REPORTING PERIODS IN ACCOUNTING
QUESTION
Dear TLK Law Firm, I am currently wondering and hope to have your company answer the following questions: I am a new accountant working at a textile enterprise. I know how to prepare financial and accounting reports. However, I still don't understand any of the reports. Looking forward to your company's answer. Thank you!
RELATED ARTICLES
1. Deadline for submitting financial reports?
2. In what forms is financial reporting disclosed?
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. Accounting Law No. 88/2015/QH13 passed by the National Assembly on November 20, 2015;
2. Other legal documents providing relevant guidance.
CONSULTATION CONTENT
An accounting period is a defined period from the time an accounting unit starts recording accounting books to the time it ends accounting book recording and closes accounting books to prepare financial reports. So, when accountants conduct accounting reports, what periods should they report? How are reporting periods specified for each type of enterprise? This is a question that many customers sent to TLK Law Firm.
Therefore, through this article, we will answer your questions about "Reporting periods in accounting?".
Photo 1. Reporting periods in accounting_Hotline: 0972118764
I. SOME IMPORTANT LEGAL ISSUES RELATED TO REPORTING PERIODS IN ACCOUNTING
1. Reporting periods in accounting
Pursuant to the Accounting Law 2015, reporting periods in accounting include:
(1) Annual accounting period:
- Is an accounting period with 12 months, from the beginning of January 1 to the end of December 31 of the calendar year;
- Accounting units with specific organizational and operational characteristics may choose an annual accounting period of 12 full months according to the calendar year, starting from the first day of the first month of this quarter to the end of the last day of the last month of the previous quarter of the following year and must notify the financial agency and tax agency.
(2) Quarterly accounting period: Is an accounting period with 03 months, calculated from the beginning of the first day of the first month of the quarter to the end of the last day of the last month of the quarter;
(3) The monthly accounting period is 1 month, from the beginning of the 1st day to the end of the last day of the month.
With different accounting periods, businesses need to conduct accounting reports in accordance with the provisions of law.
2. Accounting period of accounting units
Pursuant to the Accounting Law 2015, the accounting period of an accounting unit is regulated as follows:
(1) Accounting period of the newly established accounting unit:
- The first accounting period of a newly established enterprise is from the beginning of the date of issuance of the Business Registration Certificate to the end of the last day of the annual accounting period, quarterly accounting period, and monthly accounting period according to the provisions of Accounting Law 2015;
- The first accounting period of another accounting unit is from the beginning of the effective date of the decision to establish the accounting unit until the end of the last day of the annual accounting period, quarterly accounting period, and monthly accounting period according to regulations. in the Accounting Law 2015.
(2) When an accounting unit is divided, consolidated, merged, converted in type or form of ownership, dissolved, terminated operations, or goes bankrupt, the last accounting period is counted from the beginning of the accounting period. year, quarterly accounting period, monthly accounting period according to the provisions of the Accounting Law 2015 until the day before the date of the decision on division, consolidation, merger, conversion of type or form of ownership, dissolution, or termination of operations, the bankruptcy of the accounting unit takes effect.
Besides, in case the first annual accounting period or the last annual accounting period is shorter than 90 days, it is allowed to add it to the next annual accounting period or to the previous year's accounting period to to calculate into an annual accounting period and the first annual accounting period or the last annual accounting period must be shorter than 15 months. Thus, when an enterprise falls into the above cases, the financial reporting period is carried out as above according to the provisions of law.
3. Preparation of financial statements of accounting units
Pursuant to the Accounting Law 2015, when preparing financial reports, the accounting unit must rely on data after closing the accounting books. In addition, accounting units need to comply with the following regulations on reporting:
(1) 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;
(2) 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;
(3) Financial reports must be signed by 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;
(4) The submission of annual financial statements must be submitted within 90 days from the end of the annual accounting period to the competent state agency.
Thus, when the accounting unit prepares financial reports, it must comply with the above regulations according to the law.
=> See more: Tax accounting services, financial reporting services
Photo 2. Reporting periods in accounting_Hotline: 0972118764
II. SUMMARY OF THE ANSWER SECTION: REPORTING PERIODS IN ACCOUNTING?
Dear Customers, from the above synthesis and analysis, TLK Law Firm would like to give the following answer:
Financial reports are the economic and financial information systems of an accounting unit presented according to forms prescribed in accounting standards and accounting regimes. Accounting reports are submitted in reporting periods according to the provisions of the Accounting Law 2015, specifically as follows:
(1) Annual accounting period;
(2) Quarterly accounting period;
(3) Monthly accounting period.
=> 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 REPORTING PERIODS IN ACCOUNTING
Question 1: How is the content of State financial reports regulated?
Reply:
Pursuant to the Accounting Law 2015, state financial reports include the following reporting contents:
(1) Report on state financial situation;
(2) Report on state financial performance results;
(3) Cash flow statement;
(4) Explanation of state financial statements.
Thus, State financial reports provide information on the situation of state budget revenues and expenditures, state financial funds, public debt, state capital in enterprises, assets, capital sources and use of resources. State capital.
Question 2: How is the accounting book system of the units regulated?
Reply:
Pursuant to the Accounting Law 2015, the accounting book system is regulated as follows:
(1) The accounting unit must base on the accounting book system prescribed by the Ministry of Finance to choose an accounting book system to apply at the unit;
(2) Each accounting unit only uses one accounting book system for one annual accounting period;
(3) The accounting unit can specify selected accounting books to serve the unit's accounting requirements.
Thus, accounting units need to comply with legal regulations on accounting book systems during business operations.
Question 3: How are the accounting subjects of business activities of enterprises regulated?
Reply:
Pursuant to the Accounting Law 2015, accounting objects belonging to business activities include the following objects:
(1) Assets;
(2) Liabilities and equity;
(3) Revenue, business expenses, income and other expenses;
(4) Taxes and payments to the state budget;
(5) Results and distribution of business results;
(6) Assets, receivables, and other liabilities related to the accounting unit.
Thus, except for banking, credit, insurance, securities, and financial investment activities, the above accounting objects belong to the business activities of the enterprise.
=> See more: If there are not too many problems, is it necessary to use legal consulting services regularly?
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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