Wednesday's meeting. Photo: Hoang Long/vietnamnet.vn

(VOVworld) – National Assembly deputies discussed the revised Accounting Law on Wednesday under the chairmanship of National Assembly Deputy Chairwoman Nguyen Thi Kim Ngan.

Deputies agreed that amendments to the Accounting Law are of great importance in the current period of reform and international integration. As the mechanism and the structure of the economy have developed, some articles of the Law have become no longer appropriate, revealing inconsistency or impracticality. Deputies proposed streamlining procedures for granting accounting certificates and separating the two models of state accounting and corporate accounting. They proposed reserving a chapter in the revised law for state accounting. Bui Duc Thu is a deputy representing Lai Chau: "Current regulations stipulate that economic accounting is based on original cost, which is no longer appropriate in light of fast changing socio-economic developments and market prices. Revisions should take into consideration real costs at the moment the financial reporting is made, in addition to original cost."  

Deputies then heard Minister of Finance Dinh Tien Dung present a report on the revised Law on Export-import Tariff.