The Ministry of Finance issues the Circular No. 132/2018/TT-BTC on providing guidance on accounting regimes of extra-small enterprises.
Accounting regimes have some particular points as follow:
– For the design of the structure: Extra-small enterprises shall be charged with performing accounting duties without being bound to appoint the chief accountant;
– Extra-small enterprises may design forms, charts and templates of accounting books appropriate for their business activities. In cases where extra-small enterprises do not autonomously design these forms, charts and templates for their own use, they may use those and
bookkeeping methods according to the instructions given in this Circular;
– If extra-small enterprises shall not be bound to open accounts, but may make entries by using the single-entry bookkeeping method in accounting books in order to keep track of revenues and incomes, taxes payable…
– Extra-small enterprises shall not be required to submit financial reports to tax authorities. Extra-small enterprises may prepare accounting reports for business management and administration purpose.
This Circular takes effect on February 15, 2019 and applies to the fiscal year beginning or after April 01, 2019.