Financial reporting is a professional accounting important of business. Make up and submission of reports on time regulations is the responsibility of every business. Such financial statements what is? How to create financial statements how? Follow this article to know the details, okay.
1. Financial statements what is a business?
Financial reporting is aggregated lots of different types of reports demonstrating the situation of assets, owner's equity, the type of debt to have, the results of operations of business in the states, years accounting.
With state agencies, the financial statements present financial situation, profitability of the business, as a basis made of the obligation to pay taxes business.
Financial statements are divided into 2 types, with the specific rules are as follows:
- Financial statements general: is specified in the circular guide presents financial reporting and accounting standards no. 25.
- Financial report consolidated
2. How to create financial statements for a business there requires and what principles?
Based on the accounting standards in Vietnam no. 21 on presentation of financial statements, business needs report based on the following requirements:
- Financial reports must be accurate, clear, honest with the financial situation and business results.
- Presentation of financial statements objective.
- Reflect the economic substance over the form of French.
- Comply with requirements of caution
- Financial statements must be complete on all aspects.
Need to adhere to the principle, in accordance with article 102 circular 200. Includes the following principles:
- Principle of operation continuous
- Principle of consistency
- Principle of materiality, set
- Principles of compensation
- Principles can compare
- Principle accrual basis.
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3. The regulations regarding how to set financial report for business
Accountant financial reporting needs to understand the rules related to implementation of regulations, avoid errors when performing service.
3.1 clearly Define the object of accounting
Accountants need to clearly define the business subject, how to conduct financial reporting. Accordingly, the accounting regime is defined as follows:
- With big business will adopt the financial statements is prescribed in circular no. 200/2014/TT-BTC.
- Case is super enterprise, small and medium enterprises will adopt annual financial report as defined in the circular 133/2016/TT-BTC.
3.2 types Of reports, papers need to set up
A set of financial statements will include these declarations and financial statements follows:
- Declaration settlement tax business income
- Declaration settlement tax on personal income.
- Balance sheet accounting model B01-DN
- Statements of cash flows according to the form B3-DN
- Report business results, according to the form B02-DN
- The board notes to financial statements according to the model B09-DN.
3.3 Time of submission of financial statements
The deadline for submission of financial statements specified in paragraph 3 of Article 29 of the Law on accounting 2015 is as follows:
- Business outside the state: the deadline for submission of financial statements is 90 days from the date of the end of the accounting year under the provisions of the law.
- For business state will be prescribed deadline for submission of quarterly and year separately.
4. How to create financial statements with detailed steps
To perform how to create financial statements or how to do financial statement for business, how to do financial statement for business and accounting students need to follow the steps as below:
Step 1: gather and examine evidence from accounting
Set of accounting vouchers incurred in the financial year
Conduct a test comparing with the reported tax the states have submitted to the tax authorities.
Step 2: perform accounting transactions
Conduct accounting, reflecting vouchers in accounting. Step accounting can be recorded on many different forms like on the excel file or the software in professional accounting.
Step 3: classify the accounting profession by month, quarter
Implementation of the classification of the business arising under you'll help the process of making financial statements more precise. The business should be clearly classified as prepaid expenses, depreciation, ...
Step 4: account Group for the business arising
The account group :
- Group inventory
- Group accounts payable, receivable
- Group investments
- Group prepaid expenses
- Group fixed assets
- Group revenue
- Price group capital
- Group cost management
Step 5: perform professional accounting synthesis and the transfer
Proceed to transfer the revenue, expense, accounts profit and loss. Ensure the account has no balance, end of period.
Step 6: Do the financial statements
Accounting access software supports the declaration of the general department of taxation, log in to the account of the business. Proceed to select the import declaration of the financial statements for complete information. After filling the information, accounting export XML file to save the table declaration.
After completing all records, documents, financial statements, business can submit financial statements online through website https://thuedientu.gdt.gov.vn
The complexity of the procedure as collated data, account details, aggregate financial statements requires accountants to have professional skills well, the caution elevation. However, many businesses encounter difficulties in managing a series of vouchers, records, or made errors when implementing the transfer the account the direct influence on the declaration of tax, reported business results.
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How to create financial statements or do the financial statements for the business incredibly important to be done correctly and properly according to the rule of law. Many businesses today have conducted integrated use of accounting software to perform financial reports quickly and easily. Contact now accounting software Accnet to get advice-use software that helps the process of implementing settlement tax and financial reporting professional.
CONTACT INFORMATION:
- THE COMPANY SHARES INFORMATION, LAC VIET
- 🏢 Head office: 23 Nguyen Thi huynh, Ward 8, Phu Nhuan District, ho chi minh CITY.CITY
- ☎️ Hotline: 0901 555 063 | (+84.28) 3842 3333
- 📧 Email: info@lacviet.com.vn
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