Completing the legal accounting provisions for liabilities in Vietnam

Provisioning is one of the very important accounting operations, affecting business results and the nature of continuous operation of a business in the accounting period. In Vietnam, the issue of contingency is referred to in Accounting Standard No. 18 “ Provisions, Contingent Liabilities and Contingent Assets”, the standard prescribes and guides the principles and methods of accounting for reserves; These regulations also gradually move towards general international regulations. However, this issue still has shortcomings and limitations as a legal basis for preparing and presenting on financial statements of Vietnamese enterprises.