In the context that cross border commercial activities are becoming the norm whilst Vietnam is becoming preferred destination for FDI, the need for International Financial Reporting Standards (IFRS) accepted across multiple jurisdictions including Vietnam has become key for driving growth and innovation.
Following this, on 16 March 2020, the Ministry of Finance issued Decision 345/QDBTC approving the Project “Application of Financial Reporting Standards in Vietnam” aiming to apply IFRS and the new Vietnamese Financial Reporting Standards (VFRS) from 2025.
Therefore, understanding the differences between these two sets of accounting standards – IFRS and VAS is essential for businesses undertaking operations in Vietnam in order to be prepared for the upcoming regulatory transformation in the next few years.
Our publication shows an overview of IFRS and VAS in Vietnam as well as their highlighted differences and convergence with details as below:
- 2025 IFRS Roadmap in Vietnam
- The Challenges of Converting from VAS to IFRS
- Preparation of Financial Statements
- Revenue Recognition
- Income Taxes
- Fixed Assets
- Financial Instruments and Fair Value
- Business Combinations
Download and view Acclime’s 2023 Guide of IFRS and VAS in Vietnam to gain valuable insights from our team of Vietnam experts.