Accounting Research Essay

934 words - 4 pages

Evidence from Vietnam of Public Sector in Current Conditions
In recent years, Vietnam has made a significant progress in completing the legal system in general and the regulations on accounting and auditing in particular, including the regulations to ensure the efficient management of public expenditure and to create a more favorable environment for the operations of the public sectors (Kara, 2012). The actual implementation of current legal framework of accounting in public sectors, however, shows the lack of consistency among the accounting system of state budget revenue and expenditure, the accounting of entities financed by the budget (general budget fund), and the accounting of ...view middle of the document...

The differences between public sector accounting in Vietnam and International Accounting Standards:
* Subjects of application. Accounting in the state of Vietnam (hereinafter referred to as the state accounting) is applied in: entities having state budget revenues and expenditures, administrative agencies, and public service delivery entities using state budget; public service delivery entities not using state budget; and financial funds of the state. State accounting does not apply to state-owned enterprises and other enterprises of all economic sectors. Meanwhile, the international standards are applicable to: the central government and the regional governments; local government and its subordinate entities; and entities providing public services regularly funded by the state. State is responsible for the assets and debts upon bankruptcy. Public accounting standards do not apply to state-owned enterprises and organizations not regularly funded by the state to maintain continuous operations.
* Scope of consolidated financial statements of the government. Vietnamese state accounting has regulations on the state budget settlement reports but has not set the content, forms, and methods of consolidated financial statements of the government. But according to the international public sector accounting, all entities under the control of the government include entities both inside and outside the country; and government agencies which are responsible for the assets and liabilities upon dissolution and bankruptcy are incorporated in the financial statements of government. In addition, the reports for summary and consolidated information of all levels in the governments are unable to perform at the current time.
* Application of the accounting basis. Entities in Vietnam are applying different accounting bases. Entities having state budget revenues and expenditures are applying cash basis accounting with adjustments (also tracking advances, receivables, and liabilities). Public service delivery entities are applying accrual basis accounting with adjustments (full recording of receivables, liabilities, and depreciation of fixed assets but not yet included in operating expenses in the accounting period). International public...

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