IN WHAT FORMS IS FINANCIAL REPORTING DISCLOSED?
QUESTION
Dear TLK Law Firm, I currently have a question and hope to hear from you as follows: I am the owner of a newly established private enterprise specializing in export rice production. Therefore, I do not know what forms of financial reporting are available? Looking forward to your company's answer. Thank you!
RELATED ARTICLES
1. Deadline for submitting financial reports?
2. Reporting periods in accounting
3. Which financial reports are required to be audited?
Thank you for your trust and 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. Other legal documents providing relevant guidance.
CONSULTATION CONTENT
Financial reports are the most comprehensive reports on the situation of assets, equity and liabilities as well as the financial situation and business results during the period of the enterprise. Public financial reporting will meet the information needs of businesses for investors, business owners, board of directors... However, publicizing the report in what form will help the information be disseminated? Easiest for readers to reach? In what form can financial reports be disclosed? This is a question that many customers sent to TLK Law Firm.
Therefore, through this article, we will answer your questions about "In what forms is financial reporting disclosed?”.
Photo 1. In what forms is financial reporting disclosed?_Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO THE FORMS OF DISCLOSURE OF FINANCIAL REPORTS
1. Forms of disclosure of financial reports
Pursuant to the Accounting Law 2015, the disclosure of financial statements is carried out in one or several forms as follows:
(1) Publishing publications;
(2) Written notice;
(3) Listing;
(4) Posting on the website;
(5) Other forms as prescribed by law.
Accordingly, the disclosure of an enterprise's financial statements is carried out in one or several of the above forms of disclosure. However, financial reports of accounting units that use state budgets must comply with the provisions of the law on the state budgets.
2. Content of financial statements for businesses
Pursuant to the Accounting Law 2015, when disclosing financial statements, enterprises need to disclose the following content:
(1) Situation of assets, liabilities and equity;
(2) Business performance results;
(3) Appropriation and use of funds;
(4) Employee's income;
(5) Other contents as prescribed by law
Thus, publicizing information and data about the contents of the report helps businesses meet all requirements according to the law.
3. Penalties for violations when not disclosing financial reports
Pursuant to Decree No. 41/2018/ND-CP, financial reports are the economic and financial information system of the accounting unit presented according to the form prescribed in accounting standards and accounting regimes. Disclosure of financial reports is a mandatory requirement for accounting units, including businesses. If an enterprise does not submit and disclose financial reports, it will be subject to administrative penalties of a fine from 40,000,000 VND to 50,000,000 VND for the act of not disclosing financial reports according to regulations.
=> See more: Tax accounting services, financial reporting services
Photo 2. In what forms is financial reporting disclosed?_Hotline: 0972118764
II. SUMMARY OF THE ANSWER SECTION: IN WHAT FORMS IS FINANCIAL REPORTING DISCLOSED?
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
The disclosure of financial statements is mandatory according to the provisions of law and the forms for disclosing financial statements are prescribed in the Accounting Law 2015, specifically as follows:
(1) Publishing publications;
(2) Written notice;
(3) Listing;
(4) Posting on the website;
(5) Other forms as prescribed by law.
=> See more: Service of adjusting business registration certificate when transferring shares/capital contributions
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 THE FORMS OF DISCLOSURE OF FINANCIAL REPORTS
Question 1: Is disclosing an incomplete report subject to administrative sanctions?
Reply:
Pursuant to Decree No. 41/2018/ND-CP, when an enterprise discloses incomplete financial reports, it will be subject to administrative sanctions with a fine from 10,000,000 VND to 20,000,000 VND. Therefore, when making public reports, businesses need to pay attention to carefully checking the contents that need to be disclosed according to the provisions of law.
Question 2: What is the deadline for disclosing financial reports?
Reply:
Pursuant to the 2015 Accounting Law, businesses must disclose their financial statements within 120 days from the end of the annual accounting period. In cases where the laws on securities, credit, and insurance have specific regulations on the form and time limit for disclosing financial statements that are different from the provisions of the Accounting Law 2015, the provisions of the law on the field shall be implemented in that area.
Question 3: In what cases is an audit firm allowed to terminate operations?
Reply:
Pursuant to the Law on Independent Auditing 2011, a branch of an auditing firm will terminate its operations in the following cases:
(1) According to the decision of the auditing firm that has established the branch;
(2) The auditing firm that has established a branch terminates its operations;
(3) Other cases according to the provisions of law on enterprises.
Thus, when falling into one of the above cases, the audit firm's branch must stop operating according to the provisions of law.
=> See more: Quick, quality regular legal consulting services for enterprises
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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