What is the accounting mode?


Each field when operating must be based on a certain basis such as: principles, regulations, standards, etc. Accounting is not an exception. When working, accountants must always have a special understanding of laws, accounting standards, and especially accounting regimes. So how is the current accounting regime in Vietnam classified and how is it applied in practice?… We will find out with Viet Hung Accountant.

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According to the classification as different types of professional units, the current accounting regime includes:

– Accounting system for businesses

– Accounting system for administrative and non-business units

– Accounting system for banks

MAIN CONTENT

1. Accounting regime for enterprises2. Accounting system for administrative and non-business units

1. Accounting system for businesses

The business accounting regime includes:

– Accounting regime according to Decision No. 48/2006/QD-BTC

– Accounting regime according to Circular No. 200/2014/TT-BTC (replacing Decision No. 15/2006/QD-BTC)

a. Applicable object:

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– Accounting regime according to Decision No. 48: applicable to small and medium-sized enterprises: are production and business enterprises that satisfy 1 of 2 conditions:

+ Having a registered capital of not more than 10 billion VND, or

+ Having an average annual number of employees not exceeding 300 people.

– Accounting regime according to Circular 200: Regardless of whether the subjects are large enterprises or small and medium enterprises.

– Large enterprises: Are production and business enterprises that satisfy 2 conditions simultaneously:

+ Having registered capital of over 10 billion VND, and

+ Having an average annual number of employees over 300 people)

b. Account system:

– Accounting account is a tool for accounting.

– Small and medium enterprises and large enterprises base on the content of the account system dedicated to each object for accounting, including:

– System of accounting accounts according to Decision 48 for small and medium enterprises

– System of accounting accounts according to TT 200

c. Accounting voucher system

– Accounting vouchers are papers and information-carrying objects reflecting the arising and completed economic and financial operations, serving as a basis for recording in accounting books.

– All economic and financial operations arising in production and business activities in the unit must be documented and fully, honestly and objectively recorded in the accounting vouchers.

Accounting vouchers must contain all of the following elements:

+ Name and number of the accounting voucher;

+ Date, month and year of making accounting vouchers;

+ Name and address of the unit or individual making the accounting voucher;

+ Name and address of the unit or individual receiving the accounting voucher;

– Content of arising economic and financial operations;

+ Quantity, unit price and amount of economic and financial operations recorded in numbers; total amount of accounting vouchers used for money collection and payment, written in numbers and words;

+ Signatures, full names of the makers, reviewers and people related to the accounting vouchers;

– Enterprises can print the voucher form themselves instead of having to comply with the correct voucher form issued by the BTC but must ensure compliance with the Law on Accounting.

d. Bookkeeping system

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Accounting books are used to record, systemize and store all economic and financial transactions that have arisen according to economic content and in chronological order related to enterprises.

– Types of accounting books

+ Each enterprise has only one accounting book system for an annual accounting period. Accounting books include general accounting books and detailed accounting books.

+ General accounting books, including: Diary book, Ledger.

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+ Detailed accounting books, including: detailed accounting books and cards.

– Enterprises can build their own accounting book forms, but must ensure that the books created must provide accurate and transparent information, …

e. Financial reporting system:

– Annual financial statements prescribed for all types of enterprises in all sectors and economic sectors, including:

Accounting balance sheet Form No. B 01 – DN
Business performance report Form No. B 02 – DN
Statements of cash flows Form No. B 03 – DN
Notes to Financial Statements Form No. B 09 – DN

– Enterprises can prepare monthly and quarterly financial statements to serve the requirements of management and administration of production and business activities of enterprises.

Conclusion on the corporate accounting regime

– Large enterprises that are applying the accounting regime according to Decision 15 will change to apply Circular 200 from 2015.

– Small and medium enterprises that are applying the accounting regime according to Decision 48 have 2 options:

+ Still applies according to Decision 48

+ Can be applied according to TT 200 but must be registered with BTC

2. Accounting system for administrative and non-business units

Accounting regime for administrative and non-business units is issued according to Decision No. 19/2006/QD-BTC

a. Subjects of application

Subjects of application are administrative and non-business units, specifically:

– Administrative agencies: is the system of state power agencies from the central to local levels, including the procuracies to the people’s courts at all levels.

– Non-business units: are units established by competent agencies to perform specific functions of each department or field.

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b. System of accounting accounts

Accounting accounts for recording economic and financial transactions arising in administrative and non-business units shall be applied in the Accounts system according to Decision 19

c. Accounting voucher system

– All economic and financial operations related to the operation of administrative and non-business units must make accounting vouchers. Accounting vouchers are only made once for a arising economic or financial operation;

– The content of the voucher must be clear and truthful with the content of arising economic and financial operations;

– Letters on vouchers must be clear, not erased, not abbreviated;

– The amount written in words must match the amount written in numbers;

– Accounting vouchers must be made with a sufficient number of copies as prescribed for each voucher.

d. Bookkeeping system

– Accounting books are used to record, systemize and store all arising economic and financial transactions according to economic content and in chronological order related to administrative and non-business units. including general and detailed books)

– For level I and level II accounting units (hereinafter referred to as superiors) in addition to opening accounting books to monitor assets and using direct funds of their respective levels, they must also open accounting books to monitor the distribution of assets. allocating estimates, summarizing the use of funds and finalizing funds of affiliated units (accounting units level II and III) to synthesize financial statements on the situation of funding use and finalization with superior management agencies and financial authorities at the same level.

e. Financial reporting system

See details: List of financial statements in administrative and non-business units

4. Accounting regime for State Banks

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– Bank account system issued according to Decision No: 479/2004/QD-NHNN

– System of documents: issued according to Decision No: 1789/2005/QD-NHNN

+ All economic and financial operations arising in the bank must make accounting vouchers.

+ All banking accounting vouchers must be made clearly, completely, timely and accurately.

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+ Amounts on bank vouchers must be written in both words and numbers.

– Accounting – financial reporting system issued according to Decision No: 16/2007/QD-NHNN

The Bank’s accounting report includes:

+ On-balance sheet account balance report

+ Off-balance sheet account balance report

+ Annual finalization accounting reports

The Bank’s financial statements include:

+ Balance sheet

+ Report on business performance

+ Cash flow statement

+ Notes to financial statements

Above are the basic contents of the current accounting regime for each type of accounting unit. Good luck!!!

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