Circular 109/2018/TT-BTC on accounting regimes of accumulated funds
Accounting regimes of accumulated Funds for repayment of debts
Accounting regimes of accumulated funds for repayment of debts is guided by the Ministry of Finance at the Circular No. 109/2018/TT-BTC dated November 15, 2018.
Accordingly, the accounting period includes accounting year or accounting quarter. To be specific: Accounting year is 12 months from January 01 to end of December 31 in a calendar year; Accounting quarter is three months from the start of the 1st day of the initial month of a quarter to the last day of the last month of that quarter.
When preparing accounting documents, the accountant must ensure the principles
- All economic and financial transactions related to the Fund’s operations must be recorded in accounting documents. Each accounting document shall be prepared once to reflect an economic or financial transaction that may arise;
- Contents of each accounting document must be transparent and consistent with contents of economic or financial transactions that may arise;
- Texts inscribed on accounting documents must be clear and any erasure or abbreviation shall be prohibited;
- The amount written in words must be identical to the amount written in numbers;
- Each accounting document must have the required number of copies. As for accounting documents that need multiple copies, the same contents must be inscribed on these copies at once by using computers…
- Accounting documents prepared by computers must include prescribed information and ensure their legality…
This Circular takes effect on January 01, 2019.
For further details of the Circular 109/2018/TT-BTC, Click here
translation of the Official Gazette of the Vietnam News Agency
THE MINISTRY OF FINANCE
Circular No. 109/2018/TT-BTC dated November 15, 2018 of the Ministry of Finance on providing guidance on accounting regimes of accumulated funds for repayment of debts
Pursuant to the Law on Management of Public Debts dated November 23, 2017;
Pursuant to the Law on Accounting dated November 20, 2015;
Pursuant to the Law on State Budget dated June 25, 2015;
Pursuant to the Government’s Decree No. 94/2018/ND-CP dated June 30, 2018 on public debt management operations;
Pursuant to the Government’s Decree No. 97/2018/ND-CP dated June 30, 2018 on on-lending of the Government’s ODA loans and foreign concessional loans;
Pursuant to the Government’s Decree No. 92/2018/ND-CP dated June 26, 2018 on the task of management and utilization of accumulated funds for repayment of debts;
Pursuant to the Government’s Decree No.174/2016/ND-CP dated December 30, 2016 on detailing a number of articles of the Law on Accounting;
Pursuant to the Government's Decree No. 163/2016/ND-CP dated December 21, 2016 elaborating certain articles of the Law on State Budget;
Pursuant to the Government's Decree No. 87/2017/ND-CP dated July 26, 2017, on defining the functions, tasks, powers and organizational structure of the Ministry of Finance;
Upon the request of the Director of Accounting and Audit Management and Supervision Department,
The Minister of Finance hereby promulgates the Circular providing guidance on the accounting regime of the accumulated fund for repayment of debts.
Article 1. Scope of adjustment
This Circular provides for accounting documents, accounts, accounting records, financial statements and other tasks related to the organization of accounting activities to record economic and financial transactions associated with operations of the accumulated fund for repayment of debts (hereinafter referred to as Fund) in accordance with laws.
Article 2. Subjects of application
This Circular shall apply to the Department of Debt Management and External Finance - the Ministry of Finance and other related entities and persons.
Article 3. Tasks of accounting for the Fund
Accounting for the Fund shall include the following tasks:
1. Collecting, processing, checking, monitoring and analyzing assessment information on the recovery of domestic debts from foreign borrowed funds on-lent by the Government; the collection of provisions for risks to on-lent funds; the collection of on-lending management fees; the collection of the Government’s guarantee fees and interest on late payment of guarantee fees (if any) in order to ensure repayment of foreign loans on-lent by the Government; the collection of advance capital from the accumulated funds for repayment of debts; payments from debt restructuring activities and debt portfolios; interest on deposits, loans, entrustment of management of capital and investment of the Fund and other collections in accordance with regulations in force.