Many businesses neglect to take stock of their assets and fail to foresee the consequences. The article below will guide the enterprise in detail how to comply and comply with the applicable law.
Asset inventory and implementation time #
According to Section 5, Article 40 of the Law on Accounting No. 88/2015 / QH13 dated November 20, 11 stipulates:
"Section 5. ASSET CHECK, PRESERVATION, STORE OF ACCOUNTING DOCUMENTS
Article 40. Property inventory
1. Asset inventory means the weighing, measuring, measuring and counting quantities; certifying and evaluating the quality and value of assets and available capital at the time of inventory to check and compare with the data in the accounting books.
2. An accounting unit must conduct inventory in the following cases:
a) At the end of the annual accounting period;
b) The accounting unit is divided, split, consolidated, merged, dissolved, shut down, bankrupt or sold or leased;
c) The accounting unit is allowed to change its ownership type or form;
d) Occurrence of fire, flood and other unusual damage;
dd) Asset reassessment under a decision of a competent state authority;
e) Other cases as prescribed by law.
3. After making inventory, the accounting units must make general reports on the inventory results. In case of any discrepancy between the actual inventory figures and those recorded in accounting books, the accounting units must determine the causes and record the differences and handling results in accounting books before making reports. financial statements.
4. The inventory must reflect the real property and the source of the property. The person who prepares and signs the general report on inventory results must be responsible for the inventory results. ”
Administrative sanctions when not implemented #
Decree No. 41/2018 / ND-CP dated 12 March 3 providing for administrative sanctions in the field
"Article 16. Penalties for violations against regulations on property inventory
1. A fine of VND 1.000.000 to VND 2.000.000 for one of the following acts:
a) Failure to prepare a general report on inventory results or a report on inventory results without sufficient signatures as prescribed;
b) Do not reflect the difference and the results of handling the difference between the actual inventory data and the accounting data.
2. A fine of between VND 3.000.000 and 5.000.000 shall be imposed for failure to inventory property according to regulations."
Implementation steps #
Step 1: Issue and publish the Decision on inventory;
Step 2: Establish an inventory committee including:
+ Director, representative of the Company as Chairman of the Council;
+ Head of departments, divisions directly using the property;
+ Chief accountant, property accountant;
+ Other members if needed.
Step 3: The inventory committee meets and makes an inventory plan with a list of the enterprise's assets;
Step 4: Conduct inventory as planned (notify auditing companies participating in the inventory if any)
Step 5: Summarize the results, make inventory results report, cause differences, process data and submit to sign.
Implementation reference form #
For enterprises applying the Enterprise Accounting System according to Circular 200, they can refer to the following samples at their own enterprises.
Fund inventory form: fund inventory table (used for VND) (form 08a -TT) and fund inventory table (used for foreign currencies, monetary gold) (form 08b-TT)
Inventory sample: Record of inventory of materials, tools, products, goods (form (05-VT)
Sample of fixed assets inventory: Record of fixed asset inventory (form 05-fixed assets)