Decision No. 38/3000/QD-BTC on the issuance and promulgation for application of the Vietnamese Accounting Standards and Auditing Standards System

Pursuant to …;

OF THE MINISTER OF FINANCE NUMBER 38/2000/QĐ/BTC ON MARCH 14, 2000 REGARDING THE ISSUANCE AND ANNOUNCEMENT OF THE APPLICATION OF THE SYSTEM OF ACCOUNTING STANDARDS AND AUDIT STANDARDS IN VIETNAM

THE MINISTER OF FINANCE

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

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

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

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

DECISION:

Article 1:The issuance and announcement of Vietnamese accounting standards and audit standards for application by enterprises engaged in production and business activities and auditing companies operating in Vietnam are hereby established. The system of Vietnamese accounting standards and audit standards must be developed according to the following principles:

- Based on international accounting standards and international audit 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, and experience in accounting and auditing in Vietnam;

- Vietnamese accounting standards and audit standards must be simple, clear, and comply with regulations on the format of issuing legal documents in Vietnam.

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

Article 3:The Accounting System Department is the permanent unit of the Steering Committees and drafting teams, responsible for organizing the drafting, incorporating opinions, and perfecting the standards for submission to the Minister for signing. Relevant units such as the General Taxation Department, the State Budget Department, the Fiscal Policy Department, the Enterprise Financial Management Bureau, the Investment Department, the National Treasury, the Hanoi University of Finance and Accounting, and other affiliated units of the Ministry have the responsibility to 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.

Article 4:This Decision takes effect from the date of signature. The Chairmen of the Steering Committee for Researching and Drafting Vietnamese Accounting Standards, the Chairman of the Steering Committee for Researching and Drafting Vietnamese Audit Standards, the Directors of the Accounting System Department, and the Heads of units subordinate to and affiliated with the Ministry are responsible for implementing this Decision.

                                                                                                                                                                                      TRAN VAN TA

                                                                                                                                                                                      (Signed)