Ministry of Finance announces six other Vietnam public accounting standards

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The Ministry of announces six other Vietnamese public accounting standards in the second phase.

Accordingly, the six public accounting standards in the second phase include Standard 05 “Borrowing costs”, Standard 09 “revenue from exchange transactions”, standard 11 “Construction contract”, standard 14 “problem arising after the year accounting period, Standard 23 "Revenue from non-exchange transactions" and Standard 24 "Presentation of budgetary information in financial statements".

The leader of the Ministry of Finance assigned the Director of the Department of Management Supervision, Accounting and Auditing to refer to issued standards to propose the competent agencies amend and supplement accounting standards applicable to public accounting units and relevant legal documents, meeting current regulations on public financial mechanism and state budget, and submit to the Minister of Finance a circular guiding the accounting regime applicable to units.

The Deputy Minister requested heads of units under the Ministry of Finance to provide information related to the contents of Vietnamese public accounting standards, and apply good and appropriate practices to propose to the Ministry on the reform of mechanisms and policies in the Vietnamese public sector.

Earlier, Decision 1676/QD-BTC dated September 1, 2021, the Ministry of Finance also announced five Vietnamese public accounting standards in the first phase, including Vietnamese public accounting standard 01 “Presentation of financial statements", Standard 02 “Cash flow statement”, Standard 12 “Inventories”; Standard 17 “Real Estate, Plant and Equipment”; and Standard 31 “Intangible Assets”.