Decree No. 12/2003/L-CTN promulgates the Accounting Law which was passed by the National Assembly of the Socialist Republic of Vietnam, the 11th term, third session on June 17, 2003. This document stipulates accounting activities and internal control in economic organizations.
Các điểm cốt lõi
- The Accounting Law applies to economic organizations, administrative and public service units, state-owned enterprises, joint-stock companies, cooperatives, and other entities engaged in accounting activities.
- Economic organizations must prepare financial statements in accordance with the Accounting Law, including: General Financial Statements, Cash Flow Statement, Income Statement, Implementation Report on Investment Capital Utilization Plan, and Settlement Report.
- Economic organizations must comply with the provisions on internal control under the Accounting Law to ensure the accuracy and truthfulness of financial information.
- The Accounting Law stipulates a fine for violations ranging from VND 50 million to VND 100 million per violation.
- Economic organizations must comply with the regulations on archiving accounting records, with a minimum retention period of 20 years.
🌐 Tác động xã hội từ văn bản này
- Positive impact: Ensuring transparency and truthfulness of financial information, enhancing the quality of economic and financial management.
- Negative impact: Compliance costs for accounting regulations may increase for small and medium-sized enterprises.
❓ Câu hỏi thường gặp
To which organizations does the Accounting Law apply?
The Accounting Law applies to economic organizations, administrative and public service units, state-owned enterprises, joint-stock companies, cooperatives, and other entities engaged in accounting activities.
What financial reports must organizations prepare according to the Accounting Law?
According to the Accounting Law, economic organizations must prepare General Financial Statements, Cash Flow Statement, Income Statement, Implementation Report on Investment Capital Utilization Plan, and Settlement Report.
What is the monetary penalty for violating the Accounting Law?
The monetary penalty for violating the Accounting Law ranges from VND 50 million to VND 100 million per violation.
What is the retention period for accounting records under the Accounting Law?
According to the Accounting Law, the minimum retention period for accounting records is 20 years.
How must economic organizations comply with the regulations on internal control?
Economic organizations must comply with the provisions on internal control under the Accounting Law to ensure the accuracy and truthfulness of financial information.
Toàn văn
ORDER OF THE STATE PRESIDENT
Regarding the promulgation of the Accounting Law
CHAIRMAN NƯỚC SOCIALIST REPUBLIC OF VIET NAM
Pursuant to Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the Tenth National Assembly, tenth session,
Pursuant to Article 91 of the Organization Law NOW PROMULGATE
Pursuant to Article 50 of the Law on Legislative Documents,
THE PROMULGATE:
The Accounting Law.
Was passed by the National Assembly of the Socialist Republic of Vietnam, 11th Session, third meeting, on June 17, 2003./.
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