How is the accounting period in Vietnam regulated?
Acording to Article 12 Law No. 88/2015/QH13 LAW ON ACCOUNTING
1. Accounting periods include annual accounting periods, quarterly accounting periods, and monthly accounting periods. To be specific:
a) An annual accounting period is 12 months from January 01 to the end of December 31. Any accounting unit, because of its difference in organizational structure or operation, that is allowed to begin the annual accounting period on the 1st of the first month of a quarter and end it on the last day of the last month of the next four quarter must notify the finance authority and tax authority.
b) A quarterly accounting period lasts for 03 months from the 1st of the first month of the quarter to the last day of the last month of the quarter;
c) A monthly accounting period lasts for 01 month from the 1st to the last day of the month.
2. Accounting periods of a new accounting unit:
a) The first accounting period of a new enterprise begins on the issuance date of the Certificate of Enterprise Registration and ends on the last day of the annual, quarterly, or monthly accounting period specified in Clause 1 of this Article;
b) The first accounting period of another accounting unit other than a new enterprise begins on the issuance date of the decision on establishment of the accounting unit and ends on the last day of the annual, quarterly, or monthly accounting period specified in Clause 1 of this Article.
3. Where an accounting unit is divided, consolidated, merged, converted, transferred, dissolved, shut down, or bankrupt, the last accounting period begins on the first day of the annual, quarterly, or monthly accounting period specified in Clause 1 of this Article and ends on the day preceding the effective date of the decision on division, consolidation, merger, conversion, transfer, dissolution, shutdown, or bankruptcy of the accounting unit.
4. If the first or last annual accounting period is shorter than 90 days, it may be aggregated with the next or previous annual accounting period, respectively; the first or last annual accounting period must be shorter than 15 months.