On 20 October 2009, The Ministry of Finance has issued Circular 203/2009/TT-BTC providing guidance on management, usage and depreciation of fixed assets. The circular becomes effective since 01 January 2010 and will replace Decision 206/2003-QD-BTC and is applicable for all enterprises established and operate in Vietnam. Circular 201 provided more detailed guidance compared with Decision 206 on some matters such as: management of leased assets, depreciation principles of fixed assets; changes in useful life of tangible fixed assets. However, the big difference between Circular 203 and Decision 206 is the useful life of each fixed asset categories.
