The Governor of the State Bank of Vietnam (SBV) issued Circular No.49/2014/TT-NHNN on December 31, 2014 on revising several articles of financial reporting regime as promulgated in Decision No.16/2007/QD - NHNN dated April 18, 2007 and the chart of accounts as promulgated in Decision No.479/2004/QD-NHNN dated April 29, 2004.
The issuance of this Circular aims at updating the changes in other relating regulations and providing financial statements of credit institutions specifically, transparently and promptly in line with practical situation of credit institutions.
This Circular is applicable to credit institutions and foreign bank branches established and operating in accordance with Law on Credit Institutions, excluding people’s credit funds and micro- finance institutions.
This Circular includes 04 articles as follows:
Article 1: Revising several articles of financial reporting regime as promulgated in Decision No.16/2007/QD- NHNN dated April 18, 2007 (includes 13 substances)
Revising the time of submitting annual financial statements, semi-annual financial statements, balance sheet; adding the recipients of financial statements of credit institutions to be in line with relevant regulations, the management and supervision requirements of the SBV and the implementing capacity of credit institutions.
Replacing financial reporting forms in order to update the changes in other relating regulations; revising guidelines on collecting accounting data to make the financial statement and report on business results in line with the account system as promulgated in Decision No.479/2004/QD-NHNN and Circular No.10/2014/TT-NHNN; supplementing requirements of notes for accounts in accordance with regulations on asset classification, provision level, methods of risk provisioning and the utilization of provisions to handle risks in operations of credit institutions and foreign bank branches as stipulated in Circular No.02/2013/TT-NHNN, Circular No.09/2013/TT-NHNN and Circular No.210/2009/TT-BTC dated November 6, 2009 on presenting financial report and notes for financial tools in order to ensure the transparency of financial statements and the management and supervision requirements of the SBV.
Article 2: Revising several articles of the account system as promulgated in Decision No.479/2004/QD-NHNN dated April 29, 2004 (05 substances)
Revising the method of defining subsidiaries, associated companies, such as: accounting record principle for accounts No.341, 343, 345 and 347 in order to be in accordance with Law on Credit Institutions.
Articles 3 & 4: Effectiveness and Implementation.
This Circular will take effect from February 15, 2015.
Translated by TLH