E ISSN: 2583-049X

International Journal of Advanced Multidisciplinary Research and Studies

Volume 3, Issue 5, 2023

Current Situation and Solutions for Applying International Financial Reporting Standards of Enterprises in Vietnam

Author(s): Nguyen Thi Thanh


In the trend of international economic integration and globalization of economic cooperation and development, the field of accounting and auditing is no longer an internal, separate issue for each country. Finding a common language for businesses to use in preparing and presenting financial reports is extremely urgent. To suit the requirements of businesses as well as investors, countries often allow businesses to choose international financial reporting standards (IFRS) to record arising economic transactions and prepare financial statements. Financial report. However, Vietnam is one of the few countries that has not applied many IFRS but is applying Vietnamese accounting standards (VAS). This article uses descriptive statistics and meta-analysis methods on a survey sample of 322 responses from different types of businesses to learn about the level of readiness to apply IFRS to businesses in Vietnam. At the same time, discuss the current status of the application as well as analyze the difficulties and challenges that Vietnamese businesses face when applying IFRS, such as the difference between IFRS and VAS, accounting team qualifications, information technology systems, information and support from management agencies, the impact on business results, and opening balance conversion. From there, some solutions are recommended for state management agencies, accounting professional associations, enterprises, and training facilities for the smooth and successful application of international financial reporting standards in Vietnamese enterprises.

Keywords: International Financial Reporting Standards, Current Situation, Solutions

Pages: 1045-1050

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