This Circular guides the procedures for the final settlement of investment capital for state-owned projects, including the contents of reports, audits, and approvals. The final settlement must ensure the accuracy of the actual investment capital, detailed analysis of capital sources, transferred assets, and assessment of investment effectiveness.
适用范围
Investors of state-owned projects
要点
- Investors must report on the implementation of investment capital annually and settle accounts when the project is completed, ensuring the full determination of the amount of invested capital.
- The final settlement of investment capital must clearly analyze each source of capital, the difference between investment capital and the value of transferred assets, determine the value of fixed and current assets.
- The audit of the final settlement is conducted according to levels, including checking the legality of the construction investment project, accurately determining the actual investment capital.
- Approval of the final settlement is made by the person authorized to approve the project simultaneously, before approval, there must be comments from the financial agency regarding the accuracy of the data.
- The time for preparing the final settlement report, auditing, and approving the final settlement is specifically defined.
🌐 本文件的社会影响
- Positive impact: Strengthening management of investment capital, improving the efficiency of capital use, learning lessons from the investment process.
- Negative impact: Burden on investors in terms of time and effort for preparing the final settlement report.
❓ 常见问题
When must investors report on the implementation of investment capital annually?
Investors must report on the implementation of investment capital annually no later than one month after the end of the planning year.
How long is the audit of the final settlement of completed projects?
The audit of the final settlement of completed projects does not exceed two months after receiving the final settlement report.
Which costs are not included in the value of transferred assets?
Costs not included in the value of transferred assets include losses due to natural disasters, enemy actions, and other force majeure reasons not within the scope of insurance coverage as stipulated.
Who is responsible for auditing the final settlement of investment capital?
Investors sign contracts with auditing agencies to conduct the audit of the final settlement of investment capital.
Who implements the decision to approve the final settlement?
For projects in Group A, the Prime Minister delegates the Minister of Finance to approve the final settlement. For the remaining projects, the person authorized to decide on investment is also the person who approves the final settlement.
全文
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MINISTRY OF FINANCE NUMBER: 108TC/ĐT |
SOCIALIST REPUBLIC OF VIETNAM HANOI, December 8, 1994 |
CIRCULAR
OF THE MINISTRY OF FINANCE DECISION NO. 108 TC/ĐT OF DECEMBER 8, 1994 GUIDING THE FINAL ACCOUNTING OF INVESTMENT CAPITAL
Pursuant to the Investment Management and Construction Regulation issued together with Decree No. 177/CP dated October 20, 1994 of the Government; the Ministry of Finance guides the final accounting of investment capital as follows:
PART 1
GENERAL PROVISIONS
The investors of state-owned projects must report on the annual implementation of investment capital and finalize the investment capital when the project is completed (or when a component of the construction project is completed) and put into production or use.
The report on investment capital must ensure the full and accurate determination of the amount of investment capital implemented annually; the final accounting of the total investment capital invested in constructing the project, determining the value of assets handed over for production and use.
For investment projects funded from various sources, the final accounting must clearly analyze each source of capital.
The final accounting of investment capital must be audited, ensuring the time, content, and procedures for preparation, review, and approval as stipulated in this Circular.
Through the work of finalizing investment capital, the results of the investment process are evaluated, lessons learned are identified to strengthen management and improve the effectiveness of investment capital.
Part II:
SPECIFIC PROVISIONS
A. CONTENTS OF REPORT AND FINAL ACCOUNTING OF INVESTMENT CAPITAL
I. Annual Report on Investment Capital Implementation
- Investment plan for the year
- Value of volume of work implemented during the year and accumulated since commencement.
- Total investment capital allocated during the year and accumulated since commencement. For projects with foreign capital (loans, aid), a separate report on received and utilized foreign capital must be submitted to international lending organizations.
The contents above are divided according to sources of capital, components of capital (investment preparation, project implementation preparation), and capital structure (construction and installation, equipment, other basic construction costs).
- Situation of handover of completed project components put into production and use during the year.
- Analysis and evaluation of the implementation of the plan and investment results for the year, difficulties, issues, and recommendations for resolution.
II. Final Accounting of Completed Projects (or Completed Project Components)
1. Determining the total amount of investment capital implemented annually for the project.
- The total investment capital implemented for the project includes all capital for implementing the project from the investment preparation stage through completion and putting the project into operation.
- The total investment capital implemented must be categorized according to the provisions of Article 8, Chapter I of the Investment Management and Construction Regulation (including state budget capital, state credit capital, bank loan capital, enterprise capital, joint venture capital with foreign countries, people's contribution capital...).
- The total investment capital implemented is classified according to capital structure including construction and installation capital, equipment capital, and other cost capital.
2. Determining non-included asset costs.
Non-included asset costs in the project include:
- Losses due to natural disasters, enemy actions, and other unforeseeable causes not covered under insurance regulations as stipulated in Article 52, Chapter VI of the Investment Management and Construction Regulation and the Circular of the Ministry of Finance guiding the construction project insurance system.
- Losses related to costs and quantities canceled according to the decision of the competent authority.
3. Determining the value of assets handed over for production and use.
a) For multi-year investment projects, when finalizing, the investment capital implemented over the years must be adjusted to the price level at the time of handover to determine the value of assets handed over for production and use.
The conversion method of capital is guided by the Ministry of Construction.
b) Fully determine the value of fixed assets and movable assets of the project handed over to other units for management and use to reduce assets handed over to the investor and increase assets for the receiving unit.
In cases where there is a discrepancy between the implemented investment capital and the value of fixed assets handed over, it should be allocated according to the proportion of the invested capital.
c) Classify and determine the value of fixed assets and movable assets created by investment:
- The value of fixed assets and movable assets created by investment is the total investment cost for the project after deducting non-included asset costs (as stipulated in Point 2, Section II above), including:
+ The value of fixed assets and movable assets of the investor
+ The value of fixed assets and movable assets handed over to other units.
- Fixed assets are classified and valued according to the following principles:
+ Costs directly related to which fixed asset are attributed to that fixed asset.
+ Common costs related to multiple fixed assets are allocated according to the ratio of direct costs related to each fixed asset to the total value of fixed assets.
4. Analyze and evaluate the management and use of investment capital from the preparatory stage, implementation stage, and completion and commissioning of the project; assess the investment results and capital efficiency according to the approved investment decision; propose solutions to address remaining issues and obstacles.
5. The report on the final accounting of completed project components put into production and use (while the entire project has not been completed) also includes the above contents, but only reflects the main points, primarily determining the value of assets put into production and use.
6. For projects with foreign capital (loans, aid...), a separate final accounting report on all received and utilized foreign capital must be prepared and submitted to international organizations.
III. For planning design projects
Planning design projects must also report on the annual implementation of investment capital and finalize when the project ends.
B. REVIEW AND APPROVAL OF FINAL ACCOUNTING
I. Review of final accounting
1. Authority to review final accounting
Before approving the final accounting of investment capital for completed projects, a review of the final accounting report must be conducted according to the following分级授权：
- For Group A projects (approved by the Prime Minister), the Ministry of Finance will lead the review with the participation of the People's Committee of provinces and centrally-administered cities or the relevant ministries and related state management agencies.
- For the remaining projects, the relevant ministries or the People's Committees of provinces and centrally-administered cities will lead the review.
If necessary, the Ministry of Finance and the superior agencies of the investors may establish a Review Board and specialized teams to assist the Board.
- The Audit Board for final settlement of projects in Group A shall be chaired by the Minister of Finance, with members comprising representatives from the Ministry of Construction, the State Planning Commission, and other relevant agencies.
- The Audit Board for final settlement of remaining projects shall be established by the superior agency of the project sponsor, with members comprising corresponding management agencies.
The audit must be conducted promptly to ensure that when the final settlement report is completed, the audit results are simultaneously sent to the competent agencies responsible for auditing and approving the final settlement.
2. Contents of the Audit for Final Settlement
- Verify the legality of the investment construction project: Investment decision; decisions approving technical design and total budget estimate; economic contracts signed by the project sponsor with consulting, surveying, designing, constructing, installing, and equipment supply contractors; decisions modifying or supplementing investment objectives, designs, and budgets...
- Accurately determine the actual annual investment capital for the project, the amount of capital allowed not to be included in the construction works, the capital and assets handed over to other units for management and use. Handle any discrepancies between the investment capital and the value of assets handed over according to the proportion of invested capital sources.
- Accurately determine the value of fixed assets and current assets handed over for production and use, the classification and valuation of each fixed asset and current asset.
- Evaluate the investment outcomes against the targets set in the investment decision; comment on the management and utilization of investment capital and the effectiveness of the investment capital.
- Recommend measures to address outstanding issues and obstacles regarding accounts receivable and payable, surplus materials and equipment, violations in implementing the Investment Management Regulations and Construction...
II. Decision Approving the Final Settlement
1. For completed investment projects (or completed project components).
- For projects in Group A, the Prime Minister delegates the authority to approve the final settlement to the Minister of Finance.
- For remaining projects, the person authorized to decide on investment is also the person authorized to approve the final settlement.
Prior to the competent authority's approval of the final settlement, the final settlement dossier (after being audited) must be reviewed by the financial agency and a written comment provided.
The comments of the Financial Agency include the following contents:
+ Compliance with the final settlement of investment capital by the project sponsor in terms of time, requirements, content, forms... as stipulated in this Circular.
+ Accuracy of the figures and documents in the final settlement.
+ On investment outcomes and recommendations of the project sponsor and the audit agency.
+ Recommendation for approval of the final settlement.
2. For annual investment capital implementation reports, the funding allocation or lending agency conducts a review of the capital used according to the approved plan. The superior agency of the project sponsor compiles and reports to the Ministry of Finance.
C. TIME LIMITS FOR PREPARATION, AUDIT, AND APPROVAL OF FINAL SETTLEMENT
1. For completed investment projects (or completed project components):
- For investment projects in Group A:
+ Within six months after the completion of the investment project, the project sponsor must complete the final settlement report.
+ The audit period shall not exceed two months after receiving the final settlement report.
+ The approval period for the final settlement shall not exceed one month after receiving the audited final settlement dossier.
- For the remaining projects:
+ The preparation period for the final settlement report shall not exceed three months after the completion of the project.
+ The audit period shall not exceed one month.
+ The approval period for the final settlement shall not exceed fifteen days.
2. For annual investment capital implementation.
- Within one month after the end of the planning year, the project sponsor must complete the annual investment capital implementation report and submit it to the funding allocation or lending agency and the superior agency of the project sponsor.
- Within fifteen days, the funding allocation or lending agency reviews the capital used according to the approved plan.
- The superior agency of the project sponsor compiles and reports to the Ministry of Finance within one month thereafter.
D. EXPENSES FOR FINAL SETTLEMENT
Expenses for preparing the final settlement report, auditing, and approving the final settlement are included in the project's investment capital as prescribed by the Ministry of Finance.
Part 3:
IMPLEMENTATION
1. Investors are responsible for:
- Coordinate with the contractors to resolve outstanding issues regarding materials and equipment received from the project sponsor, settle accounts receivable and payable, and other issues arising according to the signed contract.
- Inventory and determine the value of remaining assets of the organization implementing the project, transfer them to production units or liquidate to recover funds to repay the corresponding investment capital.
- Close accounting books, organize and classify documents to serve the final settlement process and handover.
- Verify and confirm the allocated or lent capital from the funding allocation or lending agency; provide confirmation opinions on accounts receivable and payable, asset transfer... from related agencies.
- Sign a contract with the auditing agency to audit the final settlement of investment capital.
- Prepare and submit annual investment capital implementation reports and final settlement reports to the funding allocation or lending agencies, the superior agency of the project sponsor, and the competent agencies responsible for auditing and approving the final settlement within the prescribed deadlines.
2. Contractors (consultants, constructors, installers, auditors...) are responsible for cooperating with the project sponsor to resolve outstanding issues thoroughly according to the contract with the project sponsor; provide and bear legal responsibility for necessary data and documents for the project sponsor's reporting and final settlement work.
3. The superior agency of the project sponsor is responsible for:
- Guiding, inspecting, and urging the project sponsor to implement reporting and final settlement work in accordance with the content, requirements, and timeframes stipulated in this Circular.
- Assisting the project sponsor in resolving emerging issues during the preparation and final settlement of investment capital.
- Organizing the audit of the final settlement (as per point 1.I.B).
- Approving the final settlement for projects within its investment decision-making authority after auditing and receiving written comments from the financial agency.
- Implementing the transfer of capital to production and business units according to current regulations.
4. Audit agencies responsible for final settlement audits are responsible for:
- Conducting audits according to the contents, requirements, and timelines specified in this Circular, recommending approval of the final settlement and proposing solutions to outstanding issues and violations.
||| Be responsible under the law for the accuracy of the settlement documents and figures after they have been reviewed.
||| 5. The agencies issuing and lending capital shall be responsible for checking the annual investment capital implementation reports and verifying the issued or lent capital of the project.
||| This Circular takes effect from the date of issuance and replaces previous guiding documents on settlement of construction projects.
||| During the implementation process, if there are any difficulties, it is recommended that ministries, localities, and investors promptly reflect them to the Ministry of Finance and relevant agencies for research and resolution.
ANNEX 1
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance)
||| RELATED LEGAL DOCUMENTS
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Provincial People's Committees set specific prices |
Progress, Timeframe |
||| Approval |
Person |
Remarks |
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No. |
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Number |
dated |
and training plans, compile and allocate training funds for managing cadres and positions in cooperatives, especially agricultural cooperatives, for relevant ministries, sectors, localities, and the Vietnam Union of Cooperatives. |
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1 2 3 4 5 |
Example ||| Investment Decision ||| Decision Approving Preliminary Design Estimate ||| Decision Approving Detailed Design Estimate ||| Decision Adjusting Preliminary Design Estimate ||| + Detailed Design Estimate .................................. |
............. ............. ............. ........... |
(for ............. ............. ............. |
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ANNEX 2
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance)
||| ANNUAL INVESTMENT CAPITAL IMPLEMENTATION REPORT FOR 199...
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||| Cumulative from Start Date to |
||| Specifically for the year 19... |
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31/12/19... |
TS |
XL |
TB |
Benefits protecting economic activities |
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||| I. INVESTMENT CAPITAL IMPLEMENTATION ||| - Investment Plan ||| - Value of Completed Works ||| - Capital Issued and Paid ||| II. SOURCES OF INVESTMENT CAPITAL - Total ||| - Divided into: ||| + State Budget Capital ||| + Domestic Enterprise Capital ||| + Bank Loan Capital ||| + Investor's Capital + ........... |
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||| III. HANDOVER SITUATION OF PROJECT COMPONENTS IN 19...
||| Name of Handover Project Component:
||| Handover Date:
||| Approved Budget:
||| Actual Investment Capital:
||| Handover Value:
- Fixed Assets
||| Current Assets
||| IV. ANALYSIS AND EVALUATION OF SITUATION AND RECOMMENDATIONS FOR RESOLUTION:
ANNEX 3
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance)
||| DETERMINATION OF TOTAL ACTUAL INVESTMENT CAPITAL IMPLEMENTED IN THE PROJECT
||| I. TOTAL INVESTMENT CAPITAL IMPLEMENTED OVER THE YEARS:
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||| Actual Investment Implementation |
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Year |
||| Investment Plan |
(thousand dong/year) |
Divided into |
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XL |
TB |
Benefits protecting economic activities |
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Total: ||| - Year 19... ||| - Year 19... |
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||| II. TOTAL INVESTMENT CAPITAL IMPLEMENTED BY SOURCE OF FUNDS:
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Sources of Funds |
||| According to the Approved Investment Decision |
Implementing |
Remarks |
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Total: ||| - State Budget Capital ||| - Domestic Enterprise Capital ||| - Enterprise Capital ||| - Bank Loan Capital |
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||| III. TOTAL INVESTMENT CAPITAL IMPLEMENTED BY STAGES OF INVESTMENT:
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||| According to the Approved Detailed Design Estimate ||| - Investment Preparation |
Implementing |
Remarks |
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Total: ||| - Project Preparation Stage ||| - Project Implementation Stage ||| INVESTMENT CAPITAL IMPLEMENTED BY PROJECT COMPONENTS |
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ANNEX 4
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance)
||| Design Capacity
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Item |
||| Approved Budget |
||| Actual Investment Implementation |
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance) |
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and training plans, compile and allocate training funds for managing cadres and positions in cooperatives, especially agricultural cooperatives, for relevant ministries, sectors, localities, and the Vietnam Union of Cooperatives. |
(thousand dong/year) |
Divided into |
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XL |
TB |
Benefits protecting economic activities |
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Total:
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ANNEX 5
||| EXPENSES NOT INCLUDED IN THE VALUE OF ASSETS TO BE TRANSFERRED
||| (Natural Disasters, Enemy Attacks, Unforeseeable Causes Not Covered by Insurance
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Amount |
- The book value of the security is determined according to the Accounting System of the State Bank and the guidance document of the State Bank on the accounting treatment of foreign securities investment operations. |
Explanation |
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Total: - ................ - ................ |
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||| Quantity Scrapped According to the Decision of the Competent Authority) ||| QUANTITY AND VALUE OF FIXED ASSETS TO BE TRANSFERRED |
ANNEX 6
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance)
||| Name of Fixed Asset
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||| Date Put Into Use |
Unit of Measurement |
Quantity |
Total value |
||| Source of Investment Capital |
||| I- Fixed Assets Managed by the Investor |
Remarks |
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||| II- Fixed Assets Transferred to Other Units - - - - ||| QUANTITY AND VALUE OF CURRENT ASSETS TO BE TRANSFERRED - - - |
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ANNEX 7
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance)
||| Name of Current Asset
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||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance |
Unit of Measurement |
Quantity |
Unit price |
Total Amount |
Remarks |
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ANNEX 8
||| DEBT SITUATION
||| Name of Unit to Receive/Pay
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||| I- Receivables: |
Content |
Amount |
Remarks |
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||| - Unit A ||| - Unit B ||| II- Payables: ||| ANNEX 9 ||| - Unit B ||| II- Payables: |
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||| FOREIGN CAPITAL RECEIVED AND USED SITUATION
||| (For Projects with Foreign Capital)
||| Foreign capital according to credit agreement, aid:
||| (Attached to Circular No. 108 TC/ĐT dated December 8, 1994 of the Ministry of Finance)
||| Total actual received capital:
||| Total capital used for the project:
||| Divided by progress and capital structure:
||| - Year 199...
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Year |
(thousand dong/year) |
Divided into |
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XL |
TB |
Benefits protecting economic activities |
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Total: ||| Divided by tender contracts: ||| Divided by tender contracts: |
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||| Name of Tendering Organization
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||| - Total: |
Amount |
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||| - Technical Consulting Company... ||| - Construction Installation Company... ||| - Equipment Supply Company... - Company supplying equipment… |
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