24/12/2021 0 Comments 0

Account 321- Capital construction in progress

Account 321- Capital construction in progress   1. Accounting principles: a) This account shall be designed for reflecting expenditures on implementing capital construction projects (including costs of purchase of fixed assets, new construction, repair, renovation or expansion of construction projects) and the financial finalization of capital construction projects. This account shall only be used during the capital construction period for recognizing input materials, tools and equipment intended for capital construction activities. b) Expenditures on implementing capital construction projects (simply called capital construction expenditures) [...]

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21/12/2021 0 Comments 0

Account 311- Tools and instruments

Account 311- Tools and instruments   1. Accounting principles: a) This account shall be intended for reflecting the existing value of, the increases and decreases in, tools and instruments of microfinance institutions. Tools and instruments recorded in this account are means of labor that do not meet standards regarding value and useful period required for fixed assets; b) Receipt, dispatch and storage of tools and instruments shall be recorded in the Account 311 according to their historical costs. Principles of determination of historical [...]

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17/12/2021 0 Comments 0

Account 305- Depreciation of fixed assets

Account 305- Depreciation of fixed assets   1. Accounting principles: a) This account shall deal with any increase or decrease in the depreciation and cumulative depreciation value of fixed assets during their useful life owing to fixed asset and other increases, decreases or depreciations in fixed assets; b) In principle, all fixed assets of a microfinance institution used for business purposes (even including assets not yet put to use, unnecessary and awaiting liquidation) must be depreciated according to applicable regulations. Depreciation of fixed [...]

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14/12/2021 0 Comments 0

Account 303- Fixed assets acquired under finance leases

Account 303- Fixed assets acquired under finance leases   1. Accounting principles: a) This account shall be used for recording the existing value of, any increase or decrease in, all fixed assets acquired under finance leases of a microfinance institution according to their historical costs; b) Recording entries in this account must adhere to the Vietnamese Accounting Standard No. 06 – Asset lease: – Finance lease refers to a form of asset lease under which the lessor transfers a large part of risks and [...]

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10/12/2021 0 Comments 0

Account 302- – Intangible fixed assets

Account 302- – Intangible fixed assets   1. Accounting principles: This account shall be used for recording the existing value of, any increase or decrease in, all tangible fixed assets of a microfinance institution according to their historical costs. Recording bookkeeping entries on this account must adhere to the Vietnamese Accounting Standard No. 04 – Intangible fixed assets. Management, use and depreciation of fixed assets shall conform to the financial regime adopted by the Ministry of Finance, including: a) Intangible fixed assets are those [...]

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07/12/2021 0 Comments 0

Account 301- Tangible fixed assets

Account 301- Tangible fixed assets   1. Accounting principles: This account shall be used for recording the existing value, increase or decrease of all tangible fixed assets of a microfinance institution according to their historical costs. Accountant may record entries on this account in compliance with the Vietnamese Accounting Standard No. 03 – Tangible fixed assets. Management, use and depreciation of fixed assets shall conform to the financial regime adopted by the Ministry of Finance, including: a) Tangible fixed assets are those assets in [...]

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03/12/2021 0 Comments 0

Account 281- Debts awaiting resolution

Account 281- Debts awaiting resolution   1. Accounting principles: a) This account shall be used for reflecting loans awaiting resolution, including loans secured by property put up as collateral for fulfillment of the guarantor’s obligations, which await resolution; debts related to cases awaiting trial; b) Microfinance institutions shall have to keep a detailed journal of loans specific to lending contracts or agreements, terms, maturity dates, qualified borrowers and paid amounts, etc.; c) Microfinance institutions shall move loans under surveillance at the account 201 and [...]

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30/11/2021 0 Comments 0

Loans granted by using trust funds

Loans granted by using trust funds   1. Accounting principles: a) This account shall be used for reflecting the amounts that microfinance institutions lend to domestic customers to serve predetermined purposes by using funds held in trust for the Government, domestic and foreign organizations and individuals; b) Microfinance institutions shall have to keep a detailed journal of loans specific to lending contracts or agreements, terms, maturity dates, qualified borrowers and paid amounts, etc.; d) Microfinance institutions must comply with applicable regulations set out in [...]

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26/11/2021 0 Comments 0

Account 130- Deposits made at credit institutions

Account 130- Deposits made at credit institutions   1. Accounting principles: a) This Account shall be used for recording a microfinance institution’s deposits made at domestic credit institutions; b) Bases for recording entries on this account include the notice of Credit, Debit or the account statement issued by a credit institution, enclosing original vouchers; c) Upon receipt of vouchers from credit institutions, the accountant must check whether they are matched to attached original ones. In case where there is any difference between data available [...]

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23/11/2021 0 Comments 0

Operation of insurance agents in credit institutions

Operation of insurance agents in credit institutions   A credit institution with insurance agents may conduct the following activities: 1. Client referral: The credit institution may refer a client who would like to purchase insurance to the insurance enterprise. 2. Insurance offer: The credit institution may offer insurance and explain terms and conditions of insurance products to clients who would like to purchase insurance; or offer insurance via electronic or online methods or other methods in compliance with the law. 3. Arranging conclusion of insurance policies: The [...]

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