This is the content prescribed at the Decree No. 174/2016/ND-CP dated December 30, 2016 of the Government on detailing a number of articles of the Law on Accounting, takes effect on January 01, 2017.
In particular, Accounting records; Detailed accounting books and overall accounting books; Financial statements; budget statements; consolidated budget statements; other documents related to accounting works, including: contracts; administrative accounting reports; financial statements of completed projects and projects of national importance; reports on stocktaking and asset valuation; documents related to inspection and audit; records on destruction of accounting documents; decisions on addition of capital from profit, contributions to funds from profits; documents related to dissolution, bankruptcy, division, consolidation… must be retained for at least 10 years. And accounting records that are not directly recorded to accounting books and financial statements such as collection notes, payment notes, which are not enclosed with accounting documents; accounting documents serving management of an accounting unit that are not directly recorded in accounting books and financial statements must be retained for 5 years.
Another important content is that Within 24 months from January 01, 2017, acting chief accountants appointed before January 01, 2017 must obtain chief accountant certificates.
On professional liability insurance, the Decree also prescribes that an accounting service provider must buy professional liability insurance, which is the source for paying compensation for its clients in case of damage caused by its accounting practitioners. Professional liability insurance must be bought for an accounting practitioner within 60 days from the day on which he/she is granted the Certificate of Accounting Service Registration.
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