance of accounting work.
7. Persons in charge of managing and/or administrating the accounting units and working concurrently as accountants, storekeepers or cashiers or buying and selling assets, except for private enterprises and individual business households.
8. Arranging accountants or chief accountants who fail to satisfy the criteria and conditions specified in Articles 50 and 53 of this Law.
9. Other accounting acts prohibited by law.
Article 15. Value of accounting records and data
1. Accounting records and data shall have legal validity with regard to the economic and financial situation of the accounting units and be publicized according to law provisions.
2. Accounting records and data shall serve as a basis for drawing up and approving plans, cost estimates, final settlements and for considering and handling law violations.
Article 16. Responsibilities for managing, using and supplying accounting information and records
1. The accounting units shall have to manage, use, preserve and archive accounting records.
2. The accounting units shall have to supply complete and truthful accounting information and records in a timely and transparent manner to organizations and individuals according to law provisions.
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