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IMPORTANT NOTES IN CORPORATE ACCOUNTING POLICIES PROMULGATED UNDER THE CIRCULAR NO 200/2014/TT-BTC INTRODUCTION The Circular No 200/2014/TT-BTC dated 22nd December 2014 issued by the Ministry of Finance should be considered as a major important guidance with the aim of changing accountants' thoughts and gradually taking the corporate accounting policies of Vietnam to the international accounting standards Within the scope of this newsletter, AASC will help you to catch the differences or further clarifications in the Corporate Accounting Policies recently promulgated in comparison with the former Corporate Accounting Policies passed under the Decision No 15/2006/QĐ-BTC We believe this document is useful for you during the course of accounting operations It is easy to compare with the volumes of the Corporate Accounting Policies originally promulgated under the Decision on Publishing No 16/QĐ-NXBTC dated 27th January 2015 (ISBN: 987-604-79-0730-4 and 978-604-79-0731-1) issued by the Ministry of Finance by looking for the page number as stated in the reference column For example: Tr8-Q1: the 8th page of the Corporate Accounting Policies -Volume as mentioned above We would also note that the number of pages can be changed in case you refer to other volumes than our newsletter as stated above Yours sincerely, PRINCIPLES OF CORPORATE ACCOUNTING POLICIES In accordance with the reality, modern and feasibility; Respect the nature of the economic operation other than the form; To be flexible and open; consider the satisfaction of the manage, executive, decision-making, serving investors and creditors as a main focus; not accounting for tax purposes; In accordance with the international standards; Separate the accounting techniques on accounts and Financial Statement; the definition of the long-term and short-term only applying to the preparation of Balance Sheet and not applying to the accounts; Raise the responsibilities of the accountants Content Ref Column PART : GENERAL PROVISIONS Applying for enterprises in every business line and in every economic sector For small and medium sized enterprises (SMEs), this Circular guiding these enterprises on utilizing the applicable accounting policies to fit with their nature of business and management requirements Art - Cir 200 P7-Vol Scope: Art - Cir 200 P8 - Vol Guidance on recording, preparing and presenting the Financial statement, but not applying for determining tax liabilities of enterprises to the State budget Identifying the monetary unit in accounting For enterprises whose transactions involved mainly in foreign currencies shall base on regulations of the Law Pro - Art Cir 200 P8 - Vol on accounting for consideration, selection of monetary unit used in accounting, take legal responsibility and notify to supervisory tax authority The monetary unit in accounting means: a) Primarily used in trading goods, rendering of services, defined as the posting price and used for payments; and b) Used mainly in purchasing goods, services which have great impact on operating costs and considered as the payment of that costs Pro - Art Cir 200 P8 - Vol Content Ref Column Conversion of financial statements made in foreign currency into Vietnamese dong (VND) If an enterprise uses a foreign currency as monetary unit in accounting, it must not only prepare a financial Pro - Art Cir 200 P9 - Vol statement in foreign currency but also converse their financial statement into Vietnamese dong when announcing and submitting the financial statement to regulatory authorities When converting the financial statement made in foreign currency into Vietnamese dong, the enterprise Pro - Art Cir 200 P9 - Vol must clarify the impact (if any) on the financial statement due to the conversion in the Description of financial statement The lawful financial statement used to announce and submit to Vietnamese competent agencies is a financial Art - Cir 200 P9 - Vol statement made in Vietnamese dong and audited Conversion of financial statement made in foreign II.11.2 - Cir 200 currencies to Vietnamese dong a) Rules: P120 - Vol2 - Assets and liabilities are converted into Vietnam dong at the actual exchange rate at the end of period (the transfer rate of a commercial bank where enterprises regularly trade) Content Ref Column - Owner's equity is converted at the actual exchange rate at the date of contribution of capital - Foreign exchange differences and differences upon asset revaluation are converted at the actual exchange rate at the date of valuation - Undistributed post-tax profits, funds deducted from undistributed post-tax profits are converted by calculating according to items of income statements; - Items of income statements and cash flow statements are converted at the actual exchange rate at the time of the transaction or at the average exchange rates of the accounting period (the difference does not exceed 3%) b) Accounting method of foreign exchange differences arising when converting financial statements prepared in foreign currencies into Vietnam Dong under the item "exchange rate differences" - Code No.417 of the owner's equity of the Balance sheet Changes in monetary unit in accounting If there are major changes in managerial and business operations leading to the monetary unit in accounting used in economic transactions failing to satisfy the accounting requirements, enterprises may change their monetary units in accounting The change of a monetary unit for bookkeeping to another may be effected only at Art - Cir 200 P10 - Vol Content Ref Column the beginning of a new fiscal year The enterprise must notify supervisory tax authority of the change in monetary unit in accounting within 10 working days after the final day of the fiscal year Application of exchange rate in cash accounting: II.12 - Cir 200 P121 - Vol a) Apply the transfer rate of commercial banks where enterprises frequently trade in the beginning of period to convert the balances of accounting books for items on the balance sheet; b) Apply the average transfer rate of the period preceding the change period (if the average exchange rate is approximate the actual cost) when presenting comparative information in income statements and cash flow statements of the period When changing monetary unit in accounting, the reasons for changes and inpact (if any) must be clarified II.12.3 - Cir 200 P122 - Vol in the Notes of Financial Statements Rights and obligations of enterprises pertaining to organization of accounting in dependent accounting units having no legal status Enterprises must organize their accounting structures and accounting task delegation of dependent Art - Cir 200 P10 - Vol Content Ref Column accounting units in conformity with their operation and management requirements and not contrary to regulations of law The following accounts shall be kept records by dependent accounting units having accounting divisions according to the decision issued by the enterprise: a) Operating capital which belongs to dependent accounting unit shall be recorded to liabilities or owner's equity according to the decision of the enterprises; b) Transactions in sale, purchase or circulation of goods or services intra-company: revenues or costs of goods sold only are separately recorded in each dependent accounting unit if such circulation creates added value in the goods or services The recording of revenues from internal transactions to the financial statement does not depend on the format of accounting records (invoices or internal transaction documents); c) Task delegation: Depending on centralized or decentralized accounting model, the dependent accounting units may record undistributed post-tax profit or record revenues and expenses Content Ref Column Registration for amendments in Accounting policies Art - Cir 200 P11 - Vol 1 If the enterprise need to add accounts or sub-accounts or modify accounts or sub-accounts about names, signs, content and accounting methods, the approval issued by the Ministry of Finance before the supplement or modification is required If the enterprise need to add or modify names, signs, content of items of the financial statement, the approval issued by the Ministry of Finance (under the form of written documents) before the supplement or modification is required All accounting documents are optional, enterprises may design their forms in conformity with their operation and management requirements Accounting policies applying to foreign contractors who have permanent resident facilities in Vietnam There are particular contractors eligible for particular accounting policy issued by the Ministry of Finance; Contractors not eligible for particular accounting policy issued by the Ministry of Finance may whether fully and partly apply Accounting policies for Vietnamese enterprises in conformity with their operation and Art 10 - Cir 200 P12 - Vol Content Ref Column management, if the contractor applies Accounting policies for Vietnamese companies fully, it is required to apply during the fiscal year The contractor must notify the tax authority of the accounting policy applied within 90 days from the date on which it runs business in Vietnam If there is any change in applying of accounting policy, the contractor must notify the tax authority within 15 working days from the date on which the change occurs Foreign contractor must keep records of every contract ( including every contract license), every transaction in details to settle contract and make tax declaration If a foreign contractor who applies fully Accounting policies for Vietnamese companies wishes to supplement or modify the policies, it is required to comply with Article of this Circular and obtain approval issued by the Ministry of Finance Within 15 working days from the date on which the sufficient documents are received, the Ministry of Finance must send response on registration of amendments of accounting policies to the foreign contractor Content Ref Column income tax payable, then record in “deferred income tax assets” - Code 263: Figures recorded in this item are based on detailed balance of account 1534 (details of equipment, materials and spare parts used for storage, replacement, preventing damage of assets for more than 12 months or more than one normal operating cycle) deduct credit balance of account 2294 (which is costs ofparts and equipment replacement stored for long-term) - Code 315, 333:Figures recorded in this item are based on detailed credit balance of account 335 ( not include the provisions for maintainance of fix assets); - Code 316, 335:Figures recorded in this item are based on the detailed credit balance accounts 3362, 3363, 3368; - Code 318, 336: Figures recorded in this item are based on the detailed credit balance accounts 3387; - Code 319, 337: Figures recorded in this item are based on the detailed credit balance accounts 338, 138, 344; - Code 320: Figures recorded in this item are based on the detailed credit balance of accounts 341 and 34311 (details of payments which due in the next 12 months) - Code 321, 342: Figures recorded in this item are based on the credit balance of account 352 (the provision for amounts expected to be paid within 12 66 Content Ref Column months, or within one next normal operating cycle) (including accrued expense for periodic repair of fixed assets, costs for environmental reconstitution) - Code 323: Figures recorded in this item are the Credit balance of account 357 - Code 324: Figures recorded in the item are the Credit balance of Account 171 - Code 334: Figures recorded in this item shall be based on the credit balances of account 3361(when setting up the general balance sheet,this item is offset with the item " working capital provided to subordinate units”in the Balance sheet) (including the capitalized interest and exchange rate differences) - Code 338: Figures recorded in this item are detailed Credit balance of accounts 341 and (the credit balance of account 34311 subtracting (-) the Debit balance of account 34312 adding (+) the Credit balance of Account 34313) ( maturities of more than 12 months at the time of reporting) - Code 339: Figures recorded in this item are detailed Credit balance of account 3432 - Code 340: Figures recorded in this item are based on the detailed Credit balance of accounts 41112 (details of type of preference shares classified as liabilities) - Code 411: Figures recorded in this item are the Credit balance of account 4111 ( for joint stock company Code 411 = Code 411a + Code 411b; in which code 411a records the par value of ordinary shares with 67 Content Ref Column voting rights based onthe Credit balance of Account 41111; code 411b records the value of preference shares under par value which the issuer is not obliged to repurchase based on the detailed Credit balance of accounts 41112); - Code 413: Figures recorded in this item are detailed Credit balance of account 4113 (includes the value of capital component of convertible bonds) - Code 417: This item records the exchange differences arising in the period prior to operation of enterprises of which 100% charter capital is held by the State performing the tasks of security, national defense, macroeconomic stability and the difference exchange rate due to conversion from financial statements prepared in foreign currencies into Vietnam dong - Code 419: Figures recorded in this item are the Credit balance of Account 417 - Code 421a: Figures recorded in this item are the Credit balance of Account 4211 (in case this item has the Debit balance, figures in this item shall be recorded in negative numbers under the form of parentheses ( ) - Code 421b: Figures recorded in this item are the Credit balance of Account 4212 ((in case this item has the Debit balance, figures in this item shall be recorded in negative numbers under the form of parentheses ( ) 68 Content Ref Column Methods for recording some items on financial statement of income - Code 01: Revenues from sales and service provisions (Code 01): This item does not include indirect taxes, such as VAT (including VAT paid under subtraction method), excise tax, export taxes, environmental protection taxes and other indirect taxes and fees - Code 02: Revenue deductions (Code 02):This item does not include indirect taxes and fees that enterprises are not entitled to enjoy payable to the state budget - Code 31 & 32: For liquidation or sale of fixed assets, investment real property, figures recorded in this item are the differences between sums received from the liquidation or sale of fixed assets, which is higher or lowerthan the net book value of fixed assets, investment real property ( higher value presented in Code 31; lower value presented in Code 32) - Code 70: In case of bonus and welfare funds which are recorded from post-tax profits, earnings per share are determined after deducted bonus and welfare funds - Code 71: This item records the diluted earnings per share, taking into account the impact of instruments in the future that may be converted into shares and may dilute the value of shares 69 P127 - Vol Content Ref Column Diluted earnings per share are defined as follows Profit or loss allocated to shareholders holding common shares Deductions from Bonus and Bonus and welfare fund Diluted earnings per share Number of weighted mean of common shares circulated in period Number of common shares expected to be released more a) Determination of profit (or loss) allocated to shareholders holding common shares: Profit or loss allocated to common shares Profit or loss after enterprise income tax Amounts adjusted a decrease Amounts adjusted an increase The profit or loss after enterprise income tax: If the Company presents earnings per share in the consolidated financial statements, the profit or loss after enterprise income tax in period is the profit or loss after enterprise income tax calculated on the basis of consolidated information In case the company presents in the separate financial statements, the profit or loss after enterprise income tax in period is the profit or loss after tax of the company 70 P162 - Vol Content Ref Column Adjustments of a decrease in profits or losses after enterprise income tax: + Dividends of preference shares, including: Dividends of non-cumulative preference shares which are not cumulative notified during the reporting period and dividends of cumulative preference shares arising during the reporting period + The positive difference between the fair value of payments to the owner and the book value of preference shares when joint-stock companies repurchase the preference shares of owners + The positive difference between the fair value of common shares or other payments made under conditions for beneficial conversion at the time of payment and the fair value of the common shares issued under original converting condition + Dividends or other items related to dilutive potential common shares + Gains are recorded in the period related to dilutive potential common shares + Other factors reduce post-tax profits if converting dilutive potential common shares into common shares For example, the cost to convert the convertible bonds into common shares reducing the profits after enterprise income tax in period 71 Content Ref Column Adjustments of an increase in profits or losses after enterprise income tax: + The negative difference between the fair value of payments to the owner and the book value of preference shares when joint-stock companies repurchase the preference shares of owners + Factors increase post-tax profits if converting dilutive potential common shares into common shares For example, the cost to convert the convertible bonds into common shares, enterprises shall be reduced loan interest expense related to the convertible bond and the increase in profit after enterprise income in period b) Determining number of shares The determination of the number of weighted method of common shares circulated in the period is done under the guidance of Circular No 21/2006 / TT BTC dated March 20, 2006 of the Ministry of Finance on amending, supplementing and replacing's documents Number of common shares issued more in period(potential common shares): shall be complied with the provisions of Accounting Standards, "Earnings per Share" Potential common shares include: + Call option of purchase the warrants and equivalent instruments; + Convertible financial instruments; 72 Content Ref Column + Common shares issued with conditions; + Contracts settled in common shares or in cash; + Purchased option; + Issued put option Basis of preparation of cash flow statement a) Basis of preparation of cash flow statement P164 - Vol P166 - Vol - Transactions in investments and finance which not directly use cash or cash equivalents are not presented in the cash flow statement (such as:The purchase of assets by receipt of debts; the purchase of an enterprise through the issuance of shares, The transfer of debt into owner's equity) - Enterprises must present values ​and reasons of cash P166 - Vol and cash equivalents which have the great balance at end of period held by enterprises but unused due to the limitation of legislation or other constraints imposed on enterprises - In case enterprises borrow to make payments P166 - Vol directly to suppliers of goods and services, enterprises must still present on the cash flow statement; - In case enterprises incur the offsetting payment for the same object, if the offsetting relates to transactions classified in the same cash flows, enterprises shall present on a net basis; If the offsetting relates to transactions classified in different 73 P167 - Vol Content Ref Column cash flows, enterprises shall not present on a net basis but must present separately the value of each transaction; - For the cash flow from repurchases and resale of P167 - Vol government bonds and securities REPO transactions: The seller presents it as the cash flow from financial activities; The buyer presents it as the cash flow from investing activities; b) Reporting on items of cash flows from trading under P168 - Vol direct method - Code 04: This item does not include the amount of interest paid during the period capitalized into the value of assets in progress classified as cash flows from investment In case the interest paid in the period has been capitalized and included in the financial cost, accountants shall base on interest capitalizing rate applied to the reporting period in accordance with the provisions of Accounting Standards “ Borrowing cost " to determine the interest payable of cash flows from trading and cash flows from investments c) Reporting on items of cash flows from trading under indirect method - Code 02: Only record the depreciation counted in the income statements in the period and does not include the depreciation in the value of inventories In case 74 P172 - Vol Content Ref Column enterprises cannot separate the depreciation in inventory, this item includes the depreciation counted in the income statements in the period are plus the depreciation related to inventories unconsumed - Code 03:This item is set up based on the difference between the beginning balance and the ending balance of provisionsfor asset losses (provisions for devaluation of trading securities, provision for loss of financial investment, provisions for devaluation of inventories, provisions for bad debts) and provisions payable in the balance sheet - Code 06: This item records interest expense recorded in income statements in the reporting period, including the costs of bond issuance of common bonds and convertible bonds; The interest expense every period according to the actual interest rate recorded an increase in the debt component of convertible bonds - Code 07: This item records the deduction or refund the Price Stabilization Fund or the scientific and technological development Fund in the period - Code 09: This item includes the changes in account 244 - Code 10: This item does not include trial production costs ( which is counted on the cost of fixed assets formed from construction) In case of any purchase inventory in period which is not identified use 75 Content Ref Column purposes (for trading or investment in construction), the value of inventories is included in this item - Code 12: This item does not includeprepaid expenses related to cash flow from investment, namely: land rents qualified for being recorded as intangible assets and prepayments of interest capitalized - Code 13: This item is set up based on the total difference between the ending balance and the beginning balance of Account 121 - Code 14:This item does not include the amount of interest paid during the period capitalized into the value of assets in progress classified as cash flows from investment In case the interest paid in the period has been capitalized and included in the financial cost, accountants shall base on interest capitalizing rate applied to the reporting period in accordance with the provisions of Accounting Standards “ Borrowing cost " to determine the interest payable of cash flows from trading and cash flows from investments - Code 16: This item records Interest on deposits of price stabilization Fund ((if it not recorded in revenue from financial activities but recorded an increase in Fund directly); Sum received from equitization in equitized enterprises - Code 17: This item recordsdirect expenses from sums received from equitization paid to superiors, owners; equitization expenses, subsidy to employees under policies, not including deposits 76 Content Ref Column - Code 21: Cost of trial production after offsetting with the amounts received from the sale of test products of fixed assets formed from construction activities added to this item (if expenditures are greater than revenues) This item also records the amount actually paid for the purchase of materials, properties, used for construction which have not delivered for use for capital investment until the end of the period (in case the value is not determined to be used for capital investment or production, trading at the end of period, the amount paid is not recorded in this item but in cash flows from trading); Amounts advanced for contractors of construction of which volume has not been accepted; Amounts paid to the seller in period related directly to purchase, investment of construction; This item does not include amounts received from finance lease liabilities, the value of other non-monetary assets used for payment for the purchase of fixed assets, investment real property, construction or the value of fixed assets, investment real property, construction increased in the period but not yet paid in cash - Code 23: This item records the money paid by the buyer in the repurchase of government bonds, preference shares classified as liabilities and does not include amounts spent on purchase of debt instruments paid by non-monetary assets or refinance 77 Content Ref Column - Code 24: This item records the money received from the buyer in the repurchase of government bonds; , amounts recovered from preference shares classified as liabilities and does not include the sums recovered in non-monetary assets or transfer of debt instruments into equity instruments - Code 27: This item does not include the interest, dividends received by shares or by non-monetary assets - Code 31: This item does not include loans and debt converted into capital, undistributed post-tax profits profit converted into contributions (including payment of dividends by shares) or receipts contribution of owners in non-monetary assets For joint stock companies, this item records the sums received from the issuance of preference shares classified as owner's equity and options of convertible bonds but excluding amounts received from issuing preference shares classified as liabilities - Code 32: This item does not include refund of preference shares classified as liabilities, owner's contributions in non-monetary assets or contributions used for business offsetting - Code 33: This item is set up based on the total amount received from financial institutions, credit institutions and other objects in the reporting period, including loans under the form of common bond issuance or convertible bonds or preference shares which require 78 Content Ref Column the issuer to repurchase at a certain time in the future (classified as liabilities) This item does not include the non-monetary assets and financial lease liabilities - Code 34: This item includes payment of principal of common bonds, convertible bonds or preference shares with terms requiring issuers to repurchase at a certain time in the future and the amount paid to the seller by the buyer in the repurchase of government bonds This item does not include payments of loan principal in non-cash asset or transfer the debt to contribution - Code 36: This item includes the amount of personal income tax paid on behalf of owners 79