FINANCIAL REPORTING SERVICE

Experris's financial reporting service helps businesses have a complete, standard, and reasonable set of financial statements. Enterprises can disclose financial statements for the purpose of using related parties such as tax authorities, banks, owners, company members.

Expertis . financial reporting service

Package tax accounting services, package tax accounting services in Ho Chi Minh City are important services for businesses.

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Understand statutory obligations with respect to a business's financial statements

1. What is the financial reporting responsibility of the head of the business?

The financial statements of an enterprise are used to summarize and explain the financial position and results of operations of the enterprise. Financial statements of an accounting unit include: Balance sheet; Statement of business results (profit-loss); Statements of cash flows; Notes to the financial statements.

Enterprises must prepare financial statements at the end of the annual accounting period. The preparation of financial statements must be based on the data after closing the accounting books. Financial statements must be prepared with correct content, method and consistent presentation between accounting periods; The legal representative and the person related to the preparation of financial statements must be responsible for the content of the report.

The enterprise's annual financial statements must be submitted to the competent state agency within 90 days.

2. What are the benefits of good financial statements for businesses?

Financial reporting information is used by both internal and external parties.

These are the subjects with rights and obligations related to the business. The users of information in the financial statements include:

  • Owner of the business: Owner, Board of Directors, Board of Members, Board of Directors, Shareholders...
  • State management agencies: Tax Agency, Department of Planning and Investment, Statistics Office.
  • Banks, credit institutions.

Thus, it can be seen that making good financial statements helps to provide information about the financial situation of the enterprise for the parties to use fully, clearly, accurately, and to ensure the legitimate interests of the enterprise. .

In addition, making good financial statements also helps businesses reach future audiences such as investors, strategic partners, etc., bringing opportunities for businesses to expand business cooperation, develop thrive.

3. How does Expertis' financial reporting service help me?

Good financial reporting requires a combination of expertise in business law, corporate law, accounting law, tax law, labor and salary law, insurance law, financial law, in addition to Ability to explain, present scientific and reasonable reports.

As an auditing company with more than 18 years of experience in providing financial reporting services to thousands of businesses in Vietnam, Expertis's services are considered to be reputable and reliable financial reporting services. can help business owners completely trust the preparation of financial statements and focus on business development.

The value that Expertis's financial reporting service brings to customers

Have complete and standard financial statements

Expertis's financial reporting service helps to provide businesses with complete and standard financial statements that honestly and reasonably represent the financial position of the business in front of related parties.

Taxes consultant

Financial reporting and tax reporting are two closely related systems, with deep tax experience, we will advise businesses to optimize and identify with the financial reporting system. is the basis for a safe and lawful tax settlement.

Accounting system consulting

The accounting system is the main source of data to create financial statements, Expertis will advise businesses to build a financial reporting system suitable for business activities, which is a sustainable basis for making financial statements. main.

Outstanding capabilities that Expertis' financial reporting service does for clients

Provide service in English

IFRS Reporting

Reasons for choosing Expertis's financial reporting service

+ Board of Directors, team of chief accountants, experts with many years of experience in consulting for Vietnamese and foreign-invested enterprises in Vietnam.

+ More than 18 years of experience in making settlements for thousands of businesses with diverse industries.

Expertis' professional financial reporting services focus on service quality and building long-term relationships with Clients.

This allows us to understand all aspects of the business and the environment in which it operates, to ensure that the work is focused on the right nature and time, making it efficient and cost-competitive. best.

+ Accurately perform the work content as agreed in the contract.

+ Prepare reports, send reports as required and on time.

+ Cooperate with customers to find solutions to problems to ensure that the interests of customers come first.

FAQ - Frequently asked questions about financial statements

Financial statements is the most complex and complex report in the types of reports that businesses must submit.

Financial statements used to provide information about the financial situation, business situation and cash flows of a business, to meet the management requirements of business owners, state agencies and useful needs of users in making economic decisions.

Financial statements must provide information of a business about: Property; Liabilities must pay; Equity; Revenue, other income, production and business costs and other costs; Profit, loss and division of business results; Cash flows.

Financial statements should be submitted to the following agencies:

  • Tax management department
  • Department of Planning and Investment licensed
  • Statistics agency
  • Banks and organizations have credit relations

The deadline for submission of financial statements of enterprises (except state-owned enterprises) is stipulated as follows:

  • Private enterprises, partnerships: the deadline for submitting annual financial statements is 30 days from the end of the fiscal year;
  • Other businesses: the deadline for submission of annual financial statements is day 90 from the end of the fiscal year.

Regulations on the form and content of financial statements are prepared in accordance with Vietnamese accounting standards and the accounting regime applied by:

  • Circular 200 / 2014 / TT-BTC;
  • Circular 133 / 2016 / TT-BTC

The director of the enterprise is responsible for the content, form, and commits that the data is correct, truthful and reasonable, which is the basis for working when examining, inspecting and auditing the state.

The term tax finalization is often understood as the process by which the tax administration agency conducts the order and procedures to check the accuracy of the enterprise's tax finalization declaration.

Enterprises have the right to declare and pay their own taxes, but must be responsible for their self-declaration and payment of taxes. In case of errors, enterprises will be fined depending on the severity of the behavior classification such as:

  • Delayed declaration, incorrect declaration but not missing the payable tax amount.
  • Understatement of tax amount causes a lack of tax payable.
  • Understatement of tax amount due to intentional error but not to the extent of tax evasion.
  • False declaration of tax evasion.

Each act has a different level of punishment in order from less serious to serious.

Due to the self-declaration and self-filing nature of tax administration, if an enterprise detects an error before the tax authority announces the decision to examine the tax finalization, it is still entitled to make adjustments and not consider the erroneous act as a violation. violate.

Therefore, it is extremely important to carry out a review and prepare accurate financial statements, especially before the tax authority announces the inspection decision, which is extremely important in reducing penalty costs and ensuring compliance with its responsibilities. responsibility of the enterprise and the individual head of the enterprise.

Violations on time to submit financial statements are penalized according to Article 12 of Decree 41/2018/ND-CP, specifically as follows:

Article 12 .- Penalties for violations of the regulations on submission and publicity of financial statements

1. A fine of VND 5.000.000 to VND 10.000.000 for one of the following acts:

a) Submitting financial statements to competent state agencies less than 03 months compared to the prescribed time limit;

b) Disclosure of financial statements is slower than the monthly import deadline.

2. A fine of VND 10.000.000 to VND 20.000.000 for one of the following acts:

a) Publicizing incomplete financial statements as prescribed;

b) Submitting financial statements to competent state agencies without attaching audit reports to cases where the law requires auditing financial statements;

c) Submitting financial statements to competent state agencies at a later than the monthly import and export deadline compared with the prescribed time limit;

d) Publicizing financial statements without accompanying audit reports in cases where the law requires auditing financial statements;

dd) Disclosure of financial statements is delayed for a month or more compared to the prescribed deadline.

3. A fine of VND 20.000.000 to VND 30.000.000 for one of the following acts:

a) Publicing untruthful financial statements and figures;

b) Providing and publishing financial statements for use in Vietnam with heterogeneous data in an accounting period.

4. A fine of VND 40.000.000 to VND 50.000.000 for one of the following acts:

a) Failing to submit financial statements to competent state agencies;

b) Failure to publish financial statements as prescribed.

5. Remedies:

Forcible submission and publicity of audit reports attached to financial statements, for acts of violations specified at Points b and d, Clause 2 of this Article.

Note:

Regulations "A file for tax finalization at the end of the year includes the annual tax finalization declaration, the annual financial statement, and the declaration of related-party transactions; other documents related to tax finalization.”

Therefore, the late submission or failure to submit the financial statements also leads to the act of “late submission/failure to submit the tax finalization return” and is penalized according to the tax law.

Violations on the preparation and presentation of financial statements are penalized according to Article 11 of Decree 41/2018/ND-CP, specifically as follows:

Article 11. Penalties for violations of the regulations on preparing and presenting financial statements

1. A fine of VND 5.000.000 to VND 10.000.000 for one of the following acts:

a) Prepare a financial statement with insufficient contents or in contravention of the prescribed form;

b) Financial statements without the signature of the maker, chief accountant, accountant, or legal representative of the accounting unit.

2. A fine of VND 10.000.000 to VND 20.000.000 for one of the following acts:

a) Incomplete preparation of financial statements as prescribed;

b) Apply a financial statement form different from the provisions of accounting standards and regimes, unless approved by the Ministry of Finance.

3. A fine of between VND 20.000.000 and 30.000.000 shall be imposed for one of the following acts:

a) Failure to prepare financial statements as prescribed;

b) Making financial statements inconsistently with figures on accounting books and accounting vouchers;

c) Preparing and presenting financial statements that do not comply with accounting regimes and accounting standards.

4. A fine of VND 40.000.000 to VND 50.000.000 for one of the following acts:

a) Forging financial statements, falsifying data on financial statements but not to the extent of being examined for penal liability;

b) Agreeing on or forcing others to forge the financial statements, to falsify data on the financial statements but not to the extent of being examined for penal liability;

c) Deliberately, agreeing or forcing others to provide or confirm untrue accounting information and data but not to the extent of being examined for penal liability.

5. Remedies:

a) Forcible preparation and presentation of financial statements in accordance with the accounting regimes and accounting standards, for the violation specified in Clause 3 of this Article;

b) Forcible destruction of forged or false financial statements, for violations specified in Clause 4 of this Article.

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