Hanoi (VNA) - A forum discussing the application of international financial reporting standards (IFRS) in Vietnam took place in Hanoi on May 25.
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 the AASD to promote the application of financial reporting standards in Vietnam” funded by the Japanese government.
The forum is expected to help agencies of the Government, private sectors and training institutions in Vietnam 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 Vietnam, expressed hope that the policy discussions will be promoted to find the best approach for the application of IFRS in accordance with Vietnam’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 Vietnam.
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 Vietnam for making plans and proposing measures to implement necessary activities, expressing his belief that solutions to obstacles in applying IFRS in Vietnam will be found at the forum.
He hoped consulting units will introduce valuable recommendations on the scope and roadmap in accordance with Vietnam’s conditions in the coming time to ensure efficiency and feasibility in this work./.
The adoption of International Financial Reporting Standards (IFRS) will be compulsory for State-owned enterprises (SOEs), listed companies and large-scale unlisted public companies after 2025, according to a draft project the Ministry of Finance recently made public for comments.
Despite a draft roadmap to apply International Financial Reporting Standards 9 (IFRS 9) compulsorily in Vietnam from 2025, domestic banks should start preparations now as the complex norms have proved a major challenge for global financial institutions, experts have said.
The Ministry of Finance has issued a decision regulating the roadmap for the application of International Financial Reporting Standards (IFRS), replacing the current Vietnamese accounting standards (VAS).
More than half of companies in Vietnam have been adopting international financial reporting standards to meet investors’ expectations and improve their corporate governance, a survey showed.
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Participants at the forum (Photo: VNA) 
