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The revised Law on Accounting mentioned a very important content which is the regulation on accounting principles, namely changing the principle of historical cost into fair value. The 2015 Amended Accounting Law allows enterprises to apply fair value accounting to certain types of assets that can be measured at fair value, in order to properly assess the financial status of enterprises at reporting time. This is also consistent with international accounting standards and accounting requirements for some groups of assets and liabilities.
The amended Law on Accounting allows an accounting unit to choose to store accounting documents on electronic means, if it fully meets the conditions prescribed by law on electronic documents as well as must ensure convenient lookup during storage and ensure the safety and confidentiality of data information.
Article 13 of the 2015 Accounting Law inherits 9 prohibited acts specified in Article 14 of the 2003 Accounting Law and adds a number of prohibited acts in order to ensure that all frauds and violations in accounting are covered the accounting field, and at the same time create a legal basis for handling violations.
Regarding the legal framework for state financial statements, so far, there is no other legal document regulating the preparation of state financial statements. Therefore, with the proposal to supplement regulations on state financial statements mentioned above, this will be a huge breakthrough in providing information on the financial situation of the whole country, Vietnam will have a report state of finance for managers to evaluate and operate the economy and countries around the world to have a specific view of Vietnam’s financial situation.
Regarding the legal framework for state financial statements, so far, there is no other legal document regulating the preparation of state financial statements. Therefore, with the proposed addition of regulations on state financial statements mentioned above, this will be a huge breakthrough in providing information about the financial situation of the whole country. And, Vietnam will have a state financial report for managers to evaluate and run the economy and countries around the world to have a specific view of Vietnam’s financial situation.
The financial statements of the accounting units that are required to be audited by law must be accompanied by the audit report of the auditing organization.
The amended Law on Accounting clearly stipulates that accounting vouchers must have full signatures according to the titles specified on the vouchers. And, the signatures on accounting vouchers must be signed with indelible ink.
Documentary Editorial Board, DBRC, Dong Du International Accounting & Legal Consulting Group Vietnam, A member of OneSMP Singapore, Southeast Asia Business Consulting Network (www.japanvietnam.com.vn)
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