JICA Supports Vietnam to Apply Int’l Financial Reporting Standards

The Accounting and Auditing Supervisory Department (AASD) under the Ministry of Finance (MOF) and the Japan International Cooperation Agency (JICA) recently organized the second workshop on International Financial Reporting Standards (IFRS) application in Vietnam, to support related entities from the very beginning steps of IFRS application process, with the participation of the consulting partner Deloitte.

The event follows the success of the first joint workshop on "IFRS conversion - The golden time for businesses to breakthrough". This is under the Project for “Promotion of Application of IFRS in Vietnam” jointly implemented by the AASD under MOF and JICA. The project is funded by the Government of Japan through JICA.

The important contents of the workshop are shared by Deloitte experts from Japan and Vietnam, including the introduction of the differences between rule-based and principal-based; between VAS and IFRS, and the first-time adoption of IFRS. This workshop also opens the forum for participants to discuss concerns and difficulties as well as find ways in the IFRS application journey.

This workshop is believed to help stakeholders in public, private, and academic fields in Vietnam to deepen their understanding of the differences between VAS and IFRS as well as accelerate exchanging opinions on the IFRS application roadmap.

Mr. Vu Duc Chinh, Head of the AASD, said: “We highly appreciate consultancy from Deloitte Japan and Vietnam in bringing relevant plans and proposals to implement necessary activities. Along with the sharing of consultants on differences among those systems, through the feedback of organizations and individuals attending the forum, it is certain that problems in implementation will be analyzed and the most basic way to deal with it could be found. With the experience of a country like Japan that has implemented IFRS under flexible improvisation options, we hope that the consultant will give valuable recommendations on appropriate scope, targeted entities, roadmap, etc. which are in line with Vietnam's conditions and practices in the coming period, ensuring efficiency and feasibility.”

Source: Vietnam Business Forum