Application of International Financial Reporting Standards in Some Countries Around the World and Reality in Vietnam

Abstract

The quality of financial statements is always interested in accounting job because it directly affects the interests of the objects using information. Especially, the context of globalization increasing connections between domestic and foreign enterprises are an important factor in the integration process, the application of International Financial Reporting Standards (IFRS) to ensure businesses and organizations around the world are united in preparing and presenting financial statements, and improving the quality of accounting information is necessary. Therefore, on March 16, 2020, the Ministry of Finance officially issued Decision No. 345/QD-BTC approving the Scheme on applying financial reporting standards in Vietnam with a roadmap for applying IFRS in detail. Based on a qualitative approach, the author explores the situation of IFRS application in some countries around the world and the situation in Vietnam, then gives some solutions to enhance the application of IFRS in Vietnam.