Thursday, April 15, 2021 14:19

Faculty of Accounting - Academy of Finance participated in the National Workshop on International Financial Reporting Standards (IFRS)
In the morning of April 13, 2021, Department of Accounting and Auditing Regulations - Ministry of Finance held a workshop on "Review the IFRS translation" with the close and effective cooperation of Asian Development Bank (ADB). This is a worshop in a series of seminars that the Department of Accounting and Auditing Regulations conducts in order to study, draft and issue legal documents for the process of applying the IFRS system in Vietnam.

PhD., Vu Duc Chinh - Director of Department of Accounting and Auditing Regulations - Ministry of Finance emphasized the meaning and importance of applying IFRS in the current condition of the strong economic integration. However, the fact that how to quickly apply the content of the IFRS system to Vietnam still has many urgent issues such as: translation and publication of standard content, promulgating guiding documents so that businesses, accounting units and related units have  the foundation to solve problems or identify the legal obligations with the existence of a parallel system of Vietnamese accounting standards today. In particular, in the roadmap for the application of IFRS, the identification of the applicable objects, the application roadmap and the specific process as well as the development of legal documents also raises many problems that need to be considered, discuss and decide. This is also the contents given for discussion in the seminar.

Most of the opinions acknowledged the urgency of quickly announcing the IFRS content in Vietnamese. This is the basis for the unification in understanding and application of regulations on preparing and presenting financial statements in accordance with international standards. In addition, the issue of how to ensure the validity and enforcement of IFRS regulations in Vietnam in the context that Vietnamese enterprises are still having a "habit" of complying with the Specific guidance document on accounting and financial reporting was also exchanged by the delegates.

At the seminar, representatives of some auditing companies, on behalf of the direct providers of audit services, tax advices to companies, especially foreign direct investment enterprises have reflected the needs of application of the IFRS. Due to the objective need of providing accounting as a request of the parent company, these businesses have actively applied IFRS in addition to the application of VAS. Therefore, the quick announcement, application as well as documents guiding the implementation or legal supports of the IFRS application in Vietnam become even more necessary, contributing to the improvement of the business environment. All in all, the contents of this workshop are extremely important in accelerating the roadmap for IFRS application in Vietnam.

Source: Faculty of Accounting, AoF

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