Vietnam law on accounting

Vietnam Law on accounting 2015

This law on accounting prescribes the accounting and organizational structure of accounting and accounting practice conditions, effective from 2017 onwards.

Accordingly, compared with the previous Law on accounting, this Law has added the prohibited acts (Article 13): for external liabilities ledger; rent, loan, lease, loan accounting practice license; settig 02 financial  system and more or offer, announced the financial statements heterogeneous data in the same accounting period etc.

Exchange rates used to convert foreign currencies into Vietnam Dong when accounting entries could be adjusted, not applying the exchange rate published by the State bank, but applies the actual exchange rates (Article 10)

Electronic Accounting vouchers remain valid for trading, settlement and can store electronic form, are not required to print out on paper, and stored (Article 17, 18, 26)

In addition, this new law also added provisions on banning State employees and officials to register practicing accounting services (Article 58).

New Law takes effect from 01 Jan 2017 and replaces Accounting Law No.03/2003/QH11

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