Forum promotes application of int’l financial reporting standards in Vietnam

A forum discussing the application of international financial reporting standards (IFRS) in Viet Nam took place in Ha Noi on May 25.
Participants at the forum. (Photo: Bnews))
Participants at the forum. (Photo: qdnn)

Jointly organised by the Japan International Cooperation Agency (JICA) and the Accounting and Auditing Supervisory Department (AASD) under the Ministry of Finance, the event gathered over 600 delegates from agencies, units, listed businesses, auditing companies and universities.

The second event of its kind is within the framework of the technical cooperation project between AASD and JICA on “strengthening the capacity of AASD to promote the application of financial reporting standards in Viet Nam” funded by the Japanese government.

The forum is expected to help agencies of the Government, private sector and training institutions in Viet Nam understand the differences between Vietnamese accounting standards (VAS) and IFRS; as well as promote the exchange of views on the roadmap for applying IFRS.

Kobayashi Masaya, a representative of JICA in Viet Nam, expressed hope that the policy discussions will be promoted to find the best approach for the application of IFRS in accordance with Viet Nam’s sustainable economic development.

Tran Thuy Ngoc, Deputy General Director of Deloitte Vietnam Co., Ltd, said the forum opened an opportunity for the parties to discuss and solve problems in the process of applying IFRS in Viet Nam.

According to a survey by Deloitte and the Ho Chi Minh Stock Exchange (HOSE) at the end of 2021, the readiness of enterprises to apply IFRS increased significantly compared to 2020, ranging from 3.5 to 3.6, exceeding the average level of 2.5, Ngoc said.

Vu Duc Chinh, Director of AASD, highly valued Deloitte in Japan and Viet Nam for making plans and proposing measures to implement necessary activities, expressing his belief that solutions to obstacles in applying IFRS in Viet Nam will be found at the forum.

He hoped consulting units would introduce valuable recommendations on the scope and roadmap in accordance with Viet Nam’s conditions in the coming time, to ensure efficiency and feasibility in this work.

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(Source: VNA)