Circular No. 198/2012/TT-BTC on Accounting Regulations Applicable to Open-ended Investment Funds

CIRCULAR

Accounting System Applicable to Open-ended Investment Funds

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Pursuant to the Law on Accounting No. 03/2003/QH11 dated June 17, 2003;

Pursuant to Decree No. 128/2004/NĐ-CP dated May 31, 2004 of the Government detailing and guiding the implementation of certain provisions of the Accounting Law in the public sector, and Decree No. 129/2004/NĐ-CP dated May 31, 2004 of the Government detailing and guiding the implementation of certain provisions of the Accounting Law in business operations;

Pursuant to the Securities Law No. 70/2006/QH11 dated June 29, 2006 and the Law Amending and Supplementing Certain Provisions of the Securities Law No. 70/2006/QH11 dated June 29, 2006, No. 62/2010/QH12 dated November 24, 2010;

Pursuant to Decree No. 58/2012/NĐ-CP dated July 20, 2012 detailing and guiding the implementation of certain provisions of the Securities Law and the Law Amending and Supplementing Certain Provisions of the Securities Law;

Pursuant to the Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

At the request of the Director of the Department of Accounting Standards and Auditing,

The Minister of Finance issues this Circular on the Accounting System applicable to Open-ended Investment Funds.

Article 1. Attached to this Circular is the Accounting System applicable to Open-ended Investment Funds consisting of four parts:

Part One: Accounting Voucher System;

Part Two: Accounting Account System;

Part Three: Accounting Ledger System;

Part Four: Financial Reporting System.

Article 2. Scope of application

This Circular stipulates contents related to accounting vouchers, accounting accounts, accounting methods, ledgers, financial report models, methods of preparing and presenting financial reports applicable to open-ended investment funds established and operating in accordance with securities laws.

Article 3. Applicability

This Circular applies to Fund Management Companies, Supervisory Banks, and other organizations and individuals related to the activities of open-ended investment funds.

Article 4. Accounting Principles and Methods Applicable to the Accounting of Open-ended Investment Fund Operations

Open-ended investment funds shall comply with accounting principles and methods prescribed in relevant Vietnamese Accounting Standards and specific provisions of this Accounting System.

Article 5. Effective Date

This Circular takes effect from January 1, 2013.

Article 6. Implementation Organization

1. The Director of the Department of Accounting Systems and Auditing, the Chairman of the State Securities Commission, the General Directors of Fund Management Companies, and heads of related units are responsible for implementing this Circular.

2. In the course of implementing this Circular, if there are difficulties or obstacles, units are requested to report to the Ministry of Finance for study and resolution./.