PWC VIETNAM NEWSBRIEF: GUIDANCE ON THE ACCOUNTING SYSTEM APPLICABLE TO LIFE INSURANCE COMPANIES AND REINSURANCE COMPANIES

PwC Vietnam

Tuesday, 07 Jul 2015

On 19 December 2014, the Ministry of Finance (“MoF”) issued Circular 199/2014/TT-BTC (“Circular 199”) providing guidance on the accounting system applicable to life insurance companies, companies specialised in providing health insurance and life reinsurance companies (altogether as “Life insurance companies.”). This Circular will become effective from 1 January 2016 and will replace Decision 1296/TT/QĐ/CĐKT on 31 December 1996 (“Decision 1296”) and

Decision 150/2001/QĐ-BTC on 31 December 2001 (“Decision 150”). Circular 199 introduces a chart of accounts and provides accounting principles, accounting method and a template of a set of financial statements applied for Life insurance companies. These accounting principles and methods are considered to be more in line with the insurance activities of Life insurance companies.

For more information, please see attached file.