When are financial reports prepared and sent by the cooperative? Form and deadline for financial disclosure? This article shares in detail the legal regulations surrounding financial reporting and auditing for cooperatives according to current law. 

CSPL: Article 24, 25, 26, 27, 28 Circular 83/2015/TT-BTC

1. Financial statements

– At the end of the annual accounting period, cooperatives and unions of cooperatives are responsible for preparing and sending financial reports according to the regulations of the Ministry of Finance on accounting regimes applicable to cooperatives and unions of cooperatives, to the cooperative registration agency, the Finance – Planning Department under the District People’s Committee and the Tax Department (district), Branch or Corporate Finance Department under the Department of Finance. main.

– The District People’s Committee is responsible for synthesizing financial reports of cooperatives in the area and sending them to the Department of Planning and Investment. The Department of Planning and Investment presides over and coordinates with relevant agencies to synthesize and analyze the business performance of cooperatives and cooperative unions to send to the Ministry of Planning and Investment, the Ministry of Finance (Department of Enterprise Finance) and the People’s Committees of provinces and centrally run cities.

2. Financial disclosure

– In addition to reports used for financial disclosure according to the provisions of accounting law, the chairman of the board of directors of cooperatives and unions of cooperatives is responsible for disclosing the annual financial situation to members, member cooperatives and before the general meeting of members. The main content of public financial reports includes:

+ Total revenue: Specific revenue sources.

+ Total expenditure: Specific expenses.

– Details of revenue and expenditure for each industry; type of service and product; profit and loss results of the above activities.

+ Results of income distribution and loss handling.

+ Debts in cooperatives and cooperative unions: Old debts, newly incurred debts, overdue debts, due debts and bad debts.

+ Results of inventorying assets and capital of cooperatives and cooperative unions commune.

3. Forms and deadlines for financial disclosure

– Financial disclosure is carried out in the following forms:

+ Publication release;

+ Written notice;

+ Listing;

+ Other forms as prescribed by law law.

– Cooperatives and unions of cooperatives must disclose their annual finances within 90 days from the end of the annual accounting period.

4. Handing over financial management work

When carrying out the handover between the previous term Board of Directors and the successor Board of Directors or between the Chairman of the Board of Directors of the previous term and the successor Chairman of the Board of Directors or between the old Chief Accountant and the new Chief Accountant, a Handover Minute must be made, certified by the Supervisory Board, the Controller of the cooperative or cooperative union, and comply with the provisions of law on property and financial management regime. main. The Board of Directors, the Chairman of the Board of Directors and the former chief accountant are responsible for the work done; The new board of directors, chairman of the board of directors and chief accountant must inherit the legal powers and responsibilities for financial and asset management of the cooperative from the date of handover.

5. Financial and accounting inspection

– Chief accountant of cooperatives and unions of cooperatives is responsible for regularly inspecting internal accounting work.

– Supervisory Board and auditors are responsible for supervising and checking (internal audit) financial and accounting activities according to the provisions of law and the charter of cooperatives and unions of cooperatives; Inspect and control norms for management and use of materials, assets, capital and funds; manage revenue, expenditure and income distribution; Check the implementation of financial plans and compliance with the State’s financial, accounting and statistical policies.

– The Finance and Planning Department under the district People’s Committee is responsible for guiding and checking the compliance with financial and accounting regimes of cooperatives and cooperative unions.

6. Management of documents and records

Cooperatives and unions of cooperatives must implement a regime of management and retention of documents, vouchers, financial and accounting records in accordance with relevant laws.