Chương II Luật Kế toán 2015: Nội dung công tác kế toán

Chapter II

CONTENTS OF ACCOUNTING WORKS

Section 1. ACCOUNTING RECORDS

Article 16. Contents of accounting records

1. An accounting record must have:

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

1. Electronic records are considered accounting records if they have the contents specified in Article 16 of this Law and are displayed in the form of electronic data, encrypted and not changed during transmission through the computer network or telecommunications network or by a storage device such as magnetic tape, magnetic disc, or payment cards.

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.

Article 19. Signing accounting records

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.

2. Accounting records must be sorted by transaction content and by time, and preserved as prescribed by law.

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;

c) Accounting units that do not use state budget;

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:

a) Date of each entry;

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.

3. The accounting unit may detail the selected accounting books to serve its purpose.

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

1. If an error is found in an accounting book, they must not be erased and must be rectified in one of the following manners:

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

b) Accounts derived from foreign currencies at actual exchange rates;

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;

d) Note to financial statements;

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

1. Financial statements of the State are made according to consolidation of financial statements of regulatory agencies, public service agencies, business organizations, and relevant units of the State, used for consolidating and describing financial conditions of the State, result of financial activities of the State, and cash flow thereof nationwide and of each administrative division.

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.

5. The Government shall promulgate specific regulations on financial statements of the State; the making and publishing of financial statements of the State; responsibility of agencies, units, and local governments for provision of information serving the making of financial statements of the State.

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;

dd) Other contents required by law.

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.

3. Accounting units that do not use state budget, accounting units using the people’s contributions shall publish their annual financial statements within 30 days from their submission dates.

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:

a) The Ministry of Finance;

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;

b) Inspection of the accounting apparatus and accountants;

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.

4. The inspectorate shall comply with the procedures, contents, scope, and duration of inspection, not affect the normal operation of the accounting unit, and not harass the accounting unit.

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.

2. Each accounting unit must establish an internal control system to meet the following requirements:

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.

Section 5. STOCKTAKING, PRESERVATION AND RETENTION OF ACCOUNTING DOCUMENTS

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.

3. After the stocktaking is done, the accounting unit shall make a stocktaking report. In case of any discrepancies between the stocktaking result and figures on the accounting books, the accounting unit must determine the cause and record the difference on the accounting books before making the financial statement.

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;

c) For historical accounting documents or those of economic, national security, or national defense importance: permanently.

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

1. The accounting unit that undergoes a total division shall perform the following works:

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.

2. According to the transfer note, new transferee unit shall open and make their accounting books in accordance with this Law.

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.

Article 46. Accounting works in case of acquisition of an accounting unit

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;

c) Transfer all accounting documents to the converted accounting unit.

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.