How does the Accounting Law 2024 regulate financial reporting?

How does the Accounting Law 2024 regulate financial reporting? Based on current legal regulations, there is no Accounting Law 2024, so the financial statements of accounting units in 2024 will still be implemented according to the provisions of the 2015 Accounting Law. In Article 29 of the 2015 Accounting Law, there are regulations on financial statements of accounting units, specifically as follows:1 – Financial statements of the accounting unit are used to summarize and explain the financial situation and operating results of the accounting unit. Financial reports of accounting units include:– Report on financial situation;– Report operating results;– Statements of cash flows;– Notes to the financial statements;– Other reports as prescribed by law.2 – The preparation of financial statements of the accounting unit is carried out as follows:– The accounting unit must prepare financial statements at the end of the annual accounting period; In cases where the law requires preparing financial statements according to another accounting period, the accounting unit must prepare according to that accounting period;– The preparation of financial statements must be based on data after closing the accounting books. The superior accounting unit must prepare a general financial report or consolidated financial report based on the financial statements of the accounting units in the same superior accounting unit;– Financial reports must be prepared with correct content, method and consistent presentation between accounting periods; In case the financial statements are presented differently between accounting periods, the reason must be clearly explained;– Financial reports must have the signatures of the preparer, chief accountant and legal representative of the accounting unit. The person who signs the financial report is responsible for the content of the report.3 – The annual financial report of the accounting unit must be submitted to the competent state agency within 90 days from the end of the annual accounting period according to the provisions of law.4 – The Ministry of Finance regulates detailed financial reports for each field of activity; Responsibilities, subjects, preparation period, preparation method, submission deadline, place to receive reports and disclosure of financial reports.Principles for preparing and presenting 2024 financial statements – The preparation and presentation of financial statements must comply with the provisions of Accounting Standards “Presentation of Financial Statements” and other relevant accounting standards. Important information must be explained to help readers understand the true financial situation of the unit.– Financial reports must reflect the economic nature of transactions and events rather than the legal form of those transactions and events (respecting substance over form).– Assets are not recorded at more than their recoverable value; Liabilities are not recorded lower than payment obligations.– Revenue and expense items must be presented according to the appropriate principle and ensure the principle of prudence. The business performance report and cash flow statement reflect revenue, income, expenses and cash flow items of the reporting period. Revenues, income, and expenses of previous periods that have errors that affect business results and cash flows must be adjusted retroactively, not adjusted in the reporting period.– When preparing a consolidated financial statement between Microfinance and subordinate units without legal entity status, the balance of internal items of the Financial Status Report, revenues and expenses , unrealized profits and losses arising from intra-group transactions must be eliminated.What is the public content of the 2024 financial report? Regarding the public content of the 2024 financial statements, Article 31 of the 2015 Accounting Law clearly stipulates:– Accounting units using state budget publicly disclose state budget revenue and expenditure information according to the provisions of the 2015 State Budget Law.– Accounting units that do not use the state budget publicly declare their annual financial revenues and expenditures.– The accounting unit using the People’s contributions publicly discloses the purpose of mobilizing and using the contributions, the contributors, the mobilization level, the results of use and the settlement of revenue and expenditure of each contribution. contribute.– Accounting units engaged in business activities publicly disclose the following contents:+ Situation of assets, liabilities and equity;+ Business performance results;+ Setting up and using funds;+ Income of workers;+ Other contents as prescribed by law.– Financial statements of accounting units that are required by law to be audited must be accompanied by the audit report of the auditing organization when disclosed.Deadline for submitting 2024 financial reports Annual financial statements: Deadline to submit the audited annual financial statements with the results of the independent audit organization (including: Audit reports; management letters and related documents) at the latest. is 90 days from the end of the fiscal year.Mid-year financial reports: The deadline for submitting mid-year financial reports is the 30th day of the first month of the next quarter.If the last day of the financial report submission deadline is a holiday, New Year’s Day or weekend, the financial report submission date is the next working day immediately after that date.