Extend financial statement submit deadline for Covid–19 hit companies

The Covid-19 epidemic is still complicated and has affected many enterprises across the country, including the impact toward preparation of financial statements for the financial year ending December 31, 2019 for enterprise.

On 02 March 2020, the Department of Accounting and Audit Regulations under Ministry of Finance issued Official letter No. 157 / QLKT-DN guiding enterprises who directly affected by the Covid-19 epidemic and could not timely submit and publicize their financial statements as prescribed. In this case, the enterprise should send an official letter to the Ministry of Finance presenting the evidence of the Covid-19 epidemic’s effects on the submission and disclosure of information. The Ministry of Finance will provide specific guidance based on the actual situation of the enterprise.

For public enterprises, the State Securities Commission ("SSC") also issued Official letter No. 1265 /UBCK-GSDC dated 02 February 2020, which provides guidance for force majeure cases. Accordingly, the public enterprise must announce the suspension of information disclosure, state the reason and report to the SSC and the Stock Exchange. After overcoming the force majeure circumstances, the enterprise has to disclose all information as prescribed.