On 01/11/2018, Ministry of Finance promulgated Circular No. 99/2018/TT-BTC guiding on making the consolidated financial report of State Accountant entity is superior accounting units. This Circular takes effect from 01/01/2019.
Accordingly, Circular No. 99/2018/TT-BTC applies for state accounting units include: state agencies; public administrative units; organizations and units which using State budget; project management having legal entity which established by state agencies, public administrative units; agencies and organizations managing state finance funds that outside the state budget; state-funded organizations to organize activities according to specific socio-political objectives.
Regarding the reporting period, this Circular clearly states: Consolidated financial report of superior accounting unit is made according to the year accounting period. In case the law stipulates another period, besides reporting according to the year period, units must make a general finance report according to that period. An additional financial information report is prepared according to the accounting period of the consolidated financial statements.
In addition, the consolidated financial statements are prepared after the end of the annual accounting period (on December 31 every year). The consolidated financial report of superior accounting units must be fully compiled, including financial information of all subordinate accounting units as prescribed; in which the assets, liabilities, net assets, revenue, costs and cash flows of superior accounting units are presented on the corresponding reporting forms as the reports of an independent accounting unit
It can be seen that the preparation of general financial statements will contribute to providing economic and financial information for users to consider and evaluate the financial situation, operating results and ability to create money of the unit senior accountant in the accounting period, as a basis for making decisions on investment management and administration and other decisions of leaders and related people, and at the same time improving the accountability of higher-level accounting units on the reception and use of state resources according to the provisions of law.