Accounting Law 2015

Summary

The Accounting Law 2015 is the highest legal framework regulating all accounting activities in Vietnam, aiming to ensure the transparency, honesty, and internationalization of corporate financial statements.

One of the most prominent reforms of the Law is the official recognition and application of the "fair value" principle for assets and liabilities with frequently fluctuating values. This helps financial statements accurately reflect the financial status of the enterprise at the reporting time.

The Law also strictly prohibits the establishment of two separate financial accounting systems, forgery, or falsification of accounting documents. Regulations on the standards and professional ethics of accountants and chief accountants are tightened to improve human resource quality.

Furthermore, the Law supplements and clarifies regulations on the provision of accounting services, creating a legal corridor for the development of independent accounting service companies.