DISCLOSURE OF THE STATE FINANCIAL REPORTS IS COMPULSORY

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On March 14, 2017, the Government issued the Decree No. 25/2017/ND-CP on state financial reports prescribing that national and provincial state financial reports shall be made according to the annual accounting period starting on January 1 and ending on December 31 of the calendar year.

Units tasked to compile state financial reports and agencies, units and organizations tasked to provide information for compilation of state financial reports, including the Ministry of Finance; State treasuries at all levels; State budget management, collection and payment agencies at all levels; State property and capital management agencies at all levels; State budget-funded agencies and organizations; agencies and organizations managing non-budget state financial funds; Public non-business units.

Besides, the Government also emphasizes that Provincial-level People’s Committees shall disclose provincial state financial reports within 30 days after these reports are presented before provincial-level People’s Councils; the Ministry of Finance shall disclose national state financial reports within 30 days after these reports are presented before the National Assembly. State financial reports shall be disclosed in one or some of the following forms: publication distribution, posting up and publishing on e-portals and other forms. Contents to be disclosed include information of provincial state financial reports, including the state property situation; debts of local administrations and other payables of the State; funds of the State; revenues, expenditures and financial operation results of the State; the state cash flow within their provinces; except for detailed statistics in the fields of national defense, security and national reserves; The Ministry of Finance shall disclose information of national state financial reports, including the state property; public debts and other payables of the State; funds of the State; revenues, expenditures and financial operation results of the State; the state cash flow nationwide; except for detailed statistics in the fields of national defense, security and national reserves.

This Decree takes effect on January 01, 2018.

Source: http://english.luatvietnam.vn/default.aspx?tabid=720