Applying International financial reporting standards in Vietnam

Abstract

In the context of increasingly deep and wide international integration, many countries worldwide have adopted International Financial Reporting Standards (IFRS) in various ways, bringing numerous benefits to both businesses and the economy. In Vietnam, the adoption of IFRS into the economy is an inevitability, helping enterprises integrate and engage at a higher level with international financial markets. However, it is essential to recognize the opportunities and challenges of this transition to ensure appropriate handling. Within the scope of this article, the author will present and analyze the opportunities, challenges, and solutions for applying IFRS in Vietnam, ensuring alignment with the practical realities of the country.