WHAT IS THE CONTENT OF THE PERIODIC REPORT ON THE SITUATION OF JOINT VENTURES BETWEEN ACCOUNTING SERVICES ENTERPRISES IN VIETNAM AND FOREIGN ACCOUNTING SERVICE ENTERPRISES INCLUDING?

Completing the financial reporting system of administrative and public service units is an important requirement to meet the goal of the State Accounting General in Vietnam. Financial reports at administrative and public service units are an important source of input information for building state financial reports and reports of the State Accountant General. Thus, preparing periodic reports on the implementation of joint ventures between accounting service businesses in Vietnam and foreign accounting service businesses is necessary and mandatory. Through today’s article, let’s learn about this issue with Pham Consult!

What content does a periodic report on the implementation of joint ventures between accounting service businesses in Vietnam and foreign accounting service businesses include?

The content of periodic reports on the implementation of joint ventures with foreign accounting service enterprises is specified in Clause 2, Article 3 of Circular 40/2020/TT-BTC as follows:

Periodic reporting regime when providing cross-border accounting services

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2. Content of periodic reports on the implementation of joint ventures with foreign accounting service enterprises:
3. a) Report name: Status of joint ventures with foreign accounting service enterprises in providing cross-border accounting services.
4. b) Content of reporting requirements:

– Information about joint venture parties;

– List of practicing accountants assigned to be in charge of tasks falling within the responsibility of each party in the contract to provide accounting services;

– List of contracts to provide cross-border accounting services concluded within a period of 06 months.

1. c) Subjects of reporting: Enterprises providing accounting services in Vietnam that have joint ventures with foreign accounting service enterprises to provide cross-border accounting services in Vietnam.

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Thus, according to regulations, periodic reports on the implementation of joint ventures between accounting service enterprises in Vietnam and foreign accounting service enterprises include:

– Information about joint venture parties;

– List of practicing accountants assigned to be in charge of tasks falling within the responsibility of each party in the contract to provide accounting services;

– List of contracts to provide cross-border accounting services concluded within a period of 06 months.

When is the deadline for periodically reporting data on the implementation of joint ventures with foreign accounting service enterprises?

The time for closing reporting data is specified in Clause 2, Article 3 of Circular 40/2020/TT-BTC as follows:

Periodic reporting regime when providing cross-border accounting services

…

2. Content of periodic reports on the implementation of joint ventures with foreign accounting service enterprises:

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1. g) Reporting frequency: Periodic reports every 6 months.
2. h) Time to close reporting data: Time to close data for the first 6 months of the year is calculated from January 1 to June 30 of the reporting year. The time to close data for the last 6 months of the year is calculated from July 1 to December 31 of the reporting year.
3. i) Report outline template: According to Appendix No. 02/BC issued with this Circular.
4. k) Report data form: According to Appendix No. 02/BC issued with this Circular.
5. l) Instructions for the reporting process: Every year, accounting service enterprises in Vietnam compile information according to the form and send it to the Ministry of Finance within the prescribed time limit.

Thus, the time to close periodical reporting data on the implementation of joint ventures with foreign accounting service enterprises is specifically stipulated as follows:

– The time to close reporting data for the first 6 months of the year is calculated from January 1 to June 30 of the reporting year.

– The time to close reporting data for the last 6 months of the year is calculated from July 1 to December 31 of the reporting year.

What are the responsibilities of an accounting service business in Vietnam that participates in a joint venture with a foreign accounting service business?

Pursuant to Article 33 of Decree 174/2016/ND-CP regulations, accounting service businesses in Vietnam participate in joint ventures with foreign accounting service businesses to provide accounting services through Border has the following responsibilities:

(1) Store all records of joint venture accounting service provision to provide to authorities upon request.

(2) Be responsible before the law for the results of providing accounting services and be accountable to the authorities for the results of providing accounting services, accounting service provision documents and other documents. Other problems arise from joint ventures with foreign accounting service businesses to provide accounting services.

(3) Report to the Ministry of Finance every 6 months on the implementation of joint ventures with foreign accounting service enterprises in providing cross-border accounting services arising during the period according to the report form provided by the Ministry of Finance. Ministry of Finance regulations.

(4) Subject to annual quality control of accounting services according to regulations of the Ministry of Finance.

Pham Consult hopes that the above information will help your work.