Guidelines on Adopting International Public Sector Accounting Standards (Accrual Basis) under National Accounting

Article 1

Purpose. This guidance is formulated to comprehensively and clearly elaborate and expand certain provisions stipulated in the Accounting Law, adapting them to the socio-economic development conditions of each stage, thereby enabling accounting work to be organized and implemented correctly, transparently, and efficiently, and to be unified nationwide. This guidance shall be implemented concurrently with the Accounting Law, with the following additional detailed provisions: All departments and bureaus of Champasak Province shall uniformly implement the National International Public Sector Accounting Standards (double-entry bookkeeping) on a cash basis, prescribe ledgers, prescribed reporting formats and financial report documents, and prepare to appropriately assign accounting personnel and cashiers to adapt to the work, establishing policies for meritorious persons and measures for violators.
Provisions on certain matters are as follows:
3.1 Agree that provincial departments, bureaus, and 10 districts shall adopt the National International Public Sector Accounting Standards (double-entry bookkeeping) on a cash basis, as approved and published by the National International Public Sector Accounting Standards Committee, as the basis for implementing accounting work in budget units, specialized administrative agencies, and national fund organizations within their departments and bureaus.
3.2 All national budget units within the province shall prepare in all aspects, including budgets, service equipment, and personnel, to allocate and strengthen national accounting work to achieve the highest efficiency; this work shall be unified and commence implementation from January 1, 2017.
3.3 National accounting units shall establish ledgers, tracking books, trial balances, and establish their unit’s financial report documents in the format prescribed by the Ministry of Finance, ensuring correctness and consistency.
3.4 National budget units within the province, if encountering difficulties in accounting and recording under this new version, shall report and notify the Provincial Department of Finance (Accounting Division) for guidance in practical implementation.
3.5 Monthly and annual financial report documents of provincial departments, bureaus, and 10 districts shall be submitted to the Accounting Division on time each month, no later than the 15th of the following month, for tracking and inspection, commencing implementation from January 2017.
3.6 Policies for meritorious persons and measures for violators shall be strictly implemented in accordance with Article 29 and Article 30, Chapter 3 of Guidance No. 331/ກງ, dated February 26, 2016, on the Implementation of the Accounting Law.
3.7 Entrust the Champasak Provincial Department of Finance, Accounting Division, Provincial Treasury, and Budget Division as the responsible authorities, coordinating with relevant departments, to go to the grassroots to assist in guiding, supervising, tracking, inspecting, and evaluating the implementation of the above work to achieve the highest efficiency.
Accordingly, this directive is issued, requiring all departments and all national budget units of Champasak Province to strictly implement this guidance; this guidance shall take effect from the date of signing. Governor of Champasak Province, Khuasorn Vongsongkhon (ກົວສອນ ວົງສອງຄອນ)