To:

- Ministries, ministerial-level agencies and government-attached agencies
- Provincial/municipal People's Committees
- State corporations

The Accounting Law was passed on June 17, 2003 by the National Assembly, and the Government issued on May 31, 2004 Decree No. 129/2004/ND-CP detailing and guiding the implementation of a number of articles of the Accounting Law applicable to business activities (hereinafter called Decree No. 129/2004/ND-CP for short). The Finance Ministry is studying, revising and re-elaborating accounting regimes applicable to accounting units in their business activities under the provisions of the Accounting Law and Decree No. 129/2004/ND-CP, for promulgation as soon as possible. In order to ensure that the accounting work in accounting units engaged in business activities is performed in compliance with the provisions of legal documents, the Finance Ministry hereby guides the continued application of the accounting regimes applicable to accounting units in their business activities, as follows:

1. Regarding the implementation of the accounting regimes promulgated by the Finance Ministry after the Accounting Law and Decree No. 129/2004/ND-CP taking effect

1.1. The organization of refresher courses for chief accountants and grant of chief accountant refresher course certificates shall comply with the provisions of Article 38 of Decree No. 129/2004/ND-CP and the Finance Minister's Decision No. 43/2004/QD-BTC of April 26, 2004 promulgating the Regulation on organization of refresher courses for chief accountants and grant of chief accountant refresher course certificates;

1.2. The hire of accountants and chief accountants shall comply with the provisions of Article 39 of Decree No. 129/2004/ND-CP and the Finance Ministry's Decision No. 59/2004/QD-BTC of July 9, 2004, promulgating the Regulation on examinations for accountant recruitment and grant of accountant certificates and accounting practice certificates."

2. Regarding the implementation of the enterprise accounting regime promulgated together with the Finance Minister's Decision No. 1141-TC/QD/CDKT of November 1, 1995 and Circulars guiding, amending and supplementing Decision No. 1141-TC/QD/CDKT

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2.2. Other provisions and provisions on the listing, structure, forms and method of filling in accounting documents, accounts, accounting books and financial statements in the enterprise accounting regime promulgated together with above-said Decision No. 1141-TC/QD/CDKT and the provisions of the circulars guiding, amending and supplementing the enterprise accounting regime, which are not contrary to the Accounting Law and Decree No. 129/2004/ND-CP shall continue being effective.

3. Regarding the implementation of other accounting regimes promulgated by the Finance Minister

3.1. The provisions in the section "general provisions" of the accounting regimes promulgated by the Finance Ministry or the section "general provisions" in "regime of accounting documents," "regime of accounting books" or "system of financial statements" in the accounting regimes promulgated by the Finance Ministry, which are contrary to the provisions of the Accounting Law and Decree No. 129/2004/ND-CP, shall be annulled, while the relevant provisions of the Accounting Law, Decree No. 129/2004/ND-CP and the Finance Ministry's guiding documents mentioned in enclosed Appendix 02 shall apply.

3.2. Other provisions and provisions on the listing, structure, forms and method of filling in accounting documents, accounts, accounting books and financial statements in the enterprise accounting regimes promulgated by the Finance Ministry, and mentioned in enclosed Appendix 02, which are not contrary to the Accounting Law and Decree No. 129/2004/ND-CP shall continue being effective.

4. Regarding the implementation of accounting regimes promulgated by the ministries, ministerial-level agencies, Government-attached agencies and corporations with the Finance Ministry's approval

For the provisions of the accounting regimes already approved in writing by the Finance Ministry to be entirely reviewed by the ministries, ministerial-level agencies, Government-attached agencies and corporations, if they are contrary to the provisions of the Accounting Law, Decree No. 129/2004/ND-CP and the Finance Ministry's guiding documents, the said ministries, agencies and corporations shall have to coordinate with the Finance Ministry in studying and considering the readjustment thereof or re-elaborating them so as to be consistent with the provisions of the current legal documents on accounting and or suitable to particular characteristics of promulgating ministries or branches. Pending amendments and supplements thereto, the provisions of the Accounting Law, Decree No. 129/2004/ND-CP as well as the accounting regimes already promulgated under the Finance Ministry's approval and not contrary to the Accounting Law and Decree No. 129/2004/ND-CP shall apply.

5. Regarding the organization of accounting work, accounting apparatus and accounting practice for accounting units in their business activities in compliance with the provisions of Decree No. 129/2004/ND-CP and other guiding documents

5.1. The appointment of accountants, chief accountants or persons in charge of accounting shall comply with the provisions of Articles 37 and 38 of Decree No. 129/2004/ND-CP and the Joint Circular of the Finance Ministry and the Labor, War Invalids and Social Affairs Ministry, guiding the criteria, conditions and procedures for appointing, relieving from office, replacing and grading of wages for chief accountants and persons in charge of accounting in business activities.

5.2. The hire of accountants or chief accountants and the accounting practice shall comply with the provisions of Articles 39, 40, 41, 42, 43, 44 and 45 of Decree No. 129/2004/ND-CP and the relevant contents of Decision No. 59/2004/QD-BTC mentioned in Item 1.2, Section 1 of this Official Letter.

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6.1. Regarding electronic documents, the provisions of Articles 6, 7, 8 and 9 of Decree No. 129/2004/ND-CP shall be complied with and guided after the National Assembly passes the Law on Electronic Transactions;

6.2. Regarding the computerized recording of accounting books, the provisions of Article 14 of Decree No. 129/2004/ND-CP shall be complied with and legal documents guiding the standards and conditions of accounting software shall be promulgated in the coming time.

Foregoing are some matters guided for purpose of continuing application of the accounting regimes after the Accounting Law and Decree No. 129/2004/ND-CP take effect by accounting units in their business activities. The Finance Ministry requests other ministries, ministerial-level agencies, Government-attached agencies and People's Committees of the provinces and centrally-run cities to direct and organize the implementation of the above guidance.

Any problems arising in the course of implementation should be reported to the Finance Ministry for timely solution.

FOR THE FINANCE MINISTER
VICE MINISTER




Le Thi Bang Tam