Circular No. 210/2014/TT-BTC guiding accounting for securities companies

CIRCULAR

Accounting Guidance for Securities Companies

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On the basis of Accounting Law No. 03/2003/QH11 dated June 17, 2003;

On the basis of Securities Law No. 70/2006/QH11 dated June 29, 2006 and Law No. 62/2010/QH12 dated November 24, 2010 amending and supplementing certain articles of Securities Law No. 70/2006/QH11 dated June 29, 2006;

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

Decree No. Decree No. 58/2012/NĐ-CP dated July 20, 2012 detailing and guiding the implementation of certain provisions of Securities Law and June 26, 2015 of the Government amending and supplementing certain provisions of Decree No.

Decree No. Decree No. 215/2013/NĐ-CP dated December 23, 2013 of the Government on 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 to guide accounting for securities companies.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular stipulates contents related to accounting vouchers, accounting accounts and accounting methods, accounting books, financial statement templates, methods of preparing and presenting financial statements applicable to securities companies (CTCK) established and operating in accordance with laws on securities.

Article 2. Applicability

This Circular applies to securities companies and organizations and individuals related to the activities of securities companies.

Article 3. Accounting principles and methods applicable to the accounting of securities company operations

1. Securities companies must comply with accounting principles and methods prescribed in the Accounting Law, Vietnamese Accounting Standards, relevant legal documents, and specific provisions of this Circular guiding accounting.

2. Accounting principles and methods based on fair value can only be applied when the Accounting Law permits the application of fair value principles.

3. This Circular specifies special applications in accounting work for securities companies. Contents regarding accounting voucher systems, accounting accounts, accounting books, financial reports not guided in this Circular shall be applied according to the current enterprise accounting system.

Chapter II
ACCOUNTING GUIDANCE

APPLICABLE TO SECURITIES COMPANIES

Section 1

 ACCOUNTING VOUCHERS

Article 4. General Principles

1. Accounting vouchers are papers and objects carrying information reflecting economic and financial transactions that have occurred and been completed, serving as the basis for recording in accounting ledgers.

2. Accounting vouchers for securities companies must be implemented strictly in accordance with the content, method of preparation, and signature requirements set forth in the Accounting Law, detailed decrees guiding the Accounting Law in the corporate sector, other relevant legal documents concerning accounting vouchers, and regulations in this system.

Article 5. Preparation of Accounting Vouchers

1. All economic and financial transactions related to the operations of securities companies must be recorded in accounting vouchers. An accounting voucher is prepared only once for each transaction. The content of the accounting voucher must include all required fields, be clear, and accurately reflect the economic and financial transaction. Writing on the voucher must be legible, without erasures or abbreviations. The amount written in words must match the amount written in figures.

2. Accounting vouchers must be prepared with the full number of copies as prescribed. For vouchers requiring multiple copies, they must be prepared simultaneously for all copies using a computer or carbon paper. In exceptional cases where multiple copies cannot be prepared simultaneously, two separate preparations may be made but must ensure consistency in content and legal validity among all copies.

3. Accounting vouchers prepared by computer must comply with the content requirements for accounting vouchers.

Article 6. Signing accounting vouchers

1. All accounting vouchers must have complete signatures according to the prescribed position on the voucher before they become valid for implementation. Specifically, electronic vouchers must have an electronic signature as provided by law. All signatures on accounting vouchers must be signed with a ballpoint pen or ink pen, and shall not be signed with red ink or pencil. Signatures on accounting vouchers used for payment purposes must be signed on each copy. The signature of one person on accounting vouchers must be consistent and must match the registered signature as prescribed; in cases where no signature has been registered, subsequent signatures must match previous signatures.

2. The signature of the head of the Securities Company (General Director, Director or authorized representative), the Chief Accountant (or authorized representative), and the stamp on the voucher must comply with the sample stamp and signature still in effect registered at the commercial bank. The signature of the accountant on the voucher must match the registered signature with the Chief Accountant.

3. The Chief Accountant (or authorized representative) shall not sign "on behalf of" the head of the Securities Company. An authorized representative shall not re-authorize another person.

4. Securities Companies must maintain a register of sample signatures of accounting staff, Chief Accountants (and authorized representatives), General Directors, Directors (and authorized representatives) related to the operations of the Securities Company. The register of sample signatures must be numbered and bound with a cross-stamp by the head of the organization (or authorized representative) for easy inspection when necessary. Each person must sign three sample signatures in the register.

5. Individuals who have the right or are authorized to sign vouchers shall not sign accounting vouchers without recording or fully recording the contents of the voucher according to the responsibility of the signer.

6. The delegation of authority to sign on accounting vouchers by the General Director, Director of the Securities Company shall be in accordance with the law, management requirements, ensuring strict control and security of the company's assets.

Article 7. Procedures for circulation and verification of accounting vouchers of Securities Companies are stipulated as follows:

1. All accounting vouchers established by the Securities Company or received from external sources must be centralized in the accounting department of the Securities Company. The accounting department shall inspect these accounting vouchers and only after verifying their legal validity and the accuracy of the figures between the Securities Company will they be used to record in the accounting books.

2. The circulation procedure of accounting vouchers includes the following steps:

- Establishing, receiving, and processing accounting vouchers.

- Accountants and Chief Accountants inspect and sign accounting vouchers or submit them to the General Director, Director of the Securities Company for approval.

- Classifying, arranging accounting vouchers, posting entries, and recording in the accounting books.

- Store and preserve accounting documents.

3. The verification procedure for accounting vouchers.

- Verifying the clarity, truthfulness, and completeness of the indicators and factors recorded on accounting vouchers.

- Verifying the legality of economic and financial transactions recorded on accounting vouchers, comparing accounting vouchers with other relevant documents.

- Verify the accuracy of the figures and information on the accounting documents.

4. When verifying accounting vouchers, if violations of policies, systems, current laws and regulations regarding the establishment and management of Securities Companies, the Articles of Association of the Securities Company, Shareholders' Meeting Resolutions, Members' Assembly Resolutions, or Board of Directors Resolutions are discovered, they must be refused (no payment,...) and immediately reported to the General Director, Director of the Securities Company for timely handling in accordance with current laws.

For accounting vouchers established incorrectly according to procedures, unclear content, and indistinct numbers, the person responsible for inspection or recording must return them, request additional procedures, and adjust them before using them as a basis for recording.

Article 8. Translation of accounting vouchers into Vietnamese

1. Accounting vouchers recorded in a foreign language, when used for accounting records in Vietnam, must be translated into Vietnamese. For vouchers that occur infrequently or frequently but with different contents, the entire content of the accounting voucher must be translated. For frequently occurring vouchers with identical contents, only the main contents such as: name of the voucher, name of the issuing entity and individual, name of the receiving entity and individual, economic content of the voucher, position of the person signing on the voucher, etc., shall be translated.

2. The translator must sign, clearly state their full name, and bear responsibility for the content translated into Vietnamese. The translated version of the voucher in Vietnamese must be attached to the original version in a foreign language.

Article 9. Use, management, printing, and issuance of accounting voucher forms

1. All Securities Companies must uniformly use the accounting voucher form prescribed in this Accounting System and other related vouchers consistent with the relevant legal provisions. During implementation, Securities Companies may not modify mandatory voucher forms.

2. Pre-printed voucher forms must be carefully preserved and not allowed to deteriorate or become damaged. Cheques and negotiable instruments must be managed like cash.

3. For accounting voucher forms with instructional nature, Securities Companies may purchase pre-designed forms or design them themselves and print them, but they must ensure the main contents of the vouchers as stipulated in this Circular and the Accounting Law.

Article 10. Use of electronic vouchers and storage

1. Securities Companies using electronic vouchers for economic, financial activities, and accounting records must comply with regulations on electronic transactions and relevant legal provisions regarding electronic vouchers.

2. Securities Companies must store accounting vouchers according to legal regulations.

Article 11. List and forms of accounting vouchers

1. Main accounting vouchers applicable to Securities Companies shall be implemented according to the list and forms specified in Appendix No. 01.

2. The State Securities Commission will provide specific guidance on the system of business vouchers applicable to Securities Companies to carry out securities trading operations.

Section 2

 ACCOUNTING ACCOUNT SYSTEM

APPLICABLE TO SECURITIES COMPANIES

Article 12. Provisions on the Accounting Account System applicable to Securities Companies

1. Accounting accounts are used to classify and systematize economic and financial transactions based on their economic content.

2. The Accounting Account System of Securities Companies includes first-level accounts, second-level accounts, third-level accounts, fourth-level accounts within the Balance Sheet, and accounts outside the Balance Sheet as prescribed in this Circular.

3. Securities Companies base on the Accounting Account System prescribed in the Accounting Guidance applicable to Securities Companies to apply and detail the Accounting Account System suitable for the characteristics of their business and management requirements of each type of activity, but must be consistent with the content, structure, and accounting methods of corresponding summary accounts.

4. In cases where Securities Companies need to supplement or modify the names, codes, contents, and accounting methods of first-level, second-level, or third-level accounts for special economic transactions, prior written approval from the Ministry of Finance is required before implementation.

5. According to management requirements, Securities Companies may open additional accounts at the fourth level or higher without needing approval from the Ministry of Finance.

6. The list of the Accounting Account System applicable to Securities Companies and explanations of their content, structure, and accounting methods are specified in Appendix No. 02.

Section 3

 ACCOUNTING LEDGER REGIME

Article 13. General Provisions

1. Accounting books are used to record, systematize, and retain all economic and financial transactions that have occurred according to their economic content and chronological order related to the Securities Company.

2. The Securities Company must comply with the provisions on accounting books stipulated in the Accounting Law, the Government Decree detailing and guiding the implementation of certain provisions of the Accounting Law in the business sector, and other guiding documents for the implementation of the Accounting Law and this Circular.

Article 14. Types of Accounting Books

1. Each Securities Company shall maintain only one accounting book system for each fiscal year period. The accounting books consist of general ledger books and detailed ledger books.

- General ledger books include: Journal Books, Ledger Books.

- Detailed ledger books include: Various detailed ledger books.

2. The Securities Company must adhere to the formats, contents, and recording methods for Ledger Books and Journal Books; the regulations for detailed ledger books are advisory in nature.

3. General Ledger Books.

3.1. Journal Books

a) Journal Books are used to record economic and financial transactions occurring during each accounting period and within an accounting year in chronological order and corresponding to the accounts of those transactions. The accounting figures recorded in the Journal Books reflect the total debits and credits of all accounts used by the Securities Company (General Journal), except for accounts already tracked and recorded in special Journal Books.

b) Journal Books must fully reflect the following contents:

4. Accountants must close the accounting books at the end of the monthly or annual accounting period before preparing reports on foreign borrowing and repayment of the government.

- The number and date of the accounting vouchers serving as the basis for journal entries;

- The amount of the economic and financial transaction recorded in the accounting accounts.

- The amount of the economic and financial transactions occurring.

3.2. Special Journal Books

Special Journal Books include Purchase Journal Books, Sales Journal Books, Cash Receipt Journal Books, Bank Deposit Receipt Journal Books, Cash Payment Journal Books, Bank Deposit Payment Journal Books. These special journals are opened and used to record specific transactions designated for each type of journal, such as the Purchase Journal Book being used to record purchase transactions that have not been settled within the accounting period.

3.3. Ledger Books

Ledger Books are used to record economic and financial transactions occurring during each period and within an accounting year according to the accounts specified in the accounting chart applicable to the Securities Company. The accounting figures recorded in the Ledger Books provide a summary of the company's asset status, capital sources, operational activities, and results. Ledger Books must fully reflect the following contents:

- The date of journal entry.

- The number and date of the accounting voucher serving as the basis for journal entries.

- A summary of the content of the economic and financial transactions occurring.

- The amount of the economic and financial transactions occurring, recorded on the debit or credit side of the account.

4. Detailed Ledger Books

a) Detailed Ledger Books are used to record economic and financial transactions related to accounting objects that need to be closely monitored according to management requirements. The figures recorded in the Detailed Ledger Books provide information for managing each type of asset, capital source, revenue, and expense not reflected in the Journal Books and Ledger Books.

b) The number and structure of detailed accounting ledgers are not mandatorily prescribed. Securities companies shall establish necessary and appropriate detailed accounting ledgers based on the provisions of this Circular regarding detailed accounting ledgers and the management requirements of the securities company.

Article 15. Accounting Books System

1. Each Securities Company shall have only one official and unique accounting books system for each fiscal year.

2. The Securities Company shall base on the applicable accounting accounts system at the Securities Company and management requirements to open sufficient general ledger and detailed accounting books as necessary.

Article 16. Responsibilities of the Keeper and Recorder of Accounting Books

1. Accounting books must be strictly managed with clear individual responsibilities assigned to the keeper and recorder of the books. Whoever is given the accounting books must be responsible for all entries made in the books and their safekeeping during the period of use.

2. When there is a change in personnel responsible for keeping and recording the books, the Chief Accountant must organize the handover of management and bookkeeping responsibilities between the old and new staff members. The handover record must be signed and confirmed by the Chief Accountant.

Article 17. Recording Accounting Books by Hand or Using Accounting Software

1. The Securities Company may record accounting books by hand or using accounting software.

2. In the case of manual recording, it must follow the accounting format and book models and the regulations of the General Journal Form. Units may open additional detailed accounting books according to their management requirements.

3. In the case of recording accounting books using accounting software, the Securities Company may choose to purchase or develop accounting software programs that comply with the General Journal Form. The accounting software General Journal Form applied at the Securities Company must meet the following requirements:

a) There must be sufficient general ledger and detailed accounting books necessary to meet the accounting requirements as prescribed. The general ledgers must contain all elements as stipulated in the Accounting Book Regulations;

b) Properly implement the regulations regarding opening, recording, closing, and correcting accounting books as prescribed in the Accounting Law, guiding documents for implementing the Accounting Law, and this Circular;

c) The Securities Company must base on the standards and conditions of accounting software prescribed by the Ministry of Finance in Circular No. 103/2005/TT-BTC dated November 24, 2005, and subsequent amendments and supplements (if any) to select appropriate accounting software that meets management requirements and the conditions of the Securities Company.

Article 18. Opening and Recording Accounting Books

1. Opening Accounting Books

a) Accounting books must be opened at the beginning of the fiscal year. For newly established Securities Companies, accounting books must be opened from the date of establishment. The legal representative and Chief Accountant of the Securities Company are responsible for approving manually recorded accounting books before use, or signing off on officially printed accounting books after printing from accounting software;

b) Accounting books must use pre-printed or pre-lined templates, which can be bound into volumes or kept loose. Used pages must be bound into volumes for storage;

c) Before using accounting books, the following procedures must be completed:

- For bound accounting books:

The first page of the book must clearly state the name of the Securities Company, the name of the book, the opening date, the accounting period, and the recording period, the full name, signature of the keeper and recorder of the book, the Chief Accountant, and the legal representative of the Securities Company, the end date of recording or the date of transfer to another person.

Accounting books must be numbered from the first page to the last page, with a stamp placed between two consecutive pages of the book by the accounting unit;

- For loose-leaf ledgers:

The first page of each loose sheet must clearly state the name of the Securities Company, the serial number of each sheet, the name of the book, the month of use, the full name of the keeper and recorder of the book. Loose sheets must be signed and stamped by the (General) Director of the Securities Company or authorized person before use, registered in the loose sheet usage logbook. Loose sheets must be arranged according to the accounting account sequence and ensure safety and ease of access.

2. Recording Accounting Books

Recording accounting books must be based on verified accounting vouchers that comply with the regulations on accounting vouchers. All data recorded in the accounting books must be supported by legal and reasonable accounting vouchers.

3. Closing Accounting Books

At the end of the accounting period, accounting books must be closed before preparing financial statements. Additionally, accounting books must be closed in cases of inventory checks or other situations as prescribed by law.

Article 19. Accounting Books Correction

1. When errors are found in manually recorded accounting books during the bookkeeping process, such errors shall not be erased to obliterate the traces of information or figures but must be corrected using one of the following methods:

a) Correction Method:

This method is used to correct errors by drawing a straight line through the incorrect entry but ensuring that the incorrect content remains legible. The correct number or character should be written above the crossed-out part with regular ink and must be accompanied by the signature of the Chief Accountant or the responsible accountant of the Securities Company next to the correction. This method applies to the following cases:

- Errors in explanation that do not relate to the corresponding relationship between accounts;

- Errors that do not affect the total amount.

b) Negative Recording Method (also known as Red Recording Method):

This method is used to adjust errors by recording the incorrect entry in red ink or within parentheses to cancel out the incorrect entry. The correct entry should then be recorded with regular ink to replace it.

This method applies to the following cases:

- Errors in the corresponding relationship between accounts due to incorrect journal entries that have been recorded in the accounting books and cannot be corrected using the correction method;

- Discovering errors after submitting the Financial Report to the competent authority. In this case, the error can be corrected in the accounting books of the year in which the error was discovered using either a non-retrospective or retrospective method according to the Accounting Standard "Changes in Accounting Policies, Estimates, and Errors";

- Errors where the journal entry at the account has recorded multiple amounts or the incorrect figure is larger than the correct figure.

When using the negative recording method to correct errors, a "Correction Journal Entry Certificate" must be established and signed by the Chief Accountant (or responsible accountant).

c) Supplementary Recording Method:

This method applies when the relationship between accounts is correctly recorded but the recorded amount is less than the amount on the voucher or when the amount on the voucher is not fully added up. Corrections made using this method require establishing a "Supplementary Journal Entry Certificate" to record the additional amount with regular ink to match the voucher.

2. Correction in the case of accounting books recorded using accounting software:

a) If errors are detected before the annual Financial Report is submitted to the competent state authority, corrections must be made directly in the accounting books of that year using the accounting software;

b) If errors are detected after the annual Financial Report has been submitted to the competent state authority, corrections must be made directly in the accounting books of the year in which the error was discovered using the accounting software and noted at the bottom of the accounting books of the year containing the error;

c) All corrections made when recording accounting books using accounting software must follow the "Negative Recording Method" or the "Supplementary Recording Method".

3. When the annual settlement report is approved or when the audit, inspection, or auditing work is completed and there is an official conclusion, if there is a decision to correct the figures in the Financial Report related to the figures already recorded in the accounting books, the entity must correct the accounting books and the balances of the relevant accounting accounts according to the prescribed method. The correction must be made directly in the accounting books of the year in which the error was discovered, while also noting at the end of the last page (last line) of the accounting books of the previous year containing the error (if the Financial Report has been submitted to the competent authority) for easy comparison and verification.

Article 20. Adjusting Accounting Books

In cases where Securities Companies must retrospectively apply due to changes in accounting policies and must retrospectively adjust due to significant errors discovered in previous years according to the Accounting Standard "Changes in Accounting Policies, Accounting Estimates, and Errors," the accounting of the Securities Company must adjust the beginning-of-year balances on the consolidated accounting books and detailed accounting books of relevant accounts.

Article 21. Forms of Accounting Books

1. Securities Companies may apply the following accounting forms:

- General Journal form.

- Within this form of accounting books, there must be specific provisions regarding quantity, structure, book templates, recording sequence, recording methods, and relationships between various accounting books.

2. Based on the scale, characteristics of business operations, management requirements, accounting staff expertise, technical equipment conditions, and choosing appropriate accounting software for the Securities Company's business activities, the Securities Company must comply with the regulations of the applicable accounting book form for Securities Company activities, including types of books and their structures, reconciliation checks, recording sequences, and recording methods for various accounting books.

3. When applying the General Journal form through accounting software programs, the Securities Company must respect the principles and procedures for opening, recording, and closing accounting books under this accounting form to record actual transactions. The Securities Company must establish an accounting book recording process that complies with current accounting regulations applicable to Securities Companies. Regulations on hierarchical recording of accounting books, control, approval of recorded transactions, transfers, data consolidation to prepare and present Financial Statements and other Management Accounting Reports and operational reports as required by current accounting laws, securities laws, and related laws, and internal company regulations.

Article 22. General Journal Accounting Form

1. Principles and Basic Characteristics of the General Journal Accounting Form

a) Basic characteristics of the General Journal Accounting Form: All economic and financial transactions occurring must be recorded in the journal, primarily the General Journal, in chronological order and according to the economic content (accounting entries) of each transaction. Subsequently, data from these journals are used to record the Ledger account-by-account based on each transaction.

b) The General Journal Accounting Form includes the following main types of books:

- General Journal, special Journals;

- Ledger;

- Detailed accounting books and cards.

2. Sequence of Recording Accounting Books According to the General Journal Accounting Form (Annex No. 03A)

a) Daily, based on verified vouchers serving as the basis for recording, first record the occurring transactions in the General Journal, then use the data recorded in the General Journal to record in the Ledger according to relevant accounting accounts. If the entity maintains detailed accounting books and cards, simultaneously with recording in the General Journal, the occurring transactions are recorded in relevant detailed accounting books and cards.

In cases where special journals are maintained, daily, based on vouchers serving as the basis for recording, record the occurring transactions in relevant special journals. Periodically (every 3, 5, 10... days) or at month-end, depending on the volume of transactions, consolidate each special journal, extract data to record in relevant accounts on the Ledger, after eliminating duplicate entries due to a transaction being recorded simultaneously in multiple special journals (if applicable).

Special journals include: Purchase Journal, Sales Journal, Cash Receipts Journal, Cash Payments Journal, Bank Receipts Journal, Bank Payments Journal.

b) At month-end, quarter-end, year-end, total the data on the Ledger, prepare the Trial Balance. After verifying and reconciling correctly, the data recorded on the Ledger and detailed summary sheets (prepared from detailed accounting books and cards) are used to prepare Financial Statements. In principle, the total debit and credit entries on the Trial Balance must equal the total debit and credit entries on the General Journal (or the General Journal and special journals after eliminating duplicates on the special journals) for the same period.

3. The Securities Company opens detailed accounting books to track primary, secondary, tertiary, quaternary, etc., accounts consistent with the accounting account directory system applied at the Securities Company according to the guidance of this Circular to meet the requirements of preparing Financial Statements as stipulated by current laws and other accounting reports as required by the entity.

4. The Securities Company must arrange accounting staff to carry out the opening and recording of accounting books for the Securities Company.

5. The opening, recording, preservation, and storage of accounting books of the Securities Company must comply with the Accounting Law, implementing guidelines for the Accounting Law, and specific provisions of this Accounting System.

6. The directory system of accounting books and main accounting book templates applicable to Securities Companies is specified in Annex No. 03B.

Section 4

FINANCIAL REPORTING SYSTEM

Article 23. List of Financial Statements applicable to Securities Companies

1. List of Separate Financial Statements applicable to Securities Companies

2. List of Consolidated Financial Statements applicable to Securities Companies

Article 24. Time limit and place for submission of Financial Statements

1. Financial Statements of Securities Companies include separate financial statements (consolidated where required by law), comprising:

- Comprehensive Income Statement.

- Financial Position Statement.

- Cash Flow Statement.

- Statement of Changes in Equity.

- Notes to Financial Statements.

2. Place for submission of Financial Statements:

- Ministry of Finance (State Securities Commission).

- Tax Authority.

- Statistical Office.

- Business Registration Authority.

3. Deadline for submission of Financial Statements: As prescribed by laws on accounting and securities.

4. For semi-annual and annual Financial Statements (separate and consolidated) of Securities Companies that must be reviewed according to current laws, the semi-annual Financial Statements must be accompanied by a Review Report and the annual Financial Statements must be accompanied by an Independent Audit Report when submitted to State management agencies or when disclosed publicly.

5. The format of Financial Statements and the content and methods of preparing Financial Statements for Securities Companies are specified in Appendix No. 04.

Chapter III
IMPLEMENTING PROVISIONS

Article 25. Effective Date

1. This Circular takes effect from January 1, 2016.

2. This Circular replaces Circular No. 95/2008/TT-BTC dated October 24, 2008 of the Ministry of Finance guiding accounting for Securities Companies and Circular No. 162/2010/TT-BTC dated October 20, 2010 amending and supplementing Circular No. 95/2008/TT-BTC dated October 24, 2008 of the Ministry of Finance guiding accounting for Securities Companies.

Article 26. Implementation

1. The Director of the Accounting and Auditing Department, the Chairman of the State Securities Commission, the General Directors, Directors of Securities 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./.