E ISSN: 2583-049X

International Journal of Advanced Multidisciplinary Research and Studies

Volume 4, Issue 2, 2024

Research Overview on Applying International Accounting Standards (IFRS) to Small and Medium Enterprises in Vietnam

Author(s): Nguyen Thi Thanh Nga, Nguyen Thi Thu Thuy


In accounting, globalization is expressed through the process of applying a unified system of accounting standards to many countries and territories. The development of this issue and the requirements of production and business activities in the process of globalization have affected all organizations and individuals doing business in the Vietnamese economy today, requiring make appropriate adjustments when joining the global economy. International accounting standards are a set of standards established to help businesses make financial statements more convenient. IAS standards were gradually changed to IFRS since 2001 to establish a common accounting language, common to all businesses in countries around the globe. These standards help make a company's financial statements more transparent, consistent, and easier to compare across different countries. However, the scope of application of this IFRS is limited mainly to large enterprises, corporations, commercial banks... and medium, small, and micro enterprises that do not have the need and conditions to apply IFRS are not included. Applicable objects of the project. However, reality shows that there are still small and medium-sized enterprises interested in preparing financial statements according to IFRS in the process of participating in globalization and international economic integration. Enough will cause many hardships and challenges for this group of people. Therefore, IFRS for SMEs will be suitable and convenient for small and medium-sized enterprises to apply, helping SMEs have more opportunities to join globalization.

Keywords: International Accounting Standards, Small and Medium Enterprises, Financial Report

Pages: 219-222

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