Comments on the revised Accounting Law

(Baonghean) - On the afternoon of September 17th, the Provincial National Assembly Delegation held a conference to gather feedback on the draft amended Accounting Law. Mr. Pham Van Tan, Head of the Provincial National Assembly Delegation, chaired the conference.

Representatives from the Department of Finance provided feedback on the prohibited acts in the draft revised Accounting Law.

The draft revised Accounting Law has 7 chapters and 74 articles, regulating the content of accounting work, the organization of the accounting system and accounting personnel; accounting service business activities, state management of accounting and accounting professional organizations.

Representatives from the Vietnam Chamber of Industry in Nghe An offered suggestions regarding professional ethical standards for accountants.

After studying the draft Law on Accounting (amended), the delegates generally agreed and highly supported the draft. This revised draft Law on Accounting has addressed shortcomings and inconsistencies in accounting work and accounting practice.

However, in order to finalize the amended Accounting Law, many delegates also focused on contributing to issues related to accounting subjects, prohibited acts, accounting service business, financial reporting, accounting standards, and professional ethical standards for accountants... In addition, regarding the regulation on "Persons practicing accounting services must have an accountant certificate," many delegates suggested that the drafting agency of the Law should consider allowing individuals to practice accounting services independently as accountants.

Comrade Tran Quoc Chung - Deputy Head of the Economic and Budget Committee of the Provincial People's Council - offered his comments on the regulations regarding the standards for those granted accounting practice certificates.

Furthermore, the regulations on the standards for granting accounting practice certificates are not in line with reality, easily leading to loopholes and inconsistencies with regulations in other laws such as the current Tax Law. Hiring accountants is reasonable for businesses, but it may not be appropriate for state management agencies, as these agencies have their own staff, including chief accountants and accounting personnel. The Accounting Law is intended to replace existing regulations; therefore, it is suggested that the draft should include provisions on regulations and effective implementation, and that the Government should provide detailed regulations and guidance for the implementation of this Law…

Comrade Pham Van Tan acknowledged and accepted the suggestions and comments from the delegates.

On behalf of the Provincial Delegation of National Assembly Deputies, Comrade Pham Van Tan acknowledged and highly appreciated the responsible, dedicated, and high-quality contributions and suggestions from the delegates. The Provincial Delegation of National Assembly Deputies will compile these opinions and recommendations and submit them to the National Assembly.

Thanh Le