ON WHAT BASIS ARE STATE FINANCIAL REPORTS?

Financial statements are one of the most important records of a business. They include a system of tables and descriptions of the financial situation and business operations of the enterprise. So what do state financial reports include? Let’s find out with Pham Consult through the article below!

On what basis are state financial reports prepared?

Pursuant to Clause 1, Article 30 of the 2015 Accounting Law, state financial statements are prepared on the basis of consolidating financial statements of state agencies, public service units, economic organizations and other units. Other relevant entities in the public sector.

State financial reports are used to summarize and explain the state financial situation, results of state financial activities and cash flows from state financial activities nationwide and in each locality. .

 

What types of reports are included in state financial reports?

Types of state financial reports are specified in Clause 2, Article 30 of the 2015 Accounting Law as follows:

State financial reports

…

2. State financial reports provide information on the situation of state budget revenues and expenditures, state financial funds, public debt, state capital in enterprises, assets, capital sources and use of capital sources gorvernment’s. State financial reports include:
3. a) Report on state financial situation;
4. b) Report on results of state financial activities;
5. c) Cash flow statement;
6. d) Explanation of state financial statements.
7. Preparation of state financial reports is carried out as follows:
8. a) The Ministry of Finance is responsible for preparing state financial reports nationwide and submitting them to the Government for reporting to the National Assembly; Direct the State Treasury to preside over and coordinate with financial agencies to prepare financial reports within localities and submit them to the Provincial People’s Committee for reporting to the People’s Council at the same level;
9. b) State agencies, public service units, economic organizations and related units are responsible for preparing their own reports and providing necessary financial information to serve the preparation of financial reports. government on a national and local scale.

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Thus, according to regulations, State financial reports include:

(1) Report on state financial situation;

(2) Report on state financial performance results;

(3) Cash flow statement;

(4) Explanation of state financial statements.

 

In what forms are state financial reports made public?

The form of publicizing state financial reports is prescribed in Clause 2, Article 14 of Decree 25/2017/ND-CP as follows:

Publicize state financial reports

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2. Publicity form:

Publicizing state financial reports is carried out in one or several forms: Publishing publications, posting, posting on electronic information portals and other forms according to the provisions of law.

3. Disclosure period:
4. a) The Provincial People’s Committee shall publicly disclose the provincial state financial report within 30 days from the date the provincial state financial report is reported to the Provincial People’s Council;
5. b) The Ministry of Finance shall publicize the National State Financial Report within 30 days from the date the National State Financial Report is reported to the National Assembly.

Thus, according to regulations, the disclosure of state financial reports is carried out in one or several of the following forms:

– Publishing publications;

– Listing;

– Post on the electronic information portal;

– Other forms as prescribed by law.

 

Which agency is responsible for disclosing information in national state financial reports?

The disclosure of national state financial reports is prescribed in Clause 1, Article 14 of Decree 25/2017/ND-CP as follows:

Publicize state financial reports

1. Public content:
2. a) The Provincial People’s Committee publicly discloses information in the provincial state financial report, including: State assets situation; debts to local authorities and other payables of the State; State capital sources; income, expenses and results of state financial activities; state money flow situation within the province; Except for detailed data in the fields of defense, security, and national reserves;
3. b) The Ministry of Finance publicly discloses information in the national state financial report, including: State assets situation; public debt and other payables of the State; State capital sources; income, expenses and results of state financial activities; State currency flow situation nationwide; Except for detailed data in the fields of defense, security, and national reserves.

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Thus, according to regulations, the Ministry of Finance is responsible for disclosing information in national state financial reports, including:

– State property situation;

– Public debt and other payables of the State;

– State capital;

– The situation of income, expenses and results of state financial activities;

– State currency flow situation nationwide;

Except for detailed data in the fields of defense, security, and national reserves.

 

So, through today’s article, Pham Consult has informed you about what state financial reports are? Hope the above information will help your work.