Experience Applying International Financial Reporting Standards around the World and Lessons for Vietnam

In the trend of international economic integration and globalization of economic cooperation and development, accounting is no longer an internal, separate issue of each country. A common language for businesses in preparing and presenting financial reports is extremely urgent. International Financial Reporting Standards (IFRS) is a system of widely accepted accounting principles, financial statement presentation, and accounting regulations. Many countries around the world use IFRS as an official standard for preparing and presenting financial reports of businesses. Applying IFRS is done in many different ways, to different degrees depending on the perspective of each country. The application of IFRS in Vietnam is facing many obstacles, and lessons are needed for successful application. This article discusses the experience of applying IFRS in countries worldwide and draws lessons from applying IFRS for Vietnam.