Decision No. 15/2006/QD-BTC on the Issuance of the Accounting System for Enterprises

Pursuant to …;

Regarding the issuance of Accounting Regulations for Enterprises

_____________________

THE MINISTER OF FINANCE

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

Pursuant to the Government Decree No. 77/2003/NĐ-CP dated July 1, 2003 on the functions, tasks, powers, and organizational structure of the Ministry of Finance;

At the proposal of the Director of the Department of Accounting Standards and Auditing and the Head of the Ministry of Finance's Office,

Pursuant to …;

Article 1. Issuing the "Accounting Regulations for Enterprises" applicable to all enterprises in all sectors and economic components throughout the country. The Accounting Regulations for Enterprises consist of four parts:

Part One . - Accounting Account System;

Part Two . - Financial Reporting System;

Part Three . - Accounting Voucher System;

Part Four . - Accounting Ledger System.

Article 2. Enterprises, companies, and State-owned corporations shall base themselves on the "Accounting Regulations for Enterprises" to study, concretize, and establish accounting regulations, specific provisions regarding content and methods of application suitable to their business characteristics, management requirements of each industry, field of activity, and economic component. In cases where there are modifications or supplements to primary and secondary accounts or modifications to financial reports, such changes must be agreed upon in writing with the Ministry of Finance.

Within the scope defined by the Accounting Regulations for Enterprises and guidance documents from higher-level management agencies, enterprises shall study and apply the list of accounts, vouchers, ledgers, and select appropriate ledger formats consistent with their production and business characteristics, management requirements, and accounting capabilities.

Article 3. This Decision shall take effect fifteen days after its publication in the Official Gazette. Specifically, the provision on "Preparation of consolidated financial statements during the interim period" at Point 4 "Responsibility for preparing and presenting financial statements," Section I/A, Part Two shall be implemented starting from 2008.

This Decision replaces Decision No. 1141TC/QĐ/CĐKT dated November 1, 1995 of the Minister of Finance issuing the "Accounting Regulations for Enterprises"; Decision No. 167/2000/QĐ-BTC dated October 25, 2000 of the Minister of Finance issuing the "Financial Reporting Regulations for Enterprises"; and Circulars No. 10TC/CĐKT dated March 20, 1997 "Guidelines for Amending and Supplementing the Accounting Regulations for Enterprises"; No. 33/1998/TT-BTC dated March 17, 1998 "Guidelines for Accounting Treatment of Provisions for Inventory Write-downs, Bad Debts, and Securities Depreciation at State-Owned Enterprises"; No. 77/1998/TT-BTC dated June 6, 1998 "Guidelines for Exchange Rates Used in Accounting Transactions at Enterprises"; No. 100/1998/TT-BTC dated July 15, 1998 "Guidelines for Accounting Taxation of VAT and Corporate Income Tax"; No. 180/1998/TT-BTC dated December 26, 1998 "Supplementary Guidelines for Accounting Taxation of VAT"; No. 186/1998/TT-BTC dated December 28, 1998 "Guidelines for Accounting Taxation of Import and Export Duties and Special Consumption Taxes"; No. 107/1999/TT-BTC dated September 1, 1999 "Guidelines for Accounting Taxation of VAT in Financing Leases"; No. 120/1999/TT-BTC dated October 7, 1999 "Guidelines for Amending and Supplementing the Accounting Regulations for Enterprises"; No. 54/2000/TT-BTC dated June 7, 2000 "Guidelines for Accounting of Goods Sold by Business Units Affiliated to Subordinate Units Under Different Provinces and Cities at Correct Prices with Commission."

Article 4. Contents stipulated in Decisions promulgating Accounting Standards and Circulars guiding the implementation of accounting standards from the first to the fifth rounds that do not conflict with the provisions of this Decision shall remain in effect.

Article 5. Ministries, ministerial-level agencies, provincial People's Committees under direct central jurisdiction shall be responsible for directing and implementing the "Accounting Regulations for Enterprises" issued pursuant to this Decision within their respective units or within their administrative areas.

Article 6. The Director of the Department of Accounting Standards and Auditing, the Head of the Ministry of Finance's Office, the Director of the Enterprise Finance Bureau, the Director of the General Tax Department, and the Heads of relevant units under the Ministry of Finance shall be responsible for guiding, inspecting, and enforcing this Decision./.