Many New Points in the Enterprise Accounting Regime
The Minister of Finance has just issued Circular 99/2025/TT-BTC regulating the enterprise accounting regime, replacing Circular 200/2014/TT-BTC with many new points on accounting documents, accounting accounts, accounting books, financial statements, etc.
Circular 99 provides accounting guidance applicable to enterprises in all fields and all economic sectors. Credit institutions and foreign bank branches implement the accounting regime or legal documents on accounting according to the guidance of the State Bank of Vietnam.
According to the Circular, the creation, implementation, management and control of economic transactions arising in enterprises must comply with the provisions of law and relevant policies and mechanisms.
Enterprises are responsible for developing their own internal governance regulations (or equivalent documents) and organizing internal controls to clearly define the rights, obligations and responsibilities of departments and individuals involved in creating, implementing, managing and controlling economic transactions arising at the enterprise, ensuring compliance with the provisions of the Enterprise Law and relevant laws.
The “accounting currency” is Vietnamese Dong (national symbol is “đ”; international symbol is “VND”) used to record accounting books, prepare and present the enterprise’s Financial Statements. In case an enterprise mainly receives and spends in foreign currency, and meets the factors specified in Clauses 2, 3 and 4 of this Article, it may choose a foreign currency as the accounting currency to record accounting books and be responsible for that choice before the law.
In which, enterprises base on the following factors to determine the currency unit in accounting: The currency unit that mainly affects the selling price of goods and services and is usually the currency unit used to list the selling price of goods and services and make payments;
Circular 99 provides specific guidance on accounting documents, accounting accounts, accounting records, preparation and presentation of financial statements of enterprises. Determining the tax obligations of enterprises to the State Budget is carried out in accordance with the provisions of the law on tax.
