What are accounting principles of Account 462 – Other payables of non-bank credit institutions in Vietnam?

Pursuant to Clause 1 Article 34 of the Circular 05/2019/TT-BTC (takes effect from 01/04/2019) stipulating accounting principles of Account 462 – Other payables of non-bank credit institutions in Vietnam as follows:

a. This account shall be designed for reflecting the current conditions of payment of other payables, including:

- Value of surplus assets existing without clear causes and awaiting the asset disposal decision issued by the competent unit; value of surplus assets payable to persons and collectives under the decision of the competent unit specified in the written document stating disposal of such assets if causes for existence of such assets are determined;

- Retained amounts and payments for social insurance, health insurance, unemployment insurance contributions and contributions to trade union budgets;

- Amounts retained from salaries of staff members (if any);

- Amounts in custody under regulations in force and amounts awaiting payment and resolution that entities and units deposit with microfinance institutions to receive their safekeeping service;

- Unearned revenues and incomes.

- Amounts that have to be paid to underwrite voluntary retirement insurance policies, life insurance policies and other (non-salary) allowances for employees, etc.

- Amounts and assets put up as security deposits or collateral and expenses that have to be paid for goods and services received from sellers or services provided within an accounting period but, in fact, have not yet been paid owing to the absence of invoices, accounting materials and documents, shall be recorded in operating expenses in the accounting period;

- Other payables.

Above are accounting principles of Account 462 – Other payables of non-bank credit institutions in Vietnam.

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