Deadline for Submitting the 2024 Financial Report and Related Penalties
The deadline for submitting the 2024 financial report and related penalties is an important aspect of business financial management. This requires strict preparation and compliance with legal requirements.
1. Financial Report Submission Deadline for 2024
- For State-Owned Enterprises:
- Accounting units must submit their annual financial report within 30 days from the end of the accounting period.
- For parent companies or state-owned corporations, the deadline is 90 days.
- For Other Businesses (Private Enterprises and Joint Stock Companies):
- Accounting units of private enterprises and joint stock companies must submit their annual financial report within 30 days from the end of the accounting period.
- Other accounting units have a deadline of 90 days.
- For Subsidiaries of State-Owned Corporations:
- Submit the annual financial report to the parent company or the state corporation as per their specified deadline.
- For Small and Medium Enterprises (SMEs):
- Prepare and submit the annual financial report no later than 90 days from the end of the financial year to the relevant authorities.
2. Penalties for Late Submission of Financial Reports
KIM BAY GROUP provides detailed information about penalties for late submission of financial reports. According to Article 12 of Decree No. 41/2018/ND-CP regarding administrative penalties in accounting and auditing, the penalties are as follows:
- Fines of 5,000,000 to 10,000,000 VND:
- Submitting a financial report late by less than 3 months.
- Publicly disclosing a financial report late by less than 3 months.
- Fines of 10,000,000 to 20,000,000 VND:
- Publicly disclosing an incomplete financial report.
- Submitting a financial report late by 3 months or more.
- Publicly disclosing a financial report without an audit report where an audit is legally required.
- Fines of 20,000,000 to 30,000,000 VND:
- Publicly disclosing inaccurate financial data.
- Providing or publishing financial reports in Vietnam with inconsistent data within the same accounting period.
- Fines of 40,000,000 to 50,000,000 VND:
- Failing to submit the financial report to the relevant government authorities.
- Failing to publicly disclose financial reports as required.
3. KIM BAY GROUP’s Responsibilities When Handling End-of-Year Financial Reports
When KIM BAY GROUP handles the preparation of your financial reports, we are committed to completing all tasks quickly and accurately, as promised before signing the contract. When using our end-of-year financial reporting services, you only need to provide the required documents, and KIM BAY GROUP will complete all related tasks for you. Below are the tasks that we will handle when preparing your financial reports:
- Document Collection: Receive and collect invoices, receipts, and accounting records from the business.
- Accounting Information: Gather information regarding the applicable accounting policies, methods, and asset depreciation.
- Operational Survey: Assess the actual situation and operations of the business to understand it better.
- Review and Organization: Review documents and records, categorize, and organize them to optimize the process.
- Remove and Adjust: Remove and adjust documents that do not comply with regulations.
- Allocation and Verification: Prepare allocation tables for tools, materials, prepaid expenses, and accrued expenses. Verify salary, health insurance, social insurance expenses, etc.
- Depreciation Calculation: Calculate and prepare asset depreciation schedules.
- Professional Accounting Entries: Perform accounting entries using professional software.
- Consultation and Discussion: Discuss the contents and issues related to the results with the business.
- Closing and Summarizing: Transfer and summarize data to prepare accounting books, business results, and financial statement notes.
- Related Consultation: Advise the business on issues related to the preparation of financial reports.
- Printing Reports and Records: Print the financial report and accounting records as per regulations.
By choosing KIM BAY GROUP for your end-of-year financial reporting, you ensure the efficiency and accuracy of your accounting and financial reporting process, keeping you compliant and stress-free.