Financial statements are an important document of operating businesses. It both reflects the financial situation visually, and is a necessary source of information for accounting operations, investors, etc. Periodically, enterprises must submit financial statements to state agencies. This is very important and imperative for businesses. So when is the time to submit and publicize financial statements? Please refer to the following article of Pham Consult to learn more about this issue!

 

 

1. What are financial statements?

According to Clause 1, Article 3 of the 2015 Accounting Law, a financial statement is an economic and financial information system of an accounting unit presented according to the form specified in accounting standards and accounting regime.

Financial statements provide information about an enterprise’s financial position, business and cash flows. According to the law, all enterprises under industries and economic sectors must prepare and present annual financial statements. For companies (general corporations) with affiliated units, in addition to the annual financial statements, the consolidated (consolidated) financial statements at the end of the annual accounting period, based on the financial statements of the affiliated units.

 

2. Deadline for submission and disclosure of financial statements

2.1. Deadline for submission of financial statements

– For financial statements of accounting units: must be submitted to competent state agencies within 90 days from the end of the annual accounting period as prescribed by law.

– For state financial statements: to be prepared and submitted to the National Assembly and People’s Council together with the time of state budget settlement according to the provisions of the Law on State Budget 2015.

(Clause 3, Article 29 and Clause 4, Article 30 of the Law on Accounting 2015)

2.2. Time limit for disclosing financial statements

– For financial statements of accounting units:

+ The time limit for disclosing financial statements of accounting units using the state budget shall comply with the law on state budget.

+ Accounting units that do not use the state budget, accounting units that use contributions from the People must publicize their annual financial statements within 30 days from the date of submission of financial statements.

+ Accounting units engaged in business activities must publicize their annual financial statements within 120 days from the end of the annual accounting period.

In case the law on securities, credit and insurance has specific regulations on the form and time limit for disclosing financial statements different from those of the 2015 Accounting Law, the provisions of the law on the field of accounting shall apply. there.

(Clause 2, 3 and 4, Article 32 of the Law on Accounting 2015)

– For state financial statements:

+ Provincial People’s Committees shall publicize the provincial state financial statements within 30 days from the date on which the provincial state financial statements are reported to the provincial People’s Councils;

+ 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.

(Clause 3, Article 14 of Decree 25/2017/ND-CP)

 

3. Disclosure contents of financial statements

3.1. Disclosure contents of financial statements of accounting units

The content of publicizing financial statements of an accounting unit is specified in Article 31 of the Law on Accounting 2015 as follows:

– Accounting units using the state budget shall publicize information about state budget revenues and expenditures in accordance with the provisions of the 2015 Law on State Budget.

– Accounting units not using the state budget shall publicize the annual financial statements of revenues and expenditures.

– The accounting unit using the People’s contributions shall disclose the purpose of mobilizing and using the contributions, the subjects of the contribution, the level of mobilization, the results of use and the finalization of the receipts and expenditures of each contribution. contribute.

– Accounting units engaged in business activities shall disclose the following contents:

+ Situation of assets, liabilities and owner’s equity;

+ Business results;

+ Setting up and using funds;

+ Income of employees;

+ Other contents as prescribed by law.

– The financial statements of the accounting units that are required to be audited by law must be accompanied by the audit report of the auditing organization when they are made public.

3.2. Contents of public financial statements

Based on the provisions of Clause 1, Article 14 of Decree 25/2017/ND-CP:

– Provincial People’s Committees shall publicize information in the provincial state financial statements, including:

+ State’s property situation;

+ Local government debts and other payables of the State;

+ State capital;

+ Situation of income, expenses and results of state financial activities;

+ The state’s cash flow situation in the province; except for detailed data in the field of defense, security and national reserves.

– The Ministry of Finance shall publicize information in the national state financial statements, including:

+ State’s property situation;

+ Public debt and other payables of the State;

+ State capital;

+ Situation of income, expenses and results of state financial activities;

+ The state’s cash flow situation nationwide; except for detailed data in the field of defense, security and national reserves.

 

PHAM CONSULT is a unit specializing in providing tax consulting services, financial consulting, accounting services, preparing and paying salaries. Customers can contact us via hotline: (84-28) 3930 2487 or Facebook communication channel: http://bit.ly/phamconsult if you need support.