Announcement of 05 Vietnamese public accounting standards phase 1

05 Vietnamese public accounting standards phase 1

Pursuant to Article 1, Decision 1676/QD-BTC issued on September 1, 2021, the Ministry of Finance approved 5 Vietnamese public accounting standards phase 1 mentioned in the attached appendices including:

- Vietnam Public Accounting Standard No. 01 "Presentation of financial statements" in Appendix 01;

- Vietnam Public Accounting Standard No. 02 " Cash flows statement" in Appendix 01;

- Vietnam Public Accounting Standard No. 12 "Inventories" in Appendix 01;

- Vietnam Public Accounting Standard No. 17 "Properties, plan and equipment" in Appendix 01;

- Vietnam Public Accounting Standard No. 31 "Intangible Assets" in Appendix 01;

(See details of 05 Vietnamese public accounting standards in the Appendix attached to Decision 1676)

 

According to Decision 1299/QD-BTC dated July 31, 2019, from 2019 to 2024, the Ministry of Finance prepares necessary conditions to implement the Project on announcing the Vietnamese public accounting standard system to ensure the promulgation of the Vietnamese public accounting standard system from time to time

a) The first period (2019):

Formulate and promulgate the Scheme for the announcement of Vietnam's public sector accounting standards. Duration of implementation: By September 2019.

Establish the drafting board/editorial group in charge of drafting Vietnam’s public sector accounting standards. Duration of implementation: By December 2019

b) The second period (2020-2024): 
The study, formulate, promulgate and announce Vietnam’s public sector accounting standards according to the following roadmap:

Stage 1: Duration of implementation is from January 2020 to December 2020

Stage 2: Duration of implementation is from January 2021 to December 2021

Stage 3: Duration of implementation is from January 2022 to December 2022

Stage 4: Duration of implementation is from January 2023 to December 2023

Các đợt còn lại: Thời gian thực hiện từ tháng 01/2024

After 21 accounting standards (Stage 4) are promulgated, the Ministry of Finance shall review, evaluate and select remaining standards to be promulgated in the following periods in conformity with policies for the public sector which are amended in conformity with principles set forth in accounting standards. In case policies for finance or state budget cannot be amended, contents that are not conformable with international public sector accounting standards must be determined. Other standards significantly different from international public sector accounting standards shall be promulgated in the remaining stages and applied when such differences are settled in conformity with Vietnam's economy.  

Decision 1676/QD-BTC takes effect from September 1, 2021

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