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

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 City 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 would 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.