DECISION

ON ISSUING BUSINESS ACCOUNTING SYSTEM

THE MINISTER OF FINANCE

Pursuant to the Accounting Law No.03/2003/QH11 dated June 17, 2003 and Decree No. 129/2004/ND-CP dated May 31, 2004 of the Government detailing and guiding the implementation of a number of Accounting Law in business activities;

Pursuant to Decree No. 77/2003/ND-CP dated July 01, 2003 of the Government stipulating the functions, tasks, powers and organizational structure of the Ministry of Finance;

At the proposal of the Director of Accounting and Auditing Policies Department and Chief of Office of the Ministry of Finance,

HEREBY DECIDES:

Article 1. Issuing the “Business accounting system” applies to all enterprises of all areas and economic sectors in the country. The business accounting system consists of 4 parts:

Part I – Bookkeeping Account System;

Part II – Financial Statement System;

Part III – Business Accounting Document System;

Part IV – Accounting Book System and Accounting Model;

Article 2. All enterprises, companies, corporation shall base on the “Business accounting system” to study, concretize and develop the accounting regime, specific regulations on contents, method of manipulation consistently with the business characteristics, management requirements of each sector, operation area and economic sector. In case of modification or supplementation of accounts of category 1 and 2 or modification of financial statement, there must be written agreement from the Ministry of Finance.

Within the scope of provisions of the business accounting system and guiding documents of the superior management agencies, the enterprises shall study and apply the list of accounts, accounting documents and books and choose the form of accounting books in line with characteristics of production, business, management demand and accounting level of units

Article 3. This Decision shall take effect after 15 days from the date of publication on official gazette. For regulation on "Making interim separate consolidated financial statement" at Point 4 "Responsibility for preparation and presentation of financial statement", Section I/A, Part II/A performed as from 2008.

This Decision supersedes the Decision No.1141TC/QD/CDKT dated November 01, 1995 of the Minister of Finance issuing the "Business Accounting System"; Decision No. 167/2000/QD-BTC dated October 25, 2000 of the Minister of Finance issuing  the "Business Accounting System"; and Circular No. 10TC/CDKT dated March 20, 1997 "Guidance on modification, supplementation of the enterprise Accounting System";  Circular No. 33/1998/TT-BTC dated March 17, 1998 “Guidance on accounting and setting up and use of provision for diminution in value of inventory, provision for doubtful debts, provision for diminution in value of securities in State-owned enterprises; Circular No. 77/1998/TT-BTC dated June 06, 1998 "Guidance on currency exchange rates into VND used in accounting in enterprise”; Circular No. 100/1998 / TT-BTC dated July 15, 1998 “Guidance on VAT and business income tax accounting”; Circular No. 180/1998/TT-BTC Circular dated December 26, 1998 " Guidance on import and export tax and special consumption tax accounting"; Circular No. 107/1999/TT-BTC dated September 01, 1999 “Guidance on VAT accounting for financial leasing”; Circular No. 120/1999/TT-BTC dated October 07, 1999 “ Guidance on modification and supplementation of enterprise accounting system”; Circular No. 54/2000/TT-BTC dated June 07, 2000 "Guidelines for accounting for business establishments’ goods sold at attached units of dependent accounting in other provinces and cities and sold through agents at the right price with commission. "

Article 4. The contents specified in the Decisions issuing the Accounting Standards and Circulars guiding the implementation of accounting standards from phase 1 to phase 5 not contrary to the provisions of this decision are still effective.

Article 5. The Ministries, ministerial-level agencies, People's Committees of centrally-affiliated provinces and cities shall direct and implement the "Business accounting system" issued under this Decision in the units of sector or management area.

Article 6. Director of Accounting and Auditing Policies Department and Chief of Office of the Ministry, Director of Department of Entrepreneurial finance and the General Director of General Department of Taxation and the heads of the relevant units of the Ministry of Finance are responsible for guidance, inspection and execution of this decision.

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