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In Vietnam companies, the Chief Accountant is an individual who is responsible for the process of reviewing, approval and singing accounting the company’s vouchers and documents. According to the Law, a qualified Chief Accountant holding international/national Certificate of Chief Accountant is required to fulfill the accounting task at company level. Another option is to appoint a chief accountant service provider such as S4B Vietnam which provides trusted professional services to businesses.

Official notices have recently been issued by The Vietnamese government in order to clear up administration penalties. All firms and entities in Vietnam region should update themselves with latest changes in the policy to fully understand the penalties. Moreover, partnering with a reputable accounting agency like S4B Vietnam to ensure compliance is highly advised.

According to Mr Dang Van Thanh, chairman of the Vietnam Association of Accountants and Auditors, accounting is among the leading pioneer in applying new IT (VAA). Recently, a conference co-organized by the Department of Accounting and Auditing Regulations, and the Association of Chartered Certified Accountants (ACCA) has been held recently, discussing on the opportunities and challenges of Industrial 4.0 to the accounting and auditing sector in Hanoi.

Lease accoungting: According to IFRS 16 (International Financial Reporting Standards 16), a new area of lease accounting will soon replace the current one (IAS 17).

Recently, there has been a submission of the 4th version of the draft decree on electronic invoicing to the Prime nester. After being taken into accounts of Government members’ comments, the draft decree is now waiting for review. According to the new Decree, electronic invoice will be made compulsory for the majority of taxpayers. Its effect is supposed to be after 45 days from the date of signing. Moreover, there would a transition period of 2 ears from the effective that the Decree applies.