Decision No. 38/2000/QD-BTC Issuing and announcing the application of the system of accounting standards and auditing standards of Vietnam

DECISION OF THE MINISTER OF FINANCE

Regarding the issuance and promulgation of the Vietnamese Accounting Standards and Auditing Standards system

THE MINISTER OF FINANCE

Pursuant to the Accounting and Statistics Ordinance dated May 10, 1988;

Pursuant to the Government Decree No. 178/CP dated October 28, 1994 on the tasks, powers, and organizational structure of the Ministry of Finance;

To implement the economic reform policy under a market mechanism and the process of integration;

At the proposal of the Head of the Accounting System Department, the Head of the Foreign Financial Department, and the Director of the Ministry of Finance's Office,

 DECISION:

Article 1: Issuing and promulgating Vietnamese Accounting Standards and Auditing Standards applicable to enterprises engaged in production and business activities and auditing companies operating in Vietnam. The Vietnamese Accounting Standards and Auditing Standards system must be established based on the following principles: 

- Based on the international accounting standards and international auditing standards published by the International Federation of Accountants (IFAC);

- Suitable for the development conditions of the Vietnamese market economy, consistent with the legal system, the level of accounting and auditing experience in Vietnam;

- Vietnamese Accounting Standards and Auditing Standards must be simple, clear, and comply with the regulations on the issuance of Vietnamese legal documents.

Article 2: The Steering Committee for Research and Drafting Vietnamese Accounting Standards was established pursuant to Decision No. 1503/1998/QĐ-BTC dated October 30, 1998, and the Steering Committee for Research and Drafting Vietnamese Auditing Standards was established pursuant to Decision No. 19/1999/QĐ-BTC dated February 12, 1999 of the Minister of Finance, must promptly carry out assigned tasks according to the plan to ensure that the issuance and promulgation of Vietnamese Accounting Standards and Auditing Standards are completed by 2003.

Article 3: The Accounting System Department serves as the permanent unit of the Steering Committees and drafting teams, responsible for organizing the drafting process, incorporating opinions, and perfecting the standards for submission to the Ministry for issuance. Relevant units: General Taxation Department, State Budget Policy Department, Financial Policy Department, Enterprise Financial Bureau, Investment Department, National Treasury, Hanoi University of Finance and Accounting, and other affiliated units of the Ministry shall assign staff to directly participate in the Steering Committees and drafting teams; cooperate, provide data and information, and create favorable conditions for the Steering Committees and drafting teams to complete their assigned tasks effectively.

Article 4This Decision takes effect from the date of signing. The Heads of the Steering Committee for Research and Drafting Vietnamese Accounting Standards, the Heads of the Steering Committee for Research and Drafting Vietnamese Auditing Standards, the Head of the Accounting System Department, and the Heads of units subordinate to and affiliated with the Ministry are responsible for implementing this Decision./.

DEPUTY MINISTER OF FINANCE

Vice Minister

TRAN VAN TA