New Accounting Act supplementing many acts prohibited in the field of accounting, including the preparation of two accounting systems, leasing, loan accountant certificate, registration certificate to practice accounting services … there will be a specific decree on sanctions in the field of accounting.
Additional rule book under fair value
About the Accounting Law, Deputy Minister of Finance said, an important accounting principles Accounting Act, 2015 is an additional fair value principles. Earlier, in 2005 the Accounting Law stipulated only accounted for at cost and therefore does not reflect the true state of assets and liabilities at the date of the financial statements, are not appropriate to international practices.
In the new law, the value of assets and liabilities are initially recognized at cost. After initial recognition, with some types of assets or liabilities whose value changes frequently according to the market price and their value can be determined reliably back then are recorded at fair value at the end of the financial reporting period. The determination and accounted for at fair value with technical so assigned the Ministry of Finance Law specifies the assets and liabilities are recognized and revalued at fair value, accounting methods recognized and revalued at fair value.
One other new content is added Accounting Law prohibited acts, including: establishment of two systems or more accounting records, or provide financial statements heterogeneous data in the same accounting period ; Rent, loan, lease, loan accountant certificate, certificate accounting practice; Hiring individuals or organizations are not eligible to practice, business conditions provided accounting services accounting services for their units; Certified Public Accountant and business enterprises accounting services collusion, collusion with customers to provide information … false accounting.
In addition, the law also adds many new regulations on the financial statements of State, responsible for preparing the financial statements of the Ministry of Finance of state and related agencies; professional ethical standards of accounting, bookkeeping accounts, checks accounting, internal control, accounting services business ….
Accountants Act 2015 takes effect from the date of 01.01.2017, separate financial statements with the state law requires the government to prepare the conditions necessary to begin the preparation of the financial statements of state, no later than 24 months from the effective date of the Law.
There will be a decree on the handling of violations in the field of accounting
At the press conference, leaders of the Ministry of Finance has answered many questions from reporters about the new content of the Accounting Law.
Deputy Minister of Finance Vu Thi Mai presents information about the Accounting Law at the press conference.
Answering the question about sanctions violations, Deputy Minister Vu Thi Mai said here, will have a specific decree on administrative punishment for violations in the field of accounting. In the case of larger violations, leading to criminal violations will be handled in accordance with the criminal law.
For prohibited acts is up two bookkeeping system, although already provided in the law such as the Law on Tax Administration, but according to Deputy Vu Thi Mai explained, the Tax Administration Law provisions sanctioned space evading taxes. Where two bookkeeping system leading to tax evasion or fraud will be sanctioned for tax evasion fraudulent behavior, not the behavior of two regulations on bookkeeping system in general in the regulation on hold bookkeeping functions and accounting records.
“Therefore, to have a legal basis for administrative sanctions and provisions for transparency, as well as observance of good accounting law, they must be prohibited acts set two records system accounting, accounting Law in 2005 which no “, Deputy Minister Vu Thi Mai said. /.