After the fiscal year ends, businesses need to be aware of which agencies are responsible for submitting audited financial statements. This article will provide businesses with detailed information on this topic.
1. Purpose of preparing and presenting financial statements
Financial report It is used to provide information about the financial situation, business performance, and cash flows of a business, meeting the management requirements of the business owner. Karma, government agencies, and the useful needs of users in making economic decisions. Financial reports must provide information about a business. Karma about:
a) Assets;
b) Liabilities;
c) Equity capital;
d) Revenue, other income, production and business expenses, and other expenses;
e) Profit, loss, and distribution of business results;
f) Cash flows.
In addition to this information, the business Karma Furthermore, additional information must be provided in the "Notes to the Financial Statements" to further explain the indicators reflected in the consolidated financial statements and the accounting policies applied to record them. Karma When economic events occur, prepare and present financial statements.
2. Where to submit Financial Statements
According to Article 110 of Circular 200/2014 guiding the Enterprise Accounting System, the recipients of financial statements are as follows:
| Types of businesses | Reporting period | Reporting location (where the business submits its financial reports) | ||||
| Finance agency | Tax authorities | Statistical agency | Superior Enterprise | Business registration authority | ||
| State-owned enterprises | Quarter, year | x | x | x | x | x |
| Foreign-invested enterprises | Year | x | x | x | x | x |
| Other types of businesses | Year | x | x | x | x | |
- State-owned enterprises located in provinces and centrally-administered cities must prepare and submit financial reports to the Provincial/City Department of Finance. Central state-owned enterprises must also submit financial reports to the Ministry of Finance (Department of Enterprise Finance).
– For all types of businesses Karma State-owned entities such as: commercial banks, lottery companies, credit institutions, and businesses. Karma Insurance companies and securities trading companies must submit financial statements to the Ministry of Finance (Banking and Finance Department or Insurance Supervision and Management Department).
– Securities trading companies and public companies must submit financial statements to the State Securities Commission and the Stock Exchange.
- Businesses Karma Financial statements must be submitted to the local tax authority directly responsible for tax administration. State-owned corporations must also submit financial statements to the Ministry of Finance (General Department of Taxation).
- Businesses with a higher-level accounting unit must submit financial statements to that higher-level accounting unit in accordance with the regulations of that higher-level accounting unit.
- For businesses that are legally required to undergo auditing. Financial statements must be audited before submission as required by regulations. For businesses whose financial statements have been audited, the audit report must be attached when submitting them to state management agencies and superior enterprises.
- The financial institution that foreign direct investment (FDI) enterprises The financial statements must be submitted to the Department of Finance of the provinces and centrally-administered cities where the enterprise is registered with its head office.
- For state-owned enterprises with 100% state capital, in addition to the agencies where the enterprise is required to submit financial reports as stipulated above, the enterprise must also submit financial reports to agencies and organizations assigned or delegated to exercise the rights of the owner according to Decree No. 99/2012/ND-CP and its amendments, supplements, and replacements.
- Businesses (including both domestic and foreign-invested enterprises) located in export processing zones, industrial parks, and high-tech zones must also submit annual financial reports to the management board of the export processing zone, industrial park, or high-tech zone if requested.
3. Deadline for submitting financial statements
According to Point a, Clause 2, Article 44 of the Law on Tax Administration No. 38/2019/QH14 issued on June 13, 2019, it is stipulated that:
2. The deadline for filing tax returns for taxes with an annual tax period is stipulated as follows:
The deadline for annual tax settlement returns is no later than the last day of the third month from the end of the calendar year or fiscal year; the deadline for annual tax declaration returns is no later than the last day of the first month of the calendar year or fiscal year;”
Accordingly, the deadline for submitting financial reports will be no later than the last day of the third month from the end of the fiscal year. Businesses should take note of this to submit financial reports to these locations in accordance with current regulations.