In addition to financial statements, some businesses also have to prepare interim financial statements. So what is an interim financial statement? Who is required to prepare interim financial statements? Related information will be in the following article of MISA MeInvoice .
Table of Contents Hide
1. What is an interim financial report?
2. Time of preparation of interim financial statements
3. Who is required to prepare interim financial statements?
4. Form and content of interim financial reports
Conclusion
1. What is an interim financial report?
Interim financial report
According to Vietnamese Accounting Standard
No. 27 Issued and announced under Decision No. 12/2005/QD-BTC dated February 15, 2005 of the Minister of Finance, the concept of interim financial statements is understood as follows:
Interim financial statements are financial statements that include complete reports as prescribed in Accounting Standard No. 21 “Presentation korea telegram data of financial statements” or summarized financial statements prescribed in this Standard for an interim accounting period.
2. Time of preparation of interim financial statements
The interim reporting period explained in Vietnamese Accounting Standard No. 27 above is the
monthly or quarterly financial reporting period.
Thus, in summary, interim financial reports faster than traditional rehab include quarterly financial reports and semi-annual financial reports. The summary financial statements and selected explanatory notes will be the minimum canada data contents that an interim financial report must contain.
The purpose of an interim financial report is to update the information presented in the most recent financial report. In addition, the content of this report must also present new events and activities and not repeat previously published information.
MISA AMIS Accounting software has allowed accountants to prepare mid-year financial statements to meet the needs of businesses and units, ensuring a complete system of quarterly and semi-annual financial statements.
Who is required to prepare interim financial statements?
Interim financial report
Clause 2, Article 99, Circular 200/2014/TT-BTC guiding the Enterprise Accounting Regime issued by the Ministry of Finance has specific regulations on the subjects required to prepare mid-year financial statements as follows:
– Other enterprises not included in the above subjects are encouraged to prepare interim financial reports (but not required).
In addition, this provision also provides regulations on the preparation of interim financial reports. Accordingly, interim financial reports are prepared in full or summary form, as chosen by the unit owner and ensure that they do not violate the provisions of law.