THE GOVERNMENT -----------	SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------------
No. 129/2004/ND-CP	Hanoi, May 31, 2004

DECREE

DETAILING AND GUIDING THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF THE ACCOUNTING LAW, APPLICABLE TO BUSINESS ACTIVITIES

THE GOVERNMENT

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the June 17, 2003 Accounting Law;

Pursuant to the November 26, 2003 Law on State Enterprises; the June 12, 1999 Law on Enterprises; the November 12, 1996 Law on Foreign Investment in Vietnam; the June 9, 2000 Law Amending and Supplementing a Number of Articles of the Law on Foreign Investment in Vietnam; and the November 26, 2003 Law on Cooperatives;

At the proposal of the Finance Minister,

DECREES:

Article 1.- Regulation scope

This Decree details and guides the implementation of a number of articles of the Accounting Law, applicable to the subjects defined in Article 2 of this Decree (hereinafter called business activities for short).

Article 2.- Subjects of application

Pursuant to Points c, d, e and f, Clause 1, Article 2 of the Accounting Law, subject to the application of this Decree shall be the following organizations and individuals:

1. Organizations engaged in business activities, including:

a) State enterprises;

b) Limited liability companies;

c) Joint-stock companies;

d) Partnerships;

e) Private enterprises;

f) Foreign-invested enterprises;

g) Branches of foreign enterprises operating in Vietnam;

h) Representative offices of foreign enterprises operating in Vietnam;

i) Cooperatives;

j) Individual business households and cooperation groups.

2. Accountants; accounting practitioners; other persons involved in business operation accounting.

Article 3.- Objects of business operation accounting

Pursuant to Clause 3, Article 9 of the Accounting Law, the objects of business operation accounting are prescribed as follows:

1. Objects of accounting are fixed and liquid asets, including:

a) Money and money-equivalent amounts;

b) Receivables;

c) Inventories;

d) Short-term financial investment;

e) Tangible fixed assets, intangible fixed assets, financial leasing fixed assets;

f) Long-term financial investment;

g) Short-term assets and long-term assets.

2. Objects of accounting are passive debts, including:

a) Payables to sellers;

b) Payable loans;

c) Payables to employees;

d) Other amounts to be paid, to be remitted.

3. Objects of accounting are owners’ capital, including:

a) Owners’ capital;

b) Assorted funds;

c) Undistributed profits.

4. Business revenues and expenditures; other incomes and expenditures.

5. Taxes and remittances into the State budget.

6. Trading results and division thereof.

7. Other assets related to accounting units.

Article 4.- Responsibility to manage, use and supply accounting information, documents

Pursuant to Article 16 of the Accounting Law, the responsibility to manage, use and supply accounting information and documents is prescribed as follows:

1. The accounting units must formulate regulations on management, use and preservation of accounting documents, clearly defining the responsibilities and rights of each section and each accountant; the accounting units must ensure adequate material foundations and means for management and preservation of accounting documents.