In this Newsletter, we would like to update you the Circular No. 200/2014/TT-BTC (“Circular 200”) dated 20 January 2014 by the Ministry of Finance on “Guidance for enterprise accounting regime”. This Circular 200 shall be in effective from 5th February 2015 and applicable for the fiscal year starting from 1st January 2015.
This Circular 200 will replace the enterprise accounting regime issued under Decision No. 15/2006/QD-BTC dated 20th March 2006 and Circular No. 244/2009/TT-BTC dated 31st December 2009 both of which were issued by the Ministry of Finance. The contents of other Circulars which provide guidance on Vietnamese Accounting Standards which are not in contradictory with this Circular 200 are still valid.
This Circular 200 is applicable to all enterprises in all fields and of all economic sectors nationwide. The small medium enterprises (SME) who are using the accounting regime for SME can also adopt this Circular whenever suitable.
This Circular provides guidance on accounting, preparation and presentation of financial statements. However this is not to applicable in the determination of an enterprise’s tax obligations to the office of the State Budget.
The Circular 200 contains 537 pages and we would like to summarize key changes in our Newsletter for your reference as follows:
- general requirements
- change in chart of accounts
- accounting for foreign currency transactions, financial investing activities, Business Co-operation Contract, receivables, inventories, fixed assets, etc.
- update on the new structure of the financial statements
We hope you will find these updates helpful and please do not hesitate to contact us on any queries you might have on these updates as well as our services. We will be happy to help.