Decision No. 38/2000/QD-BTC On the issuance and promulgation for application of the Vietnamese Accounting Standards and Auditing Standards System

DECISION

Regarding the issuance and promulgation for application of the Accounting Standards System,

 Vietnamese Auditing Standards

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 the market mechanism and the process of integration;

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

Pursuant to …;

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 must be developed according to 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, level, and experience in accounting and auditing 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/QD-BTC dated October 30, 1998, and the Steering Committee for Research and Drafting Vietnamese Auditing Standards was established pursuant to Decision No. 19/1999/QD-BTC dated February 12, 1999 of the Minister of Finance, urgently 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 Regulations Department serves as the permanent unit of the Steering Committees and Drafting Teams, responsible for organizing the drafting, incorporating opinions, and perfecting 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 4. This Decision takes effect from the date of signature. The Heads of the Steering Committees for Research and Drafting Vietnamese Accounting Standards, the Heads of the Steering Committees for Research and Drafting Vietnamese Auditing Standards, the Head of the Accounting Regulations Department, and the Heads of the units under and affiliated with the Ministry are responsible for implementing this Decision./.