ACCOUNTING DOCUMENTS WRITTEN MUST BE TRANSLATED INTO VIETNAMESE LANGUAGE
This is the content prescribed at the Circular No. 53/2016/TT-BTC dated March 21, 2016 of the Ministry of Finance on amending and supplementing a number of articles of the Circular No. 200/2014/TT-BTC dated December 22, 2014 of the Ministry of Finance guiding the corporate accounting system.
In particular, the accounting documents written in foreign language, when being used to record in accounting books in Vietnam, must be translated into Vietnamese language. The documents which are seldom generated or generated many times but different content must be translated all contents of accounting documents. For the documents which are generated many times with the same content, the first copy must be translated all, from the second copy onwards, only essential contents are translated such as name of document, name of making unit and person, name of receiving unit and person, economic content of document, title of document signer….The translator must sign, specify full name and take responsibility for the contents translated into Vietnamese. The copy of translated document must be attached to the original copy in foreign language.
The documents with attached documents such as contract, dossier with attached payment documents, dossier of investment project, finalization report and other relevant documents shall not have to be translated into Vietnamese language unless required by the competent state authority.
On accounting principles, the Circular prescribes that upon disposal or sale of trading securities (taking into account each class of securities), the prime cost of trading securities is determined by one of the methods of first in first out or weighted average. The enterprises must apply the consistent method to choose and calculate the prime cost of trading securities in financial year. In case of change of method for calculation of prime cost of trading securities, the enterprises must make presentation and explanation in accordance with the accounting standards.
This Circular takes effect on the signing date for circulation and application for the financial year starting on or after January 01, 2016.
