How to Present an Enterprise’s Annual Balance Sheet

Quick answer: From 01/01/2026, the statement previously called the “Balance Sheet” is renamed the “Statement of Financial Position” (Báo cáo tình hình tài chính) under Circular 99/2025/TT-BTC (replacing the expired Circular 200/2014/TT-BTC). Every enterprise prepares its annual statement of financial position in Form B01-DN (Article 17 of Circular 99/2025/TT-BTC), distinguishing assets and liabilities into current and non-current in accordance with Article 20.

What the statement of financial position is

Under the guidance on Form B01-DN in Appendix IV of Circular 99/2025/TT-BTC:

• The statement of financial position is a summary financial statement reflecting the total value of existing assets and the sources forming those assets of the enterprise at a specific point in time;
• The figures on the statement reflect assets by asset structure and by capital-source structure, allowing a general review and assessment of the enterprise’s financial position at that time.

Applicable form under Circular 99/2025/TT-BTC

Under Article 17 of Circular 99/2025/TT-BTC, the enterprise financial statement system comprises: the Statement of Financial Position, the Statement of Income, the Statement of Cash Flows, and the Notes to the Financial Statements.

• Annual statements (going-concern assumption): Statement of Financial Position B01-DN; Statement of Income B02-DN; Statement of Cash Flows B03-DN; Notes to the Financial Statements B09-DN;
• Interim statements: full forms B01a-DN, B02a-DN, B03a-DN, B09a-DN; condensed forms B01b-DN, B02b-DN, B03b-DN, B09a-DN;
• Non-going-concern annual statements (dissolution, bankruptcy): Statement of Financial Position B01-DNKLT, and corresponding B02-DNKLT, B03-DNKLT, B09-DNKLT;
• Indicators without figures may be omitted; enterprises may re-number the sequence numbers but must not change the prescribed “Code” numbers.

Principles of preparation and presentation

Under Article 20 of Circular 99/2025/TT-BTC (and point 1.2.1 of the guidance on Form B01-DN):

• Preparation and presentation comply with VAS 21 – Presentation of Financial Statements; substance is respected over form;
• Assets must not be stated higher than their recoverable value; liabilities must not be stated lower than the obligation to pay;
• Assets and liabilities are presented separately as current and non-current, arranged in decreasing order of liquidity;
• An asset is classified as current if it meets one of the following: expected to be recovered, sold or used in the normal operating cycle; held mainly for trading purposes; expected to be recovered within 12 months; or cash/cash equivalents (except restricted for longer than 12 months). A liability is classified as current if: expected to be settled in the normal operating cycle; held mainly for trading; due within 12 months; or the enterprise has no right to defer settlement beyond 12 months. If the normal operating cycle cannot be clearly determined, 12 months applies. When the criteria change, long-term items are reclassified to short-term (and vice versa);
• Offsetting of assets and liabilities is prohibited, except in limited cases (same counterparty, fast turnover, short maturities, same-type transactions);
• When consolidating the head office and subordinate units, all internal balances, internal revenue and expenses and unrealised internal profits/losses must be eliminated.

Basis for preparing the statement of financial position

Under point 1.3 of the guidance on Form B01-DN in Appendix IV of Circular 99/2025/TT-BTC, the statement of financial position is prepared on the basis of:

• General accounting books;
• Detailed accounting books/cards or detailed summary schedules;
• The previous year’s statement of financial position (for the opening balance column).

Where the enterprise is expected to be dissolved or declared bankrupt

Under Article 24 of Circular 99/2025/TT-BTC, if the enterprise is expected to be dissolved, declared bankrupt, cease production and business or significantly narrow its scale within 12 months after the period end (i.e., the going-concern assumption no longer holds), the statement of financial position is prepared in Form B01-DNKLT with the following special rules:

• Long-term assets and liabilities are reclassified as short-term (except guaranteed obligations to third parties);
• All assets and liabilities are re-measured: assets at no more than their recoverable value, liabilities at no less than the obligation to pay; no provisions are recorded through Account 229 (provision amounts are deducted directly from asset carrying values), and accumulated depreciation is not reflected through Account 214 (carrying values are adjusted directly);
• The statement discloses the going-concern status of the enterprise in the notes.

Note: enterprises converting their form of ownership, equitizing, dividing, demerging, consolidating or merging, or converting a subsidiary into a branch (or vice versa) are still regarded as going concerns and continue to use the going-concern forms.

The ANT Legal AI Legal Council reviewed this article under its internal 7-step process (cross-checked against current law — Circular 99/2025/TT-BTC, the Law on Accounting 2015 as amended by Law 56/2024/QH15; Circular 200/2014/TT-BTC expired on 01/01/2026). This is not a confirmation that a human lawyer has reviewed your specific case.