Bản dịch Báo cáo tài chính Tập đoàn tiếng Anh (phần 3)


 [Dự án Master Sharing –  Chia sẻ Bản dịch Báo cáo tài chính Tập đoàn tiếng Anh (phần 3)]

Báo cáo tài chính là KẾT QUẢ CUỐI CÙNG của công việc kế toán được lập từ sổ chi tiết sổ cái kế toán và Bảng cân đối số phát sinh.

Báo cáo tài chính (BCTC) dùng ĐỂ CUNG CẤP THÔNG TIN về tình hình tài chính, tình hình kinh doanh và các luồng tiền của DN, đáp ứng yêu cầu quản lý của Doanh nghiệp, Cơ quan Nhà nước và nhu cầu hữu ích của người sử dụng (Nhà đầu tư, Ngân hàng..) trong việc đưa ra các quyết định kinh tế.

BCTC phải cung cấp những thông tin của một Doanh nghiệp về:

  • TÀI SẢN VÀ NGUỒN HÌNH THÀNH TÀI SẢN (gồm nguồn phải trả là bao nhiêu và nguồn vốn chủ sở hữu là bao nhiêu) của doanh nghiệp tại một THỜI ĐIỂM bất kỳ (Trên Bảng cân đối kế toán).
  • KẾT QUẢ LÃI HOẶC LỖ CỦA CÔNG TY (Gồm doanh thu; Giá vốn; Chi phí; Thu nhập khác), tại một THỜI KỲ (Trên Bảng Báo cáo kết quả kinh doanh).
  • Ngoài các thông tin về Tài sản; Nợ phải trả; Vốn chủ sở hữu; Doanh thu; Chi phí doanh nghiệp còn phải cung cấp các thông tin khác MÀ KHÔNG TRÌNH BÀY trong Bảng cân đối kế toán và Kết quả kinh doanh thì được trình bày trong “Bảng thuyết minh báo cáo tài chính”.

Sau đây Dịch thuật Master xin giới thiệu mẫu BCTC ghi chú về báo cáo tài chính tập đoàn để các bạn có thể tham khảo kỹ hơn:

[ABC JOINT STOCK COMPANY]

ACCOUNTING POLICIES AND EXPLANATORY NOTES

TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended 31 December 2012

Expressed in Vietnam dong unless otherwise stated

 

These notes are an integral part of and should be read in conjunction with the accompanying consolidated financial statements.

 

  • Background
  • General information

 

[ABC Joint Stock Company] (hereinafter referred to as The Company)] was incorporated in accordance with Business Registration Certificate No. xxx dated [date month year] and other amendment certificates thereafter with the latest one dated [date month year] granted by [Ho Chi Minh City Department of Planning and Investment].

The charter capital as described in the Business Registration Certificate was [xxx].

Up to 31 December 2012, The Company has [20] subsidiaries as represented in Note 1.4 below (together with The Company hereinafter referred to as The Group).

 

  • Nature of Business

 

[Disclosed on client by client basis]

 

  • Business industry

 

According to the Business Registration Certificate, The Company’s principal activities include:

  • [xxx]
  • [xxx]

 

  • The list of subsidiaries

 

      1. The list of direct subsidiaries
No. Name of subsidiaries Address Voting rights Ownership interest
Company [xxx]
Company [xxx]
      1. The list of indirect subsidiaries
No. Name of subsidiaries Address Voting rights Ownership interest
1. Company [xxx]
2. Company [xxx]

 

  • The list of joint ventures and associates

 

No. Name of joint ventures, associates Address Voting rights Ownership interest
1. Company [xxx]
2. Company [xxx]

 

  • The list of subsidiaries excluded from consolidation

 

No. Name of subsidiaries Address Voting rights Ownership interest
1. Company [xxx]
2. Company [xxx]

The reasons for excluding from consolidation are:…

 

 

  • The list of joint ventures and associates not accounted for under the equity method in the consolidated financial statements.

 

No. Name of joint ventures, associates Address Voting rights Ownership interest
1. Company [xxx]
2. Company [xxx]

The reasons for not accounting for these entities under the equity method in the consolidated financial statements are …

 

  • Fiscal year, reporting currency
  • Fiscal year

 

The Group’s fiscal year is from [1 January to 31 December]; the first fiscal year of The Group is from [date month year] to [date month year].   

 

  • Reporting currency

 

The Group maintains its accounting records in [VND/USD.]

 

  • Accounting standards, accounting system
  • Accounting standards, accounting system

 

The Group has adopted Vietnamese Accounting Standards and system.

 

  • Forms of accounting records

 

The form of accounting records applied in The Group is [General Journal, General Voucher, General Journal Voucher, General Ledger].

 

  • Statement of compliance with Vietnamese Accounting Standards

 

The Group’s consolidated financial statements for the year ended 31 December 2012 are prepared in accordance with Vietnamese Accounting Standard 25 – Consolidated financial statements and accounting for investments in subsidiaries.    

 

  • Significant accounting policies
  • Consolidation principles

 

The consolidated financial statements incorporate the financial statements of The Company, its subsidiaries and interests of The Company in the gains or losses incurred by its joint ventures and associates that are accounted for under the equity method for the year ended 31 December 2011. The financial statements of the subsidiaries have been prepared for the same financial year using uniform accounting policies to those used by The Company. Adjustments were made for any different accounting policies to ensure consistency between the subsidiaries and The Company.

All inter-company balances and transactions, including unrealized inter-company profits or losses, are eliminated in full.

At the time of an acquisition, goodwill is calculated as the excess of the cost of acquisition over the fair value of the net identifiable assets. Goodwill is shown as a separate item in the consolidated financial statements and is amortized on the straight-line method over [xxx] years.

 

  • Cash and Cash equivalents

 

Cash comprises cash in hand, cash in transit and demand deposits. Cash equivalents are short-term investments (for a period not exceeding 3 months) that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

 

  • Foreign currency transactions

 

Transactions in foreign currencies are recorded, on initial recognition, in the reporting currency, by applying to the foreign currency amount the spot exchange rate between the reporting currency and the foreign currency at the date of the transaction. The exchange differences arising on the settlement of monetary items are recognized in profit or loss in the period in which they arise. At the end of the reporting period, foreign currency monetary items excluding advances to suppliers, prepaid expenses, and unearned revenues, which are denominated in foreign currency, are reported using the closing rate and exchange differences resulting from the reporting after offsetting are recognized in profit or loss in the period in which they arise.   

[Note: According to VAS10, IAS 21, and Circular 179/2012/TT – BTC dated 24 October 2012 issued by Ministry of Finance, monetary items are units of currency held and assets and liabilities to be received or paid in a fixed or determinable number of units of currency. As such, the essential feature of a non – monetary item is the absence of a right to receive (or an obligation to deliver) a fixed or determinable number of units of currency. Examples include amounts prepaid for goods and services. As such, please note the definition of monetary items as above when identifying the monetary items to report them at the closing rate appropriately.]  

 

  • Inventories

 

  • Inventory measurement  

Inventories are measured at the lower of cost and net realizable value.

The costs of inventories comprise all costs of purchase, costs of conversion, and other costs incurred in bringing inventories to their present location and condition.

The costs of purchase comprise the purchase price, non-reimbursable taxes and duties, and transport, handling and other costs directly attributable to the purchase. Trade discount and sales rebates on substandard and obsolete goods purchased are deducted from the costs of purchase.

  • Method of determining closing balance of inventories

Inventories are measured using the [specific identification] /[weighted average]/[first-in, first-out]/[last-in, first-out] method.

  • Method of accounting for inventories

Inventories are recorded under the [perpetual inventory method] /[periodic method].  

  • Provision for impairment in inventory

Where, by the year-end, the net realizable value of inventories is lower than cost, provision for impairment in inventories is required.

The provision is the excess of the cost of inventories over their net realizable value.

Inventories are written down to net realizable value on an item-by-item basis. For services being rendered, provision is made in respect of each service for which a separate selling price will be charged.

Materials and other supplies held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost.

 

  • Trade receivables and other receivables

 

  • Recognition method

Trade receivables and other receivables are stated at expected collectible value.

  • Provision for doubtful debts

A provision for doubtful debts is made for customer accounts past due and for customer accounts which show indications that they might not be recoverable.

 

  • Recognition, depreciation and amortization of fixed assets

 

  • Tangible fixed asset recognition  

Tangible fixed assets are initially recognized at cost. The cost of a tangible fixed asset is the total expense incurred by The Group to acquire an asset at the time the asset is put into operation for its intended use.

  • Intangible fixed asset recognition

Intangible fixed assets are initially recognized at cost. The cost of an intangible fixed asset is the total expense incurred by The Group to acquire an asset at the time the asset is put into operation for its intended use.

  • Depreciation and amortization  

The cost of fixed assets is depreciated on a [straight-line/reducing – balance/units-of-production depreciation] method over their estimated useful lives.

The estimated useful lives are as follows:

  • Buildings, structures
[x – x] years
  • Machinery and equipment
[x – x] years
  • Means of transportations
[x – x] years
  • Management equipment
[x – x] years
  • Intangible fixed assets
[x – x] years

 

  • Recognition and depreciation of finance leased assets

 

  • Finance leased assets recognition

Finance leased assets are recognized at amounts equal, at the inception of lease, to the fair value of the leased assets. If the fair value is higher than the present value of the minimum lease payments, the finance-leased assets are recognized at present value of the minimum lease payments.

  • Finance leased assets depreciation

The depreciation policy for finance leased assets is consistent with that for depreciable assets which are owned by the lessee.

 

  • Recognition and depreciation of investment properties

 

  • Investment property recognition

Investment properties are measured initially at their cost. The cost of an investment property is the amount of cash or cash equivalents paid or the fair value of other considerations given to acquire an asset at the time of its acquisition or construction. The costs include initial transaction charges.

  • Investment property depreciation

The cost of an investment property is depreciated on a [straight-line/reducing-balance/units-of-production depreciation] method over its estimated useful life.

The estimated useful lives are as follows:

  • Buildings, structures
[x – x] years
  • Land use rights
[x – x] years

 

  • Capitalization of borrowing costs and other expenses

 

  • Capitalization of  borrowing costs

Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are included in the cost of that asset when it is probable that they will result in future economic benefits and the costs can be measured reliably. The capitalization rate is the weighted average of the borrowings that are outstanding during the period, other than borrowings made specifically for obtaining a qualifying asset.

  • Capitalization of other expenses  

[Disclosed on client by client basis]

  • Amortization of prepaid expenses

[Disclosed on client by client basis]

  • Amortization of goodwill

[Disclosed on client by client basis]

 

  • Research and development expenses

 

  • Expenditure incurred during the research phase is recognized as an expense when it is incurred.
  • Expenditure incurred during the development phase, which forms an intangible fixed asset, is recognized as the cost of this intangible fixed asset.

 

  • Investments in subsidiaries, joint venture and associates

 

  • Investments in subsidiaries are accounted for under the equity method.
  • Investments in joint-ventures or associates are accounted for under the equity method.
  • Other short-term and long-term investments are recorded at cost.
  • The basis for making provisions for the diminution in the value of investments in long- and short-term securities is as follows:

At year end, if the market value of securities held under investments declines at a price lower than the cost, a provision for the diminution in value of the investments is made. The provision is the excess of the cost of securities over their net realizable value.

 

  • Recognition of accrued expenses and provisions

 

  • Accrued expenses are recognized based on information available at the year-end and estimates by past experience.
  • Pursuant to Law on Social Insurance, The Group and its employees are required to contribute to an unemployment insurance fund managed by the Vietnam Social Insurance Agency. The contribution to be paid by each party is calculated at 1% of the lower of the employees’ basic salary and 20 times the general minimum salary level as specified by the Government from time to time.

[Note:

  1. According to Circular 180 the redundancy allowance and severance allowance provided for under Circular 82 must be written off to P/L.
  2. Under the Social Insurance Law, severance allowance and redundancy allowance are not still required to be provided for under the Labour Code]    

 

  • Equity

 

  • The owners’ equity is recorded when contributed.
  • Treasury share recognition and presentation.

Treasury shares are recognized at purchase cost and presented in the statement of financial position as a deduction from equity.

  • Dividend recognition

Dividends are recognized as a liability at the date of declaration.

  • Principles for provision of reserves from profit after tax

[Disclosed on a client by client basis]

 

  • Revenue recognition

 

  • Revenue from selling goods is measured at the fair value of the consideration received or receivable. In most cases, revenue is recognized when transferring the risks and rewards of ownership to the buyer.
  • Revenue of a transaction involving the rendering of services is recognized when the outcome of this transaction can be estimated reliably. When a transaction involving the rendering of services is attributable to several periods, each period’s revenue is recognized by reference to the stage of completion at the end of the reporting period.

 

  • Recognition of construction contract revenues and expenses

 

Construction contract revenues and expenses are recognized by reference to the stage of completion of a contract, defined by the contractors or by reference to the stage of completion defined by customers. The stage of completion of a contract may be determined by [the proportion that contracts costs incurred for work performed to date bear to the estimated total contract’s costs/ surveys of work performed/ completion of a physical proportion of the contract work.].

 

  • Leases

 

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to The Group. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the term of the relevant lease.

 

  • Taxation

 

  • Principles and recognition of current income tax expenses: Current tax expenses are defined on the basis of taxable income and the rate of corporate income tax (CIT) of the current year.
  • Deferred tax expenses are defined on the basis of the deductible temporary differences, taxable temporary differences and the estimated CIT rate that will be applied for the years that assets and liabilities will be recovered, and the tax rates using the tax rates (and tax laws) that have been effected at the fiscal year – end.
  • Tax incentives, tax exemption and reduction: In accordance with the Investment License No.[xxx] issued by [xxx] dated [date month year], The Company/ Group will be exempted from CIT when taxable income arises and a fifty percent (50 %) reduction of the amount of tax payable for [xxx] subsequent years.
  • The tax reports of the companies in The Group will be inspected by the Tax Department. Application of the laws and regulations on tax applicable to different transactions can be interpreted in many ways; and therefore, the tax amounts presented in the consolidated financial statements can be amended in accordance with the Tax Department’s final assessments.

 

  • Financial instruments

 

  • Initial recognition

Financial assets

At the date of initial recognition, financial assets are recognized at cost plus transaction costs that are directly attributable to the acquisition of the financial assets.

[to the extent applicable] Financial assets of The Group comprise cash and short-term deposits, receivables and other receivables, loans, listed and unlisted financial instruments and derivative financial instruments.

Financial liabilities

At the date of initial recognition financial liabilities are recognized at cost net of transaction costs that are directly attributable to the issue of the financial liabilities.  

[to the extent applicable] Financial liabilities of The Group comprise trade payables and other payables, debts and borrowings and derivatives financial instruments.

  • Re-measurement after initial recognition

Currently, there are no requirements for the re-measurement of the financial instruments after initial recognition.

 

  • Related parties

 

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions.

 

  • Comparative figures

 

Certain comparative figures have been reclassified to conform to the current year’s presentation.

Consolidated statement of financial position (excerpted)

Beginning balance Beginning balance
(Reclassifed) (As previously reported)
Trade receivables
Inventories
Trade payables
….

Consolidated income statement (excerpted)

Previous year Previous year
(Reclassifed) (As previously reported)
Revenue
Cost of sales
….

Consolidated statement of cash flows (excerpted)

Previous year Previous year
(Reclassifed) (As previously reported)
….