On Apr. 17, VIE GVT issued guidance on public accounting regimes.
VIE GVT issued circular to guide the administrative and public accounting regime.
Follows VIE GVT Apr. 2023 proposed circular on non-business accounting, #170966.
Document dated Apr. 17, 2024, received from VIE GVT Jun. 21, summarized Jun. 26.
Overview
The circular guides public accounting regime including accounting documents, chart of accounts, accounting books, operational cost finalization reports.
Plus financial reports, the process of printing, arranging, and binding to store accounting documents of the units specified in article 2 of this circular.
Applicable to accounting units including state agencies, public service units, organizations, agencies, and units assigned to manage and record infrastructure assets in accounting books according to the law on management and use of public assets.
Specifies role of accounting unit, dependent accounting unit, and spending focal point.
Specific Provisions
Specifies classification and rules for using chart of accounts in public sector accounting.
Accounts in the table include accounts from type 1 to type 9, reflects the situation of assets, capital, revenue, expenses, determines the operating results of the unit in the accounting period, and serves as a basis for preparing financial statements.
Specified the handling of off-balance sheet accounts such as state budget-derived funding, fund settlement re professional activities prescribed by competent authority.
Covers regulations on accounting books, and its information or data corrections.
Regulations on reporting and finalization of operating costs/ financial reporting.
The unit may use accounting software for accounting work and to ensure compliance.
Transitional Provisions
After closing the accounting books to prepare the 2024 financial statements, the unit must convert the balance to a new account according to the provisions of this circular.
The opening balances of 2025 on the relevant reports such as report on financial situation, are applied retrospectively after carrying over the balances from 2024.
Effectiveness
This circular takes effect from Jan. 1, 2025 and applies from fiscal year 2025.
