MINISTRY OF FINANCE
-------
SOCIALIST REPUBLIC OF VIETNAM
Independence – Freedom - Happiness
---------
No.: 24/2010/TT-BTC
Hanoi, February 23, 2010
 
CIRCULAR
GUIDING ACCOUNTING APPLICABLE TO COOPERATIVES OF AGRICULTURE, FORESTRY, FISHERY AND SALT OCCUPATION
 
- Pursuant to the Law on Accounting No.03/2003/QH11 dated 17/6/2003;
- Pursuant to the Law on Cooperatives No.18/2003/QH11 dated 26/11/2003;
- Pursuant to the Decree No.118/2008/ND - CP dated 27/11/2008 of the Government regulating functions, tasks, powers and organizational structure of the Ministry of Finance;
- Pursuant to the Decree No.129/2004/ND - CP dated 31/5/2004 of the Government detailing and guiding the implementation of a number of Articles of the Law on Accounting in business activities.
The Ministry of Finance guides accounting applicable to cooperatives of agriculture, forestry, fishery, and salt occupation as follows:
Part I
GENERAL PROVISIONS
Article 1. Scope and subjects of application
This Circular guides the accounting regime applicable to the Cooperatives of Agriculture, Forestry, Fishery and Salt occupation (collectively, referred to as the Agricultural Cooperative, abbreviated as "Cooperative").
Article 2. Bases for the application
The accounting system applied to the Agriculture Cooperatives guided in this Circular is based on the Accounting regime for Small and Medium enterprises, issued together with Decision No.48/2006/QD - BTC dated 14/9/2006 of the Minister of Finance (hereinafter referred to as Decision No.48/2006/QD-BTC). The contents that are not guided in this Circular, the cooperative shall comply with the Accounting Law, Decree No.129/2004/ND - CP dated 31/5/2004 detailing and guiding some Articles of the Law on Accounting applying to business, accounting regime of Small and Medium enterprises, issued together with Decision No.48/2006/QD-BTC.
Article 3. Financial Disclosure
1. The contents of the cooperative’s financial disclosure, include
- The situation of assets, liabilities and equity;
- The results of business activities;
- Appropriation and use of funds;
- The income of cooperative members and employees.
2. Responsibility, form and duration of financial disclosure
- The cooperative chairman is responsible for reporting the annual financial situation to the Cooperative Management Board. Cooperative Management Board is responsible for financial disclosure before the Congress of cooperative members.
- The financial disclosure is made in the following forms:
+ Notice in writing;
+ Listed;
+ The other forms as prescribed by law.
- Cooperative must publish annual financial situation within 90 days from the end of the fiscal year.
Part II
SPECIFIC PROVISIONS
I. SYSTEM OF ACCOUNTING ACCOUNTS
Article 4. Provisions of application of system of accounting accounts
The cooperatives implement System of accounting accounts as prescribed by the Accounting Regime for Small and Medium Enterprises issued together Decision No.48/2006/QD - BTC with the provisions amended and supplemented in this Circular as follows:
1. Rename some accounting accounts and add the second grade accounts as follows:
1.1. Rename Account 131 - "Receivables from customers" into "Receivables"
Account 131 has 3 second grade Accounts:
+ Account 1311 - Receivable from cooperative members;
Account + 1312 - Receivable from customers outside the cooperative;
+ Account 1318 - Other receivables.
1.2. Rename Account 311 - "Short-term borrowings" into "borrowings".
Account 311 has 2 second grade Accounts:
Account + 3111 - Short-term borrowings;
+ Account 3112 - Long-term borrowings.
1.3. Rename Accounts: 4111 - "Investment capital of the owners" into "Capital contributed by the cooperative members"; 4112 - "Equity surplus" into "Capital accumulated by cooperative"; 4118 - "Other Capital" into" Other capital source".
1.4. Rename Account 511 - "Revenues from sales of goods and provision of services" into "Revenue".
Account 511 has 3 second grade Accounts:
+ Account 5111 – Revenue from service provision for cooperative members;
+ Account 5112 - Revenue from manufacture, trade;
+ Account 5118 - Revenue from other activities.
1.5. Rename Account 515 - "Revenue from financial activities" into "Revenue from financial activities, internal credit".
Account 515 has 2 second grade Accounts:
+ Account 5151 - Revenue from financial activities;
+ Account 5152 - Revenue from internal credit.
1.6. Rename Account 632 - "Prime Cost of goods sold" into "Prime Cost of goods, products, and services"
Account 632 has 2 second grade Accounts:
+ Account + 6321 – Prime Cost of goods, products and services sold to cooperative members;
+ Account + 6322 - Prime Cost of goods, products and services sold outside the cooperative.
1.7. Rename Account 635 - "Financial expenses" into "Cost of financial activity, activity of internal credit"
Account 635 has 2 second grade Accounts:
+ Account + 6351 - The expenses of financial activities;
+ Account 6352 - The expense of operating internal credit.
1.8. Rename Account 6421 - "Selling expenses" into "Expenses of sales and service provision"; rename Account 6422 - "The expenses of corporate management" into "Expenses of management of cooperative".
1.9. Rename Account 157 - "Goods on consignment" into "Products and goods on consignment."
2. Adding up accounting accounts
Account 155 has 2 second grade Accounts:

Add up Account 155 - "Finished product"; Account 156 - "Goods", to Account 155 - "Products and goods"