On December 22, 2014, BTC issued Circular No. 200/2014/TT – BTC on guiding the Enterprise accounting regime to replace the enterprise accounting system promulgated in Decision No. 15/2006/QD-BTC 2006. This Circular takes effect from January 1, 2015.
According to the Association of Practicing Accountants VN, the Circular has some new points as follows:
Eliminate 3 forms of bookkeeping (vouchers, book-entry vouchers, general journal). Many transactions/transactions change the record. Accordingly (i) some accounts are deleted, some accounts are added, (ii) some items in the financial statements are changed, (iii) the accounting for some accounts will be different from those presented above. BCTC, ….
The system of accounting book and accounting voucher templates is not required to be followed, enterprises can design their own accounting book and voucher templates to suit each enterprise. However, the Ministry of Finance still promulgates the form of accounting books and vouchers to guide enterprises if enterprises do not design their own forms of books and vouchers.
When preparing financial statements, impairment of assets is taken into account for a number of transactions: For example, certain financial investments and investment properties. Transactions/transactions are recorded in the direction that they will be in compliance with international financial reporting standards (IFRS). Accounting for accounting purposes will be clearly distinguished from tax purposes.
The notes to the financial statements include both content and subjects. Items that do not arise in the financial statements of the enterprise are allowed to be removed.
Many accounting operations changed: Change the number of the accounting account, change the view of recording transactions. For example, add account number 129, 139, 142, 144, 223, 311, 315, 342, 415, 512, 531, 532, … rename account 344, add account 1534, 1557, …, some account names change, when accounting does not consider short-term or long-term accounts, only short-term and long-term assets are taken into account when preparing financial statements.
In the new mode there are instructions on balance transfers and retroactive adjustments. Consolidated financial statements are part of the corporate accounting regime. Dividend distribution is based on the consolidated financial statements, not the parent company’s financial statements. Some financial statement consolidation scenarios are specifically guided, especially the cash flow BC consolidation.