FROM SEPTEMBER 01, ORGANIZATIONS ENGAGED IN CHARITY ACTIVITIES MUST OPEN ACCOUNTING BOOK
On July 05, 2022, the Ministry of Finance issues the Circular No. 41/2022/TT-BTC on guiding the accounting regime applicable to social and charity activities.
Accordingly, all organizations, agencies, units and individuals engaged in activities related to mobilization, receipt, distribution and use of voluntary donations to carry out social and charity activities must open accounting book to fully reflect arising economic operations, make reports and supply information in a transparent manner in accordance with this Circular and relevant laws.
The organizations, agencies and units concurrently performing social and charity activities, without independent accounting organization for cost accounting of mobilization, receipt, distribution and use of voluntary donations shall make cost accounting on the same accounting book system of them, according to their applicable accounting regime.
Additionally, 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 of the units must be made as prescribed in this Circular; the units must publicize data according to the provisions of law, at the same time, data of social and charity activities must be separately disclosed in the units’ general financial statements in a clear and transparent manner.
This Circular takes effect from September 01, 2022.
