Circular No. 90/2021/TT-BTC guiding accounting for State Financial Funds outside the State Budget

CIRCULAR
Guidelines for accounting applicable to State Financial Funds outside the budget
outside the budget

Pursuant to the Accounting Law No. 88/2015/QH13 dated November 20, 2015;

Pursuant to the Government's Decree No. 174/2016/NĐ-CP dated December 30, 2016 detailing certain provisions of the Accounting Law;

Pursuant to the Government's Decree No. 87/2017/NĐ-CP dated July 26, 2017 on the functions, tasks, powers, and organizational structure of the Ministry of Finance;

At the proposal of the Director of the Department of Accounting and Auditing Supervision;

The Minister of Finance issues this Circular guiding accounting for State Financial Funds outside the budget.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular guides accounting vouchers, accounting accounts, accounting books, financial reports, and final settlement reports for State Financial Funds outside the budget (hereinafter referred to as the Fund). This Circular does not apply to the determination of tax liabilities of the Funds towards the state budget.

Article 2. Applicability

Article 1. This Circular guides accounting for the Funds which are accounting entities.

Other Funds, micro programs, projects, and organizations, units with similar operational models may apply the provisions of this Circular to perform accounting at their units.

Article 2. Funds operating under the financial mechanism of public service units shall apply the administrative and public service accounting system.

Article 3. This Circular does not apply to the Debt Accumulation Fund, Social Insurance Fund, Health Insurance Fund, Unemployment Insurance Fund, National Reserve Fund, Fund for Enterprise Restructuring and Development, COVID-19 Vaccine Fund, and Social Welfare and Charity Fund.

Chapter II

SPECIFIC PROVISIONS

Article 4. Provisions on accounting vouchers

Clause 1. The Funds establish, use, preserve, and store accounting vouchers in accordance with the Accounting Law 2015 and related documents.

Clause 2. The Funds may independently design and build accounting voucher systems and forms suitable to their operational characteristics and management requirements but must comply with the provisions of the Accounting Law 2015 and ensure clarity, transparency, timeliness, ease of verification, control, and reconciliation.

Article 5. Provisions on accounting accounts

Clause 1. The list of accounting account systems, accounting principles, structures, and contents reflected in the Funds' accounting accounts shall be implemented according to the guidance provided in Appendix No. 01 issued together with this Circular.

Clause 2. The Funds shall base on the accounting account system issued in this Circular to select accounting accounts applicable to the Funds. The Funds are only permitted to use accounting accounts reflecting economic transactions of the Funds, ensuring compliance with financial mechanisms, other legal regulations, and suitability with the Funds' operational models and characteristics.

Clause 3. The Funds may supplement detailed accounting accounts for those already specified in the accounting account system list (Appendix No. 01) accompanying this Circular to meet management requirements. Any supplementation or modification of parallel-level accounts within the accounting account system list (Appendix No. 01) accompanying this Circular regarding name, code, content, and accounting principles for special economic transactions must be approved in writing by the Ministry of Finance before implementation.

Article 6. Provisions on accounting books

Clause 1. The Funds shall open accounting books to record, systematize, and retain all economic and financial transactions related to the Funds. The Funds must comply with the provisions of the Accounting Law 2015 and related documents concerning accounting books.

Clause 2. The Funds may independently design and build accounting book systems and forms suitable to their operational characteristics and management requirements but must comply with the provisions of the Accounting Law 2015 and ensure complete, clear information presentation, ease of verification, and control.

Article 6. Provisions on Financial Reporting

1. Subjects preparing financial reports

Funds subject to this Circular must close their accounting books and prepare financial reports to submit to competent authorities and related units as prescribed.

2. Principles, requirements for preparation and presentation of financial reports

a. Principles for preparation and presentation of financial reports

The preparation of financial reports must be based on accounting data after closing the accounting books. Financial reports must be prepared in accordance with the content and methods prescribed and presented consistently across accounting periods; if financial reports differ between accounting periods, the reasons must be clearly explained.

Financial reports must bear the signatures of the preparer, the chief accountant, and the legal representative of the Fund. Those signing the financial report are responsible for its contents.

b. Requirements for preparation and presentation of financial reports

Financial reports must reflect truthfully and objectively the content and value of reporting indicators; they must be presented in a structured and systematic manner regarding the financial situation, operating results, and cash flows from the Fund's activities.

Financial reports must be prepared promptly, within the prescribed time frame, clearly and easily understandable, accurately presenting information and accounting data.

Information and data in the report must be reflected continuously, with the data of the current period continuing from the previous period's data.

3. Periods for preparing financial reports

Annual financial report period: The Fund must prepare the annual financial report at the end of the accounting year according to the Accounting Law 2015.

Interim financial report period: In cases where financial mechanisms or relevant laws require additional interim financial reports to be prepared during the accounting year, the Fund must prepare both the annual financial report and the interim financial report.

4. List, forms, and methods for preparing financial reports as specified in Appendix No. 02 attached to this Circular.

5. Methods for submitting and receiving financial reports

Financial reports may be submitted in paper form or electronic form depending on practical conditions and the requirements of the receiving authority.

6. Receiving authority and deadlines for submitting financial reports

a. Receiving authority for financial reports

The Fund submits financial reports to the competent authority as prescribed.

b. Deadlines for submitting financial reports

Annual financial reports of Funds must be submitted within ninety days from the end date of the accounting year. If the Fund is required to prepare financial reports for other accounting periods, the submission deadline shall be in accordance with the financial mechanism and relevant laws.

Article 7. Provisions on Budget Settlement Reports

In cases where the Fund receives and uses state budget funds during the year, the Fund must maintain detailed records to prepare budget settlement reports in accordance with Circular No. 137/2017/TT-BTC dated December 25, 2017, issued by the Ministry of Finance on procedures for examination, verification, notification, and consolidation of annual settlements, and any subsequent amendments and supplements to this Circular, and relevant laws.

Chapter III

IMPLEMENTATION

Article 8. Conversion of Opening Balances

1. The Fund shall convert opening balances of accounting accounts in accordance with the guidelines set out in Appendix No. 03 attached to this Circular.

2. The Fund shall re-present comparative information on financial reports for indicators that have changed between this Circular and the existing accounting regulations applied by the Fund.

Article 9. Implementation Provisions

1. This Circular takes effect from January 1, 2022.

2. Funds currently applying accounting regulations under Circular No. 107/2017/TT-BTC dated October 10, 2017, issued by the Ministry of Finance guiding the accounting system for administrative and public institutions, Circular No. 200/2014/TT-BTC dated December 22, 2014, issued by the Ministry of Finance guiding the accounting system for enterprises, and Funds with special accounting systems already guided separately by the Ministry of Finance (Provincial Development Investment Funds, Vietnam Environmental Protection Fund, Public Service Telecommunications Fund) shall apply the accounting guidance provided in this Circular no later than the fiscal year starting from January 1, 2025.

Circular No. 209/2015/TT-BTC dated December 28, 2015, issued by the Ministry of Finance guiding accounting for Provincial Development Investment Funds, Circular No. 317/2016/TT-BTC dated December 7, 2016, guiding accounting for the Vietnam Environmental Protection Fund, Decision No. 74/2007/QD-BTC dated August 21, 2007, of the Ministry of Finance promulgating the accounting system for the Public Service Telecommunications Fund, and Circular No. 174/2010/TT-BTC dated November 4, 2010, of the Ministry of Finance amending and supplementing the accounting system for the Vietnam Public Service Telecommunications Fund promulgated by Decision No. 74/2007/QD-BTC dated August 21, 2007, shall cease to be effective from January 1, 2025.

Article 10. Implementation Organization

1. Ministries, sectors, People's Committees of provinces and centrally governed cities, non-budgetary state financial funds, and related organizations and individuals are responsible for directing and implementing this Circular.

2. During implementation, if there are difficulties or obstacles, please reflect them to the Ministry of Finance for study and resolution./.