Decision No. 507-TC/DTXD promulgates the System for Management and Depreciation of Fixed Assets.

 DECISION

OF THE MINISTRY OF FINANCE NUMBER 507-TC/ĐTXD DATED JULY 22, 1986 ISSUING REGULATIONS ON MANAGEMENT AND DEPRECIATION OF FIXED ASSETS AND STANDARD RATES FOR DEPRECIATING FIXED ASSETS

THE MINISTER OF FINANCE

Pursuant to Decree No. 61-CP dated March 29, 1974 of the Council of Ministers promulgating regulations on the organization and operation of the Ministry of Finance;
Pursuant to Decision No. 90-CP dated April 18, 1978 of the Council of Ministers and Decree No. 132-HĐBT dated August 13, 1982 of the Council of Ministers amending the organizational structure of the Ministry of Finance;
Pursuant to Decision No. 76-HĐBT dated June 26, 1986 of the Council of Ministers promulgating temporary regulations on financial autonomy for grassroots economic units and assigning tasks to the Ministry of Finance to issue management and depreciation regulations for fixed assets applicable uniformly across all sectors;,

DECIDES:

Article 1.- To hereby promulgate the Regulations on Management and Depreciation of Fixed Assets and Standard Rates for Depreciating Fixed Assets attached hereto, which shall be applied uniformly to all sectors, levels, and grassroots units nationwide under state management.

Article 2- Ministries, State Committees, other agencies under the Council of Ministers, Party and mass organizations, People's Committees of provinces, cities, and special zones shall base on these regulations on Management and Depreciation of Fixed Assets and Standard Rates for Depreciating Fixed Assets to specify detailed objects and conditions for application in accordance with the characteristics and circumstances of each sector and locality after obtaining approval from the Ministry of Finance.

Article 3.- These Regulations on Management and Depreciation of Fixed Assets and Standard Rates for Depreciating Fixed Assets shall be implemented from the date when the state announces the application of restored asset values following a comprehensive inventory and revaluation of fixed assets at 0:00 hours on October 1, 1985.

Previous regulations concerning management and depreciation of fixed assets that conflict with these Regulations are hereby abolished.

Article 4.- Ministries, State Committees, other agencies under the Council of Ministers, Party organizations and mass organizations, People's Committees of provinces, cities, and special zones directly subordinate to the central government shall be responsible for organizing implementation and supervising enforcement of these Regulations on Management and Depreciation of Fixed Assets within their respective jurisdictions.