From September 01, charity activities must open accounting books

On July 05, 2022, the Ministry of Finance issues the Circular No. 41/2022/TT-BTC guiding the accounting regime applicable to social and charity activities.

In particular, Article 3 prescribes that the organizations, agencies, and units engaged in social and charity activities with independent accounting organizations for activities of mobilization, receipt, distribution and use of voluntary donations shall open an accounting book to fully reflect and make cost accounting of arising economic operations make financial statements in a sufficient and transparent manner.

Charity activities must open accounting books
From September 01, charity activities must open accounting books (Illustration)

The organizations, agencies, and units concurrently perform social and charity activities, without independent accounting organizations for cost accounting on the same accounting book system of them, according to their applicable accounting regime.

They must open a detailed accounting book to monitor these activities separately to ensure proper management and use.

Annual or periodical reports on revenues and expenditures of social and charity activities, at the same time, data of social and charity activities must be separately disclosed in the unit's general financial statements in a clear and transparent manner.

This Circular takes effect on September 01, 2022.

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