Improving quality of State financial statements

	Step by step completing State financial statements
	State Treasury meets schedule on State financial statements
	State financial statements: Reliable information on national finance

Officers of Yen Bai State Treasury at work. Photo: TL

Putting the State General Accounting Information System into operation

To comply with the provisions of the Accounting Law 2015, Decree 25/2017/ND-CP dated March 14, 2017 of the Government on the State Financial Statements and guiding documents, the State Treasury has prepared the first State Financial Statements for the 2018 fiscal year.

So far, the State Treasury has completed the preparation of State Financial Statements for 2018, 2019, and 2020 to submit to the competent authorities according to regulations.

The State Financial Statements have reflected the preliminary picture of the State's assets and capital sources and have been recognized by the competent authorities.

The State Treasury said the unit has always actively worked and consulted with relevant units to perfect the accounting regimes applicable to state accounting units, and ensure input information for the state financial statements. In particular, the administrative and non-business accounting regime and the guidance for the preparation of general financial statements of the superior state accounting units are basic guidelines, applicable to most accounting units in the State sector and have been issued by the Ministry of Finance to apply from the 2018 financial year.

In addition, the Ministry of Finance has also issued accounting regimes applicable to other state accounting units (such as Public debt, Vietnam Social Security, State reserve, Accumulation fund for debt repayment, Import and export tax, budget and finance of commune, project management board using public investment capital), applied from the financial year 2019 and 2020.

Furthermore, for units that have not yet adjusted their accounting regime in 2019 and 2020, the State Treasury actively exchanged and consulted with relevant units, reported to the leaders of the Ministry of Finance to provide specific instructions for these units to prepare and send the financial statements in the approved form to the State Treasury.

To prepare the State Financial Statements, the State Treasury has also issued detailed instructions. Besides improving the mechanism and policies, the State Treasury has quickly built a State General Accounting Information System to officially put into operation from July 2019, effectively supporting the sending, as well as the compilation and preparation of the first state financial statements in 2018.

Quickly improving the legal framework

The State Treasury said that the National Assembly Standing Committee requested the Government develop a specific roadmap to complete the preparation of the State Financial Statements, and soon publicize the State Financial Statements in accordance with the Law on Accounting.

Accordingly, the State Treasury is developing a roadmap to complete the preparation of the State Financial Statements to overcome difficulties and obstacles to gradually perfect the State Financial Statements in the following years.

First, the State Treasury will soon complete the legal framework on the State financial statements and issue the Vietnam Public Accounting Standards. Moreover, the State Treasury is amending and supplementing regulations on providing information, synthesizing and preparing state financial statements, and improving the legal framework on infrastructure assets in accordance with the provisions of public standards.

In the future, the State Treasury will continue to study plans and roadmaps to reflect the value of other infrastructure assets (aviation, national railways, maritime, inland waterways, irrigation) and other state assets (such as heritage, etc.) in the state financial statements and speed up the monitoring, management, and report of these assets in compliance with the roadmap for completing the preparation of the State financial statements.

Another important task is to upgrade the State General Accounting Information System, which prioritizes completing input reporting forms in accordance with the current legal framework, promoting automation, reducing manual input on the system; setting up the function of exploiting and analyzing report information in many dimensions, and ensuring stability and user-friendliness.

In the long term, in the State Treasury Development Strategy to 2030, the task is to continue to improve the system in the direction of connecting/interfacing with the information system of agencies and units in the state sector, connecting with the network of e-Government, proceed to build a centralized state financial data system to quickly provide accurate state financial data.

In particular, the State Treasury will improve the quality and efficiency of human resources through training and reforming the accounting apparatus; and fostering and improving professional qualifications and capacity for staff in charge of State financial statements of the state treasury system, especially in in-depth research and analysis of state financial statements.

Publicize State financial statements: Opportunities for management and supervision VCN- Like any business, the Ministry of Finance shall publicize State financial statements on its website, which ...