The Ministry of Finance has announced the fourth batch of Vietnamese Public Sector Accounting Standards, comprising two standards governing accounting for investments in associates and joint ventures, and joint arrangements, as part of its continued efforts to improve accounting regulations in the public sector.
The two newly announced standards are Vietnamese Public Sector Accounting Standard No. 36, “Investments in Associates and Joint Ventures,” and Vietnamese Public Sector Accounting Standard No. 37, “Joint Arrangements.”
The Ministry of Finance issued Decision No. 2892/QD-BTC dated October 12, 2026, announcing the fourth batch of Vietnamese Public Sector Accounting Standards, including the two aforementioned standards.
The standards were announced pursuant to the Law on Accounting, its implementing guidelines, and Decision No. 633/QD-TTg dated May 23, 2022, issued by the Prime Minister approving the Accounting and Auditing Strategy through 2030.
Vietnamese Public Sector Accounting Standard No. 36 sets out the accounting requirements for investments in associates and joint ventures and requires the equity method to be applied when accounting for such investments.
The standard applies to entities that prepare and present financial statements on an accrual basis and hold investments in associates or joint ventures that meet the prescribed conditions. Its key provisions address the determination of significant influence, the principles governing the application of the equity method, and circumstances in which the method may be exempted from or cease to apply.
Vietnamese Public Sector Accounting Standard No. 37, “Joint Arrangements,” establishes the principles for financial reporting by entities that have interests in arrangements subject to joint control.
The standard applies to all entities participating in joint arrangements. Its key provisions address the identification of joint arrangements and the assessment of the rights and obligations of participating parties, providing a basis for determining the appropriate accounting treatment for each type of arrangement.
Both standards are based on their corresponding International Public Sector Accounting Standards (IPSAS), with adjustments to ensure consistency with Vietnam’s legal framework, financial mechanisms, and state budget regulations.
Alongside the announcement of the two new standards, the Ministry of Finance has assigned the Director General of the Department of Accounting and Auditing Regulation and Supervision the responsibility of reviewing the issued standards and proposing to the competent authorities amendments and supplements to accounting regimes applicable to accounting entities in the public sector, as well as relevant legal documents.
Such amendments and supplements must comply with current regulations on public financial mechanisms and the state budget. Accordingly, the Department of Accounting and Auditing Regulation and Supervision is responsible for submitting to the Minister of Finance circulars providing guidance on accounting regimes applicable to entities in different fields of operation, following an appropriate implementation roadmap.
The Ministry of Finance has also assigned the Department of Accounting and Auditing Regulation and Supervision, in coordination with relevant units, to continue studying International Public Sector Accounting Standards and submit further standards to the Minister of Finance for announcement.
Relevant units under the Ministry of Finance are responsible for researching, providing training on, and disseminating the Vietnamese Public Sector Accounting Standards. They are also tasked with applying appropriate best practices as a basis for proposing and advising on reforms to mechanisms and policies in the public sector.
Decision No. 2892/QD-BTC takes effect from the date of its signing.