Phần B Thông tư 203/2009/TT-BTC: Quy định về quản lý tài sản cố định

Part B

PROVISIONS ON MANAGEMENT OF FIXED ASSETS

Article 3. Standards and identification of fixed assets:

1. Means of production which are tangible assets with an independent structure or a system of separate asset parts which are linked together to perform one or a number of particular functions and which could not operate properly if any part of the system is missing, shall be considered fixed assets if they concurrently satisfy three standards below:

a/ Future economic interests shall certainly be obtained from the use of such assets:

b/ Their useful life exceeds one year;

c/ Their historical cost must be determined reliably and equal to VND 10,000,000 (ten million) or more.

In case a system consisting of many separate asset parts linked together in which each part has a different useful life and the system could still perform its main operating function in case of absence of a certain part and that each part of the asset is required to be managed separately due to the requirement for management and use of it. the part of the asset shall be considered an independent tangible fixed asset if it concurrently satisfies three standards of fixed assets.

For animals working and/or generating products, each animal shall be considered a tangible fixed asset if it concurrently satisfies three standards of fixed assets.

For gardens of perennial trees, each garden or each tree shall be considered a tangible fixed asset if it concurrently satisfies three standards of fixed assets.

2. Standards and identification of intangible fixed assets:

Any actual cost incurred by an enterprise which satisfies concurrently three standards specified at Point 1 of this Article and does not form a tangible fixed asset shall be considered an intangible fixed asset.

Expenses which do not concurrently satisfy three standards specified at Point I, Article 3 of this Circular shall be directly included in or gradually allocated to business expenses of the enterprise.

In particular, costs incurred in the development stage shall be recognized as intangible fixed assets generated from internal activities of enterprises if they concurrently satisfy the following seven conditions:

a/ The enterprise has a technical feasibility study ensuring the completion of intangible fixed assets for putting them into use as expected, or for sale;

b/ The enterprise intends to complete the intangible fixed assets for use or for sale;

c/ The enterprise has an ability to use or sell such intangible fixed assets:

d/ The intangible fixed assets must generate future economic interests;

e/ The enterprise has sufficient technical and financial resources and other resources to complete the stages of development, sale or use of such intangible fixed assets:

f/ The enterprise has an ability to determine certainly the total costs in the development stage to generate such intangible fixed assets;

g/ The enterprise estimates that the intangible fixed assets meet full standards on useful life and value as prescribed.

Expenses for establishment of an enterprise, training of employees or advertisement incurred before the establishment of the enterprise, expenses in the research stage, expenses for relocation to another place and commercial goodwill are not intangible fixed assets and shall be gradually allocated to business expenses over a maximum period of 3 years from the time when the enterprise commences operation.

Article 4. Determination of historical costs of fixed assets:

1. Determination of historical costs of tangible fixed assets:

a/ Tangible fixed assets purchased:

The historical cost of a purchased tangible fixed asset (brand-new or used) consists of the actual purchase price payable plus (+) taxes (excluding taxes to be refunded) and relevant expenses calculated up to the time when such fixed asset is made ready for use such as interest on loans invested in the fixed asset; freight and stevedoring expenses; expenses for upgrading the fixed asset: expenses for installation and trial operation of the fixed asset; registration fee and other directly related expenses.

In case a tangible fixed asset is purchased on the basis of deferred payment or installments.

the historical cost of the purchased fixed asset includes the purchase price paid on the prompt payment basis at the time of purchase plus (+) taxes (excluding taxes to be refunded) and relevant expenses calculated up to the time when such fixed asset is made ready for use such as freight and stevedoring expenses; expenses for upgrading the fixed asset; expenses for installation and trial operation of the fixed asset; and registration fee (if any).

In case of purchasing tangible fixed assets being houses and architectural structures attached with land use rights, the value of land use rights shall be separately determined and recognized as intangible fixed asset, while the historical costs of tangible fixed assets being houses and architectural structures are the actually paid purchase price plus (+) expenses directly related to the putting of the tangible fixed assets into use.

If after purchasing tangible fixed assets being houses and architectural structures attached with land use rights, an enterprise dismantles or destroys them for constructing new ones, the value of land use rights shall be separately determined and recognized as intangible fixed asset; the historical costs of newly constructed fixed assets are the finalized prices of the constructed works in accordance to the current Regulation on management of investment and construction. Dismantled or destroyed assets shall be handled and accounted in accordance with the current regulations on liquidation of fixed assets.

b/ Tangible fixed assets purchased in the form of an exchange:

The historical cost of a tangible fixed asset purchased in the form of an exchange for a non-similar tangible fixed asset or a different asset is the reasonable value of the tangible fixed asset received or exchanged (after adding the amounts additionally payable or deducting the amounts receivable) plus (+) taxes (excluding taxes to be refunded) and directly related expenses calculated up to the time when such fixed asset is made ready for use such as freight and stevedoring expenses; expenses for upgrading the fixed asset; expenses for installation or trial operation; and registration fee (if any).

The historical cost of a tangible fixed asset which is purchased in the form of an exchange for a similar tangible fixed asset, or which is sold in exchange for the ownership of a similar tangible fixed asset is the residual value of the exchanged tangible fixed asset.

c/ Tangible fixed assets constructed or produced by an enterprise itself:

The historical cost of a tangible fixed asset which is constructed by an enterprise itself is the finalized price of the construction work when it is put into use. If the fixed asset has been put into use but its price has not yet been finalized, the enterprise shall account the asset's historical cost using the temporarily calculated price and adjust this price after the price of the construction work is finalized.

The historical cost of a tangible fixed asset is the actual production cost of the fixed asset plus (+) expenses for installation and trial operation and other directly related expenses calculated up to the time when such fixed asset is put into a ready-for-use state (except for internal profits. the value of recovered products in the process of trial operation, unreasonable expenses such as wasted materials, labor costs or other expenses in excess of the prescribed norms of expenses regulated for the construction or production).

d/ Historical cost of a tangible fixed asset formed from construction investment:

The historical cost of a tangible fixed asset formed from capital construction under the mode of tendering is the finalized price of the construction work in accordance with the current Regulation on management of investment and construction plus (+) registration fee and other directly related expenses. If the fixed asset formed from construction investment has been put into use but its price has not yet been finalized, the enterprise shall account the asset's historical cost using the temporarily calculated price and adjust it after the price of the construction work is finalized.

For fixed assets which are animals working and/or generating products, or gardens of perennial trees, the historical cost includes all actual expenses paid for the animals or gardens of perennial trees from the time when they are formed to the time when they are put into use.

e/ Tangible fixed assets donated, presented as gifts or discovered as excessive payment:

The historical cost of a tangible fixed asset which is granted, donated, presented as gift or discovered as excessive payment is the value according to the actual assessment of the fixed asset delivery and receipt council or a professional valuation organization.

f/ Tangible fixed assets allocated or transferred from elsewhere:

The historical cost of a tangible fixed asset which is allocated or transferred from elsewhere includes the residual value of such fixed asset stated in the accounting books of the allocating or transferring unit, or the value according to the actual assessment of a professional valuation organization in accordance with law plus (+) directly related expenses incurred by the recipient of the asset, calculated up to the time when such fixed asset is put into a ready-for-use state such as expenses for hiring the valuation organization, expenses for fixed asset upgrading, installation and trial operation, etc.

g/ Tangible fixed assets received as capital contribution or returned from contributed capital:

The historical cost of a tangible fixed asset which is received as capital contribution or returned from contributed capital is the value unanimously approved by founding members and shareholders; or agreed upon by the enterprise and capital contributor; or determined by a professional valuation organization in accordance with law and approved by founding members and shareholders.

2. Determination of historical cost of intangible fixed assets:

a/ Intangible fixed assets purchased:

The historical cost of a purchased intangible fixed asset is the actual purchase price payable plus (+) taxes (excluding taxes to be refunded) and directly related expenses calculated up to the time when such intangible fixed asset is put into use.

In case an intangible fixed asset is purchased on the basis of deferred payment or installments, the historical cost of the intangible fixed asset is the purchase price paid on the basis of a prompt payment at the time of purchase (excluding interests on deferred payments).

b/ Intangible fixed assets purchased in the form of an exchange:

The historical cost of an intangible fixed asset purchased in the form of an exchange for a non-similar intangible fixed asset or a different asset includes the reasonable value of the intangible fixed asset received or exchanged (after adding the amounts additionally payable or deducting the amounts receivable) plus (+) taxes (excluding taxes to be refunded) and directly related expenses calculated up to the time when such intangible fixed asset is put into use as expected.

The historical cost of an intangible fixed asset which is purchased in the form of an exchange for a similar intangible fixed asset, or which is sold in exchange for the ownership of a similar intangible fixed asset is the residual value of the exchanged intangible fixed asset.

c/ Intangible fixed assets granted, donated or presented as gifts or transferred from elsewhere:

The historical cost of an intangible fixed asset which is granted, donated or presented as gift or transferred from elsewhere is the initial reasonable value plus (+) directly related expenses calculated up to the time when the asset is put into use.

The historical cost of an intangible fixed asset which is transferred from elsewhere is the historical cost recorded in the accounting books of the transferring enterprise. The receiving enterprise shall account the historical cost, value of wear and tear and residual value of the asset according to regulations.

d/ Intangible fixed assets generated from internal activities of enterprises:

The historical cost of an intangible fixed asset generated from internal activities of an enterprise is expenses directly related to the construction and trial production incurred by the enterprise, calculated to the time when such intangible fixed asset is put into use as expected.

In particular, expenses arising from internal activities of an enterprise so that the enterprise has trademarks, issuance right, list of customers; expenses arising in the research stage and similar items which fail to satisfy the standards of intangible fixed assets and are not so recognized shall be accounted as business expenses in the period.

e/ Intangible fixed assets being land use rights:

- For an enterprise that is allocated land with land use levy payment: The historical cost of a fixed asset which is the assigned land use rights is the whole payment made to obtain the lawful land use rights plus (+) compensated amounts for ground clearance, expenses for leveling the ground, registration fee (excluding expenses paid for the construction of works on the land); or the value of land use rights contributed as capital.

- For an enterprise that leases land, the land rent shall be gradually allocated to its business expenses and shall not be recognized as intangible fixed asset, specifically:

+ If the enterprise leases land and pays the land rent in lump sum for the whole lease term, the land rent shall be gradually allocated to its business expenses according to the number of years of the lease.

+ If the enterprise leases land and pays the land rent on an annual basis, the land rent amount paid annually shall be accounted as business expenses in the period.

f/ Historical cost of intangible fixed assets being copyright, industrial property rights or rights to plant varieties as prescribed in the Law on Intellectual Property is the total of actual expenses incurred by the enterprise to obtain such copyright, industrial property rights or rights to plant varieties under the law on intellectual property.

g/ Historical of fixed assets being computer software:

The historical cost of a fixed asset being computer software is the total of expenses incurred by the enterprise to obtain the computer software in case the software is a component which can be separated from the relevant hardware or the layout design of semiconductor integrated circuits under the law on intellectual property.

3. Financial leasing fixed assets:

The historical cost of a financial leasing fixed asset recorded at the lessee is the value of the leased asset at the time when the lease of such asset commences or the current value of the minimum rent payment (if the value of the leased asset is higher than the current value of the minimum rent payment) plus (+) initial expenses arising in direct relation to the financial leasing.

4. The historical costs of fixed assets of enterprises may only be changed in the following cases:

a/ Revaluation of fixed assets in the following cases:

- Under decision of a competent state agency.

- Reorganization of the enterprise, change of ownership of the enterprise, transformation of the enterprise: separation, splitting, merger, consolidation, equitization, sale, contracting, lease, transformation of limited liability company into joint-stock company and vice versa.

- Use of assets for outward investment.

b/ Upgrading of fixed assets.

c/ Removal of one or a number of parts of the fixed asset which is/are managed according to the standards of a tangible fixed asset;

Upon change of the historical cost of a fixed asset, the enterprise shall make a minutes clearly stating the bases for such change and re-determine the items on historical cost, residual book value, accumulated depreciation of the fixed asset and the useful life of the fixed asset, and practice the accounting in accordance with current regulations.

Article 5. Principles on management of fixed assets:

1. Each fixed asset of an enterprise must have a separate set of file (including a written record of handover and receipt of the fixed asset, contract, invoice for purchase of the fixed asset and other relevant documents). Each fixed asset must be classified, numbered and given a separate card, and be monitored in detail according to its category, and shown in the log­book of fixed assets.

2. Each fixed asset must be managed in terms of its historical cost, accumulated depreciation cost and residual book value:

Residual book value of fixed asset = Historical cost of fixed asset - Accumulated depreciation of fixed asset

3. For fixed assets which are no longer needed, awaiting liquidation but not yet fully depreciated, an enterprise shall mange, monitor and preserve them according to current regulations and depreciate them under this Circular.

4. An enterprise shall manage fixed assets which have been fully depreciated but are still engaged in business activities in the same manner as normal fixed assets.

Article 6. Classification of fixed assets in enterprises:

Based on the use purposes of fixed assets, enterprises shall classify fixed assets according to the following criteria:

1. Fixed assets used for business include those managed and used by the enterprise for its business purposes.

a/ Tangible fixed assets shall be classified as follows:

Category I: Buildings and architectural structures include fixed assets of an enterprise which are formed after a construction process such as offices, warehouses, fences, water towers, ground yards, decorative works associated with buildings, roads, bridges, railways, airport runways, piers, harbors and quays.

Category 2: Machinery and equipment include all kinds of machinery and equipment used for business activities of an enterprise such as specialized machinery, working equipment, petroleum drilling rigs, cranes, technological lines and individual machinery.

Category 3: Means of transport and equipment for transmission include all kinds of means of transport, including means of transport for railway, waterway, road and airway, pipelines and equipment for transmission such as information system, electricity system, water pipeline and conveyor belts.

Category 4: Equipment and instruments for management include equipment and instruments used for management of business activities of an enterprise such as computers for administration, electronic equipment, equipment and tools for measurement, quality control equipment, dehumidifiers. vacuum cleaners, termite and woodworm killers.

Category 5: Gardens of perennial trees, animals working and/or generating products include gardens of perennial trees such as coffee, tea or rubber trees; orchards, lawns and green trees, etc.; animals working and/or generating products such as herds of elephants, horses, buffaloes and cows.

Category 6: Other kinds of fixed assets include all other fixed assets which are not listed in the above five types, such as pictures, paintings and artworks.

b/ Intangible fixed assets: land use rights; issuance right: patent; literary, artistic and scientific works: products or results of performances: phonograms, video recordings, broadcast, encrypted program-carrying satellite signals; industrial designs, layout designs of semiconductor integrated circuits, trade secrets, marks, trade names, geographical indications, plant varieties and propagating materials.

2. Fixed assets used for welfare, non-business activities, national security and defense include fixed assets managed and used by an enterprise for purposes of welfare, administration, national security and defense within the enterprise. Those fixed assets are also classified under Clause 1 above.

3. Fixed assets which are maintained, kept or stored for others means fixed assets that an enterprise maintains or keeps for other units or the State under regulations of competent state agencies.

4. Based on the management requirements of each enterprise, an enterprise itself shall make a detailed classification of its fixed assets in each category as appropriate.

Article 7. Upgrading and repair of fixed assets:

1. Costs incurred by an enterprise to upgrade a fixed asset shall be added to the historical cost of that fixed asset: the enterprise may not include these costs in its business expenses in the period.

2. Costs for repair of a fixed asset shall not be added to the historical cost of the fixed asset but may be directly included in or gradually allocated to business expenses for a maximum of 3 years.

For a number of fixed assets whose repair costs arc incurred on a cyclic basis, an enterprise may advance costs for repair of fixed assets into its annual business expenses. If the actual repair costs are larger than the advanced amount, the difference may be added to reasonable expenses. If the actual repair costs are smaller than the advanced amount, the difference may be accounted as a decrease in business expenses of the period.

3. Costs related to an intangible fixed asset arising after the initial recognition, which are valuated certainly as increasing the economic interests of the intangible fixed asset compared with its initial operation state, shall be added to the historical cost of the fixed asset. Other expenses related to the intangible fixed asset arising after the initial recognition shall be included in production and business expenses.

Article 8. Lease, pledge, mortgage, sale or liquidation of fixed assets:

1. All activities of lease, pledge, mortgage, sale and liquidation of fixed assets must comply with the current provisions of law.

2. For leased fixed assets:

a/ Operating lease fixed assets:

- The lessee shall manage and use fixed assets in accordance with the terms of the lease contract. The fixed asset rent shall be included in business expenses of the period.

- The lesser as an owner of the fixed assets shall monitor and manage the leased fixed assets.

b/ Financial lease fixed assets:

- The lessee shall monitor, manage and use the leased fixed assets in the same manner as its own fixed assets, and fulfill all obligations committed in the lease contract.

- The lesser as an investor shall monitor and properly comply with the terms of the financial lease contract.

c/ In case the asset lease (operating lease or financial lease) contract stipulates that the lessee has the responsibility to repair the asset during the lease term, the repair cost may be included or gradually allocated to business expenses for a maximum of 3 years.

4. For the sale and sublease of fixed assets:

- If an enterprise sells or subleases an operating lease fixed asset, it shall perform the same responsibilities as prescribed for the lessee of the operating lease fixed asset. Any difference arising when the agreed sale price or the sublease amount of the fixed asset is lower or higher than the reasonable value shall be promptly included in the enterprise's income in the period or gradually allocated to its expenses according to regulations.

- If an enterprise sells or subleases a financial lease fixed asset, it shall perform the same responsibilities as prescribed for the lessee of the financial lease fixed asset. The difference between the income from the sale of the asset and the residual book value of the asset shall be included in the enterprise's income according to regulations.

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