New regulations in Circular 24/2024/TT-BTC aim to build streamlined and effective accounting apparatus

VCN - Circular No. 24/2024/TT-BTC that provides guidelines for public sector accounting will take effect from January 1, 2025 and will be applied from fiscal year 2025, will have regulations to meet requirements of streamlined and effective accounting apparatus.
Circular 83/2014/TT-BTC will be abolished from June 8 Circular 83/2014/TT-BTC will be abolished from June 8
New regulations in Circular 24/2024/TT-BTC aim to build streamlined and effective accounting apparatus
The conference to deploy Circular No. 24/2024/TT-BTC.

On May 6, the Accounting and Auditing Supervisory Department (the Ministry of Finance) held a conference to deploy Circular No. 24/2024/TT-BTC on guideline for pubic sector accounting (Circular 24) of the Ministry of Finance.

Mr. Vu Duc Chinh, Director of Accounting and Auditing Supervisory Department said that Circular 24 has just been issued to replace four circulars: Circular No. 107/2017/TT-BTC on guidelines for pubic sector accounting; Circular No. 108/2018/TT-BTC on guidelines for national reserve accounting; Circular No. 79/2019/TT-BTC on guidelines for accounting regime applicable to project management boards using public investment capital, and Circular No. 76/2019/TT-BTC accounting guidelines for transport and hydraulic infrastructure.

According to the Department, after 7 years of implementing Circular 107/2017/TT-BTC, there have been many changes in regulations related to the financial mechanism, public debt, and areas related to the state budget, leading to many obstacles in the implementation of the circular. Moreover, from 2017 to present, there have been many arising problems in accounting at the units, leading to many difficulties in arranging the accounting apparatus at each unit.

Mr. Vu Duc Chinh said that Circular 24 covers many regulations with subjects of application including: Regulatory authorities, Public administrative units, Political organizations; socio-political organizations; Vietnamese Fatherland Front and other authorities, organizations and units that are funded by state budget; organizations, authorities and units that apply financial autonomy of public administrative units; organizations, authorities and units that are assigned to manage and do bookkeeping of infrastructure assets.

Therefore, the implementation of Circular 24 has an impact on all public sector across the country.

Circular 24 has many new provisions compared to former accounting regulations, aiming to guide Vietnamese public accounting standards and new financial mechanisms, and meet the requirements of organizing a streamlined and effective accounting apparatus, and overcome existing problems in practice and in providing information for financial reporting.

Accounting units may design their own accounting records to reflect economic/financial transactions in a manner that meets management requirements; accounting books shall be intended for recording, systematizing and retaining all economic/financial transactions already arising of units; an accounting unit’s financial statements must be prepared based on the accounting information/data obtained after its accounting book is properly closed; annual financial statements of accounting units must be submitted to competent authorities within 90 days from the end of the annual accounting period as prescribed by law.

By Huong Diu/Ngoc Loan

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