Proposing 2 policies to amend and supplement the Law on Accounting - Lang Son Newspaper: Latest news on politics, economics, society, culture

The Ministry of Finance is proposing to draft a Law amending and supplementing a number of articles of 7 laws, including the Law on Accounting.

In order to amend and supplement the Law on Accounting, the draft proposes two policies including:

Policy 1: Removing difficulties, contributing to promoting business production activities of enterprises .

The policy objective is to promote foreign investment, contribute to creating conditions for upgrading the stock market, achieving the goal of Vietnam being recognized as a market economy ; stabilizing the macro economy, controlling inflation, promoting growth and implementing the National Assembly's Resolution on combating global tax erosion; Supporting the development of small, medium and micro enterprises; Reducing time and costs for accounting work of units; Improving transparency and compliance with financial reports of large-scale units; preventing money laundering.

The policy contents include: Applying International Accounting Standards (IFRS) and building a legal framework for applying IFRS in Vietnam.

Amend and supplement regulations on supporting the development of small and medium-sized enterprises by allowing the application of a simple accounting regime, aiming mainly at tax management to suit the capacity, reduce costs and time for accounting work at the unit, and improve the unit's operational efficiency;

The solution is to amend and supplement Clause 19, Article 3 in the direction of clarifying the concept of Accounting Standards including International Standards and Vietnamese Standards.

To implement IFRS application in Vietnam, it is proposed that the Ministry of Finance specify the subjects, scope, roadmap, forms and methods of applying international accounting standards.

Allowing units with the need and ability to apply IFRS will contribute to achieving the following goals: Stabilizing the macro economy, controlling inflation, and promoting growth because applying IFRS is one of the factors for international institutions to upgrade the stock market and be internationally recognized as a market economy;

Seize the opportunity to attract foreign investment because large FDI enterprises such as Samsung, LG, Panasonic, European Business Association, the United States... all wish to apply IFRS;

Help Vietnamese enterprises such as Vinfast and Viettel easily list on international markets and enterprises such as PVN and EVN... easily access capital from international financial markets.

Promote decentralization and delegation of authority in the field of accounting

Draft proposal for Policy 2. Promote decentralization, delegation of authority, and improve State management capacity in the field of accounting; Enhance the responsibility of leaders; ensure consistency and compliance with other provisions of law.

Accordingly, the draft amends and supplements regulations clarifying the functions and tasks of State management in the field of accounting of the Ministry of Finance; amends and supplements regulations on decentralization and delegation of authority, clarifying the functions and tasks of State management in the field of accounting of other ministries and branches; amends and supplements regulations on decentralization and delegation of authority and clarifying the responsibilities of the State Bank; amends and supplements regulations on decentralization and delegation of authority, clarifying the functions of State management of provincial People's Committees.

Supplementing the responsibilities of heads of units in the public sector when performing the following tasks: Signing accounting books, financial reports, preserving and storing accounting documents, and organizing the accounting apparatus at the unit.

Supplementing regulations to protect the legitimate rights and interests of accountants.

The Ministry of Finance said that the reason for choosing the policy is to more clearly define the authority and responsibility of the Ministry of Finance in promulgating the Professional Ethics Standards on Accounting, the Accounting Regime and other legal documents on accounting. In addition, there is a basis for assigning specialized management ministries and branches the authority to guide the accounting regime, ensuring that it is suitable for the specific characteristics of the activities, but still ensuring compliance with the system of standards prescribed by the Ministry of Finance. This helps to centralize state management activities but also decentralize appropriately so that general policies can be implemented to ensure feasibility and effectiveness.

Please read the full draft and give your comments here.

Source: https://baolangson.vn/de-xuat-2-chinh-sach-sua-doi-bo-sung-luat-ke-toan-5019436.html