VI Financial Statements (FS) are documents that very nesscary for every enterprise on activities. Updating the information about FS deadlines, organizations is very important.
1. Definition of financial statements
Pursuant to Clause 1, Article 3 of the Law on Accounting 2015 stipulates that the financial statement is an economic and financial information system of an accounting unit, which is presented according to the form prescribed in accounting standards and accounting regimes.
Getting information about regulations related to financial statements is essential for businesses. Information about agencies with sufficient powers and responsibilities to receive financial statements should also be captured accurately and in a timely manner.
2. Organizations responsible for receiving financial statements
Pursuant to Article 110 of Circular 200/2014/TT-BTC, there are regulations on where to receive financial statements as follows:
| TYPES OF BUSINESS | Reporting period | Where to receive the report | ||||
| Financial Organization | Tax authorities | Statistical Office | Superior enterprises | Business registration agency | ||
| State enterprises | Year, Quarter | x | x | x | x | x |
| Enterprises with foreign investment | Year | x | x | x | x | x |
| Other types of businesses | Year | x | x | x | x | |
- State-owned enterprises located in the provinces and centrally-run cities must prepare and submit financial statements to the Finance Departments of the provinces and centrally-run cities. For state-owned enterprises, the central government must also submit financial statements to the Ministry of Finance (the Department of Corporate Finance).
- State-owned enterprises such as commercial banks, lottery companies, credit institutions, insurance enterprises, and securities trading companies must submit financial statements to the Ministry of Finance (Department of Finance). Banking and Finance or Insurance Supervision Administration).
- Securities trading companies and public companies must submit financial statements to the State Securities Commission and the Stock Exchange.
- Enterprises must submit financial statements to the tax authorities directly managing local taxes. State-owned corporations must also submit financial statements to the Ministry of Finance (General Department of Taxation).
- Enterprises with superior accounting units must submit financial statements to the superior accounting units according to the regulations of the superior accounting units.
- For enterprises that are required by law to have their financial statements audited, they must be audited before submitting the financial statements as prescribed. The financial statements of the enterprises that have been audited must attach the audit report to the financial statements when submitting them to the State management agencies and superior enterprises.
- The financial agency to which foreign direct investment (FDI) enterprises must submit financial statements is the Department of Finance of the provinces and centrally-run cities where the enterprise registers its main business office.
- For State-owned enterprises with 100% charter capital, in addition to the agencies where the enterprises are required to submit financial statements as prescribed above, the enterprises must also submit financial statements to authorized agencies and organizations. assigning and decentralizing the exercise of rights of owners according to Decree No. 99/2012/ND-CP and amendments, supplements and replacement documents.
- Enterprises (including domestic enterprises and foreign-invested enterprises) having their headquarters located in export processing zones, industrial parks, and high-tech zones must also submit annual financial statements to the Management Board. export processing zones, industrial parks, and high-tech zones if required.
Note: This regulation provides accounting guidance applicable to enterprises of all fields and all economic sectors. Small and medium-sized enterprises that are performing accounting according to the Accounting Regime applicable to small and medium-sized enterprises may apply this regulation to make accounting suitable to their business characteristics and management requirements.
3. Deadline for submission of financial statements
Pursuant to Article 109, Circular 200/2014/TT-BTC, the deadline for submitting financial statements is respectively regulated for 02 types of enterprises as follows:
3.1. For state-owned enterprises
– Quarterly financial statements:
- Accounting units: The deadline for submitting quarterly financial statements is 20 days from the end of the quarterly accounting period.
- Holding company, State corporation: The deadline for submitting financial statements is 45 days from the end of the quarterly accounting period.
- Accounting units affiliated with enterprises, State Corporations: The deadline for submitting financial statements is prescribed by the parent company and the Corporation.
– Annual financial reports
- Accounting units: The deadline for submitting quarterly financial statements is 30 days from the end of the annual accounting period.
- The holding company, State Corporation: Submit financial statements within 90 days from the end of the annual accounting period.
- Accounting units affiliated with enterprises, State Corporations: The deadline for submitting financial statements is prescribed by the parent company and the Corporation.
3.2. For non-state enterprises
– Accounting unit is a private enterprise or partnership: the time limit for submitting annual financial statements is 30 days from the end of the annual accounting period. The time limit for submitting financial statements of other accounting units is 90 days at the latest.
– Accounting units affiliated with enterprises, State corporations: The time limit for submitting financial statements is prescribed by the parent company and the Corporation.
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