IN ADDITION TO THE FINANCIAL STATEMENT REPORT, WHAT OTHER REPORTS DO THE FINANCIAL STATEMENTS OF ACCOUNTING UNITS INCLUDE?

In addition to the financial situation report, what else does the financial report of an accounting unit include? When publicizing financial statements, do accounting units in business activities have to publicize business performance results? In what form is the disclosure of financial statements made? Through today’s article, let’s find out about this issue with Pham Consult!

According to the provisions of Article 29 of the 2015 Accounting Law, the financial report of an accounting unit is used to summarize and explain the financial situation and performance results of the accounting unit.

Accordingly, the financial statements of an accounting unit include 05 types, in addition to the financial situation report, there are the following types of reports:

(1) Report on operating results;

(2) Cash flow report;

(3) Explanation of financial statements;

(4) Other reports as prescribed by law.

Note:

The preparation of financial statements of an accounting unit is carried out as follows:

(1) The accounting unit must prepare financial statements at the end of the annual accounting period; in cases where the law stipulates the preparation of financial statements according to other accounting periods, the accounting unit must prepare according to that accounting period;

(2) The preparation of financial statements must be based on data after closing the accounting books. The superior accounting unit must prepare a consolidated financial statement or a consolidated financial statement based on the financial statements of the accounting units within the same superior accounting unit;

(3) Financial statements must be prepared with correct content, methods and presented consistently between accounting periods; in case the financial statements are presented differently between accounting periods, the reasons must be clearly explained;

(4) Financial statements must be signed by the preparer, chief accountant and legal representative of the accounting unit. The person who signs the financial statements is responsible for the content of the report.

The deadline for submitting the annual financial statements of the accounting unit to the competent state agency is within 90 days from the end of the annual accounting period as prescribed by law.

Based on the provisions of Article 31 of the 2015 Accounting Law as follows:

Content of publicizing financial statements

1. Accounting units using the state budget shall publicize information on state budget revenues and expenditures in accordance with the provisions of the State Budget Law.

2. Accounting units that do not use the state budget shall publicly disclose the annual financial revenue and expenditure settlement.

3. Accounting units that use contributions from the People shall publicly disclose the purpose of mobilizing and using the contributions, the contributors, the mobilization level, the results of use and the finalization of the revenue and expenditure of each contribution.

4. Accounting units engaged in business activities shall publicly disclose the following contents:

a) The situation of assets, liabilities and equity;

b) Business performance results;

c) Fund allocation and use;

d) Employee income;

dd) Other contents as prescribed by law.

5. Financial statements of accounting units that are required by law to be audited must be accompanied by an audit report from an auditing organization when publicly disclosed.

Thus, when publicizing financial statements, accounting units in business activities must publicize business performance results and the following contents:

– Status of assets, liabilities and equity;

– Fund allocation and use;

– Employee income;

– Other contents as prescribed by law.

Based on the provisions of Article 32 of the 2015 Accounting Law as follows:

Forms and deadlines for public disclosure of financial statements

1. The public disclosure of financial statements is made in one or more of the following forms:

a) Publication of publications;

b) Written notice;

c) Listing;

d) Posting on electronic information pages;

dd) Other forms as prescribed by law.

2. The form and time limit for public disclosure of financial statements of accounting units using the state budget shall comply with the provisions of the law on the state budget.

3. Accounting units not using the state budget, accounting units using contributions from the people must publicize annual financial statements within 30 days from the date of submission of financial statements.

4. Accounting units engaged in business activities must publicize annual financial statements within 120 days from the end of the annual accounting period. In cases where the law on securities, credit, and insurance has specific provisions on the form and time limit for public disclosure of financial statements different from the provisions of this Law, the provisions of the law on that field shall apply.

Accordingly, the public disclosure of financial statements shall be carried out in one or more of the following forms:

– Publication;

– Written notification;

– Listing;

– Posting on electronic information pages;

– Other forms as prescribed by law.

Note:
– The form and time limit for public disclosure of financial statements of accounting units using the state budget shall comply with the provisions of the law on the state budget.
– Accounting units not using the state budget, accounting units using contributions from the people must publicize annual financial statements within 30 days from the date of submission of financial statements.
– Accounting units engaged in business activities must publicize annual financial statements within 120 days from the end of the annual accounting period.
In cases where the law on securities, credit, and insurance has specific provisions on the form and time limit for public disclosure of financial statements different from the provisions of the Accounting Law 2015, the provisions of the law on that field shall apply.

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