Decision No. 234/2003/QĐ-BTC of the Minister of Finance issues and promulgates six Vietnamese Accounting Standards Batch 3, applicable to all enterprises throughout the country.
Scope of application
All enterprises in various economic sectors nationwide.
Key points
- The Minister of Finance issues six Vietnamese Accounting Standards Batch 3 with specific numbers and names.
- These six standards apply to all enterprises throughout the country.
🌐 Social impact of this document
- Positive impact: Enhance the quality of accounting information and control the quality of accounting work, helping to improve financial management.
- Negative impact: Enterprises need to adjust their accounting systems according to the new standards, which may take time and cost.
❓ Frequently asked questions
What do the six Accounting Standards Batch 3 include?
The six Accounting Standards Batch 3 include Standard No. 05 - Investment Property, Standard No. 07 - Accounting for Investments in Associates, Standard No. 08 - Financial Information about Joint Ventures, Standard No. 21 - Presentation of Financial Statements, Standard No. 25 - Consolidated Financial Statements and Accounting for Investments in Subsidiaries, and Standard No. 26 - Related Party Disclosures.
Which enterprises are these six standards applicable to?
The six Accounting Standards Batch 3 are applicable to all enterprises in various economic sectors nationwide.
When do these six standards come into effect?
The six Accounting Standards Batch 3 shall take effect fifteen days from the date of publication in the Official Gazette.
What should enterprises do to comply with these six standards?
Enterprises need to adjust their accounting systems according to the newly issued six standards, ensuring compliance when presenting and reporting financial statements.
How long do enterprises have to make adjustments after issuance?
Enterprises have fifteen days from the date of publication in the Official Gazette to adjust their accounting systems according to the newly issued six standards.
Full text
Pursuant to …;
Regarding the issuance and publication
six (06) Vietnamese Accounting Standards (Batch 3)
THE MINISTER OF FINANCE
Pursuant to the Law on Accounting No. 03/2003/QH11 dated June 17, 2003;
Pursuant to Decree No. 86/2002/NĐ-CP dated November 5, 2002 of the Government stipulating the functions, tasks, powers, and organizational structure of Ministries and ministerial-level agencies;
Pursuant to Decree No. 77/2003/NĐ-CP dated July 1, 2003 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;
To meet the requirements for reforming economic and financial management mechanisms, improving the quality of accounting information provided in the national economy, and to monitor and control the quality of accounting work;
At the proposal of the Director of the Department of Accounting Standards and Auditing and the Head of the Ministry of Finance's Office,
DECISION:
Article 1. Issuing six (06) Vietnamese Accounting Standards (Batch 3) with the following numbers and names:
1. Standard No. 05 - Investment Property;
2. Standard No. 07 - Accounting for Investments in Associates;
3. Standard No. 08 - Financial Reporting of Joint Ventures Interests;
4. Standard No. 21 - Presentation of Financial Statements;
5. Standard No. 25 - Consolidated Financial Statements and Accounting for Investments in Subsidiaries;
6. Standard No. 26 - Related Party Disclosures.
Article 2. The six (06) Vietnamese Accounting Standards issued pursuant to this Decision shall apply to all enterprises in various sectors and economic components throughout the country.
Article 3. This Decision shall take effect fifteen days from the date of publication in the Official Gazette. Specific accounting regulations must be revised and supplemented in accordance with these six Accounting Standards issued together with this Decision.
Article 4. The Director of the Accounting and Auditing Department, the Head of the Ministry's Office, and the Heads of relevant units under and directly subordinate to the Ministry of Finance are responsible for guiding, inspecting, and implementing this Decision./.
DEPUTY MINISTER
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