New Circular providing guidance on Vietnamese Corporate Accounting System

The Ministry of Finance (the “MoF”) issued Circular No. 200/2014/TT-BTC providing guidance on the Vietnamese Corporate Accounting System (“Circular 200”) on 22 December 2014, that replaces Decision No. 15/2006/QD-BTC (“Decision 15”) and Circular No. 244/2009/TT-BTC (“Circular 244”).

Circular 200 is seen to adapt to local realities, and be more feasible, open and flexible than Decision 15. The key changes of this Circular are summarised below:

Accounting documents

An enterprise is allowed to design the forms of its accounting documents provided that those documents contain sufficient information as stipulated in Vietnamese Law on Accounting. If the enterprise cannot design its accounting documents, it can apply the forms provided in Circular 200.

Accounting book

An enterprise is allowed to design its accounting books as long as they provide information about transactions completely, clearly and in a way that is easy to check and control.

Chart of accounts

Circular 200 provides a chart of accounts in which some new accounts are introduced, some are abolished and some are amended. An enterprise is allowed to supplement or amend the name, code, content and accounting approach of class-1 or class-2 accounts by obtaining written approval from the MoF.

Please click here for English version and here for Vietnamese version.