THE MINISTRY OF FINANCE
-------
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
----------
No: 149/2001/QD-BTC
Hanoi, December 31, 2001
 
 
DECISION
ON THE PROMULGATION AND ANNOUNCEMENT OF FOUR (4) ACCOUNTING STANDARDS OF VIETNAM (PHASE 1)
THE MINISTER OF FINANCE
 
Pursuant to the Accounting and Statistics Ordinance promulgated by Order No. 06-LCT/HDNN of May 20, 1988 of the State Council and the Statute of the State Accounting Organization issued together with Decree No. 25/HDBT of March 18, 1989 of the Council of Ministers (now the Government);
Pursuant to the Government’s Decree No. 15/CP of March 2, 1993 on the tasks, powers and State management responsibilities of the ministries and ministerial-level agencies;
Pursuant to the Government’s Decree No. 178/CP of October 28, 1994 on the tasks, powers and organizational structure of the Ministry of Finance;
In order to satisfy the requirements of renewing the economic and financial management regimes, raise the quality of accounting information provided in the national economy, and supervise and control the quality of the accounting work;
At the proposal of the director of the Department of Accounting Regime and the director of the Office of the Ministry of Finance,
 
 
DECIDES:
 
Article 1.- To promulgate four (4) Vietnamese accounting standards (phase 1) with the following codes and names:
1. Standard No. 02 - Inventories
2. Standard No. 03 - Tangible fixed assets;
3. Standard No. 04 - Intangible fixed assets;
4. Standard No. 14 - Turnover and other incomes
Article 2.- The four (4) Vietnamese accounting standards issued together with this Decision shall apply to all enterprises of all branches and economic sectors across the country.
Article 3.- This Decision takes implementation effect from January 1, 2002. The specific accounting regimes must be revised and supplemented to comply with the four accounting standards issued together with this Decision.
Article 4.- The director of the Department of Accounting Regimes, the director of the Office of the Ministry and the heads of the concerned units of and attached to the Ministry of Finance shall have to guide, inspect and implement this Decision.
 
THE SYSTEM OF VIETNAMESE ACCOUNTING STANDARDS
Standard No. 2
INVENTORIES
(Issued and publicized together with Decision No. 149/2001/QD-BTC of December 31, 2001 of the Minister of Finance)
GENERAL PROVISIONS
01. This standard aims to prescribe and guide the principles and method of accounting the inventories, including: determination of the value of inventories and accounting it as expense; the marking-down of inventories to suit the net realizable value and the method of calculating the value of inventories to serve as basis for recording accounting books and making financial statements.
 
  MINISTER OF FINANCE




Nguyen Sinh Hung
Click Download to see full text