Financial Reporting

Professional Accounting and Business Support Services

In a rapidly changing business environment, accurate, transparent, and compliant financial management is central to a company’s healthy development.

Morningstar Asia (MSMC ASIA) is committed to providing businesses with a one-stop professional service from accounting and tax to human resources and visa management, helping you operate efficiently and compliantly. The core requirements for financial reporting and accounting compliance for Vietnamese companies include:

Major Transformation of Accounting Standards in 2026

Effective January 1, 2026, Vietnam officially implemented Circular No. 99/2025/TT-BTC, completely replacing the old regulations (Circular No. 200/2014) that had been in effect for over a decade.

ERP System Upgrade: Foreign-invested enterprises are required to complete the underlying configuration upgrade of their ERP systems, such as SAP or Oracle, by the first quarter of 2026 to adapt to the restructured chart of accounts.
New Accounts: The new regulations introduce 12 new standards, notably adding accounting accounts for biological assets and the Global Minimum Tax (GMT) supplementary tax.
Expanded Autonomy: Enterprises can now design their own accounting vouchers and ledger templates according to their internal management needs, eliminating previous rigid requirements regarding ink color or the number of copies.

Mandatory statutory annual audit

Unlike some countries that exempt small and micro-enterprises from auditing, Vietnamese law stipulates that all foreign-invested enterprises (FIEs) in Vietnam, regardless of their asset size or revenue level, must engage an independent auditing firm registered in Vietnam for a statutory annual audit. The audited annual financial statements are a necessary document for FIEs to remit profits (dividends) to their overseas parent companies.

Application deadline and accounting period

Standard Fiscal Year: The fiscal year for Vietnamese companies typically corresponds to the calendar year (January 1 to December 31).
Reporting Deadline: Annual financial statements must be submitted to the local Department of Planning and Investment (DPI), Tax Bureau, and Statistics Bureau within 90 days of the end of the fiscal year (usually before March 31 each year).

Language, currency and record management

Functional Currency: The Vietnamese Dong (VND) is the standard currency in principle. If a company’s daily income and expenses are primarily in foreign currency, it may use that currency for accounting, but it must be converted to Vietnamese Dong when preparing statutory financial statements.
Language Requirements: Accounting books and financial statements must be in Vietnamese. While the use of multiple languages, including English, is permitted, Vietnamese has the highest legal authority.
Document Retention:
- Routine Management Documents: Retained for 5 years.
- Accounting Books and Audit Reports: Must be properly retained for 10 years.
- Data Involving National Economic Security: Must be retained indefinitely.

Disclosure and Compliance Risks

The new regulations significantly raise disclosure standards regarding foreign currency translation, intra-entity transaction exposures, and multi-entity consolidation methods. Due to Vietnam’s increasing scrutiny of accounting compliance, finance teams need to reassess current internal control processes to ensure all cross-border transactions and tax treatments comply with the latest disclosure requirements.

Our Advantages

Strict adherence to Singapore Financial Reporting Standards (Singapore FRS) and International Financial Reporting Standards (IFRS)
Accurate, transparent, and auditable reporting processes
Customized solutions for different industries and company sizes
Audit support and financial analysis to help clients optimize decision-making.

Kindly contact us for expert assistance with preparing financial statements in accordance with applicable accounting standards.

Accounting and Financial Reporting Services

We provide comprehensive accounting and financial reporting support to ensure accurate and compliant accounting and help companies improve operational efficiency. Our services include:

Monthly, quarterly, and annual accounting
Bank reconciliation and general ledger management
Financial statement preparation (Singapore FRS / IFRS)
Consolidated financial statements and management reporting
Fixed asset and depreciation ledger management
Expense control and cash flow analysis
Accounting system setup and optimization (Xero, QuickBooks, MYOB, etc.)
Financial process and internal control design

Kindly contact us for professional assistance in preparing financial statements according to applicable accounting standards.

Why Us?

We uphold the highest standards of accuracy, transparency, and compliance, ensuring every report is auditable. Leveraging our deep understanding of major accounting standards, our team employs tailored and rigorous methodologies to meet your business needs. Through precise reporting and expert insights, we help you identify potential risks, make informed decisions, and earn the trust of stakeholders.

MSMC ASIA

#19-06 160 Robinson Rd, SBF Center, Singapore 068914