Instructions on accounting for non-budget state financial funds

Circular 90/2021 providing instructions on accounting applicable to applicable to off-budget funds

This circular provides guidance on accounting vouchers, accounts, books, financial statements and settlement reports for off-budget funds. This Circular does not apply to determine the tax liability of these funds to the state budget.

The circular also provides guidance on accounting applicable to funds as accounting units. Other funds, programs, micro-projects and organizations and units with similar operating models and characteristics may comply with this circular to perform accounting work at their units. Funds operating under the financial mechanism like public delivery service units shall apply the public sector accounting regime.

This Circular does not apply to the accumulated funds for debt repayment, the social insurance fund, the health insurance fund, the unemployment insurance fund, the national reserve fund, the Enterprise Arrangement and Development Support Fund, the Covid-19 Vaccine Fund or the Social Charity Fund.

Circular 90 stipulates that the off-budget funds make, use, preserve and archive accounting documents in accordance with the provisions of the 2015 Accounting Law and related documents. These funds are allowed to actively design and build accounting voucher systems and forms that meet their operational characteristics and management requirements and comply with the 2015 Accounting Law and are transparent and easy to check and control.

Regarding regulations on accounting accounts, the circular provides the list of accounts; accounting principles; structure and contents of these funds comply with Appendix 1 attached to this circular.

The funds shall base on the system of accounts issued in this circular to select those applicable to their units. The funds are only allowed to use accounts that reflect their economic operations in compliance with the provisions of the financial mechanism, other laws and the model and nature of their operations.

The funds may add detailed accounts specified in the list attached to this circular to serve the fund management requirements. The addition and modification of accounts equivalent to those specified in the list must be approved in writing by the Ministry of Finance.