DEADLINE FOR SUBMITTING FINANCIAL REPORTS
QUESTION
Dear TLK Law Firm, I currently have questions and hope to hear from you as follows: I have just joined the practice related to the field of corporate finance and accounting. So I currently do not understand the deadline for submitting financial reports. Looking forward to your company's answer. Thank you!
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2. Which financial reports are required to be audited?
3. Tax accounting services, financial reporting services
Thank you for your trust and for sending questions to TLK Law Firm. Based on legal regulations and practical solutions, we would like to send you the following consulting content:
LEGAL BASIS
1. Law on Independent Audit No. 67/2011/QH12 passed by the National Assembly on March 29, 2011;
2. Accounting Law No. 88/2015/QH13 passed by the National Assembly on November 20, 2015;
3. Decree No. 41/2018/ND-CP issued by the Government on March 12, 2018 regulating penalties for administrative violations in the field of accounting and independent auditing;
4. Circular No. 200/2014/TT-BTC issued by the Ministry of Finance on December 22, 2014 providing guidance on corporate accounting regime;
5. Circular No. 133/2016/TT-BTC issued by the Ministry of Finance on August 26, 2016 providing guidance on accounting regimes for small and medium enterprises;
6. Other legal documents providing relevant guidance.
CONSULTATION CONTENT
Financial reports are the economic and financial information system of an accounting unit, presented according to forms prescribed in accounting standards and accounting regimes. In other words, financial reports help provide information about the financial situation, business and cash flows of an enterprise. At the end of the audit, the financial report must be submitted to the competent unit and agency and the financial report must be made public. However, is there a time limit for submitting financial reports? Deadline for submitting financial reports? This is a question that many customers sent to TLK Law Firm.
Therefore, through this article, we will answer your questions about “Deadline for submitting financial reports? ”
Photo 1. Deadline for submitting financial reports?_Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO THE TIMELINE FOR SUBMITTING FINANCIAL REPORTS
1. Deadline for submitting financial reports
Based on Circular No. 200/2014/TT-BTC and Circular No. 133/2016/TT-BTC, the deadline for submitting financial reports is prescribed as follows:
(1) For state-owned enterprises:
- Deadline for submitting quarterly financial reports: Accounting units must submit quarterly financial reports no later than 20 days from the end of the quarterly accounting period; For parent companies and State Corporations, no later than 45 days;
- Deadline for submitting annual financial reports: Accounting units must submit annual financial reports no later than 30 days from the end of the annual accounting period; For parent companies and state corporations, no later than 90 days;
(2) For other types of enterprises: Accounting units that are private enterprises and partnerships must submit annual financial reports no later than 30 days from the end of the annual accounting period; For other accounting units, the deadline for submitting annual financial statements is 90 days at the latest;
(3) For small and medium enterprises: Must prepare and send annual financial reports no later than 90 days from the end of the fiscal year to relevant agencies according to regulations.
Thus, for each type of business, the deadline for submitting financial reports is regulated differently. However, businesses need to seriously implement reporting and conduct financial reporting on time according to the provisions of the law.
2. Penalties for late submission of financial reports
Pursuant to Decree No. 41/2018/ND-CP, financial reports must be submitted on time according to the provisions of law. If an enterprise is late in making financial reports to competent state agencies, it will be administratively sanctioned with the following fines:
(1) Fine from 5,000,000 VND to 10,000,000 VND for submitting financial reports to competent state agencies less than 03 months late compared to the prescribed deadline;
(2) Fine from 10,000,000 VND to 20,000,000 VND for submitting financial reports to competent state agencies 3 months or more late than the prescribed deadline.
Thus, when the deadline for submitting reports comes, businesses need to submit complete reporting documents and submit them on time according to the provisions of law.
3. Regulations on auditing financial statements
Pursuant to the Accounting Law 2015, the audit of financial statements is regulated as follows:
(1) Annual financial statements of accounting units that are required by law to be audited must be audited before being submitted to competent state agencies and before being made public;
(2) When audited, the accounting unit must fully comply with the provisions of law on auditing;
(3) The financial statements of the audited accounting unit, when submitted to the competent state agency, must have an accompanying audit report.
Thus, when conducting an audit of financial statements, the auditing unit must meet and fully comply with the requirements as prescribed by law.
=> See more: In what forms is financial reporting disclosed?
Photo 2. Deadline for submitting financial reports?_Hotline: 0972118764
II. SUMMARY OF THE ANSWER SECTION: WHEN IS THE DEADLINE TO SUBMIT FINANCIAL REPORTS?
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
Submitting annual financial reports is a mandatory requirement for businesses. However, the deadline for submitting reports for each type of enterprise is regulated differently, specifically as follows:
(1) For state-owned enterprises: no later than 30 days from the end of the annual accounting period. For parent companies and state corporations, no later than 90 days;
(2) For other types of businesses:
- Private enterprises and partnerships must submit annual financial reports no later than 30 days;
- For other accounting units, the deadline for submitting annual financial reports is 90 days at the latest;
(3) For small and medium enterprises: no later than 90 days from the end of the fiscal year to relevant agencies according to regulations.
=> See more: Reporting periods in accounting
III. HOW SHOULD YOU BEST CHOOSE AN ORGANIZATION THAT PROVIDES LEGAL SERVICES?
An organization providing quality and reputable legal services should have the following criteria:
First: Must be an official legal organization with a legal operating license;
Second: It is better if the Board of Directors must be lawyers, experienced and have high degrees;
Third: Have a team of lawyers and a systematic, professional, and thoroughly trained human resources system;
Fourth: Friendly, dedicated and make every effort for the benefit of customers. Consider customer satisfaction and work quality as your own honor;
Fifth: Professional, thoughtful, flexible and logical service provision process to optimize work performance and save customers' time;
Sixth: Reasonable and competitive service prices;
Seventh: Rich services in both fields of supply and service packages in the same field for customers to choose the appropriate service package, as well as comprehensive support for customers throughout the operation process. movement;
Eighth: Have the ability to Connect - Promote commercial relationships for customers if customers have needs,...
Finding a comprehensive, professional and reputable legal consulting organization is what every customer wants. Because no one wants to risk losing both money and time when the results are not as expected. However, finding such an organization is not easy because the number of service providers in the Vietnamese market today is very large with varying quality.
A suggestion for you: Although our TLK Law Firm does not dare to claim to be the best legal service provider on the market, we satisfy all of the above criteria and more will definitely be a good choice for you.
IV. SOME QUESTIONS RELATED TO TIMELINES FOR SUBMITTING FINANCIAL REPORTS
Question 1: Which businesses are allowed to provide audit services?
Reply:
Pursuant to the Law on Independent Auditing 2011, the following enterprises are allowed to provide audit services:
(1) Limited liability company with two or more members;
(2) Partnership company;
(3) Private enterprise.
Thus, to be able to do business in auditing services, businesses must operate under the above types of businesses according to the provisions of law.
Question 2: What powers do practicing auditors have?
Reply:
Pursuant to the Law on Independent Auditing 2011, a person granted an auditor practicing certificate has the following rights:
(1) Practicing auditing according to the provisions of the Law on Independent Auditing 2011;
(2) Professional independence;
(3) Require the audited unit to comply with the following requirements:
- Provide complete and timely information and necessary documents and explain issues related to audit content;
- Inventory assets and compare debts of the audited unit related to audit content;
- Check all records and documents related to the economic and financial activities of the audited unit inside and outside the unit during the audit process.
(4) Check and confirm economic and financial information related to the audited unit inside and outside the unit during the audit process;
(5) Request relevant organizations and individuals to provide necessary documents and information related to audit content through the audited unit;
(6) Other rights as prescribed by law.
Thus, in addition to the obligations that auditors must perform, when practicing at audit firms or branches of foreign audit firms in Vietnam, practicing auditors have the above rights according to regulations.
Question 3: Are branches of foreign auditing firms allowed to do business in auditing services in Vietnam?
Reply:
The answer is yes.
Pursuant to the Law on Independent Auditing 2011, branches of foreign auditing firms are allowed to conduct audit service business in Vietnam. However, the enterprise branch must be granted a certificate of eligibility to conduct audit service business by a competent state agency in Vietnam when it meets all the requirements prescribed by law.
=> See more: Quick, quality regular legal consulting services... for investment projects
Above is some general advice that we would like to offer to our customers. As a service provider, we always understand and are ready to accompany and solve the needs and difficulties that customers are facing. If you still have questions or need more in-depth advice, please contact the hotline: 0972118764 to receive direct advice from a lawyer (completely free consultation).
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