SOLUTIONS TO CREATE CONVENIENT CONDITIONS TO PROMOTE THE USE OF IFRS IN ENTERPRISES IN VIETNAM

Abstract

In the trend of global economic integration, to attract investment and increase competitiveness in the global market, Vietnamese businesses need to provide transparent, high-quality financial reports according to Standards. International Financial Reporting (IFRS). Up to now, there are 166 countries and territories applying IFRS in many different forms. Furthermore, in many countries IFRS has replaced National Accounting Standards to attract foreign investors. No exception, Vietnam has also approved the project to apply IFRS International Financial Reporting Standards through Decision 345/QD-BTC. Project to apply IFRS in Vietnam in 3 phases from 2020 to 2025, moving towards mandatory application of IFRS in businesses in all fields and all economic sectors, except for some groups of businesses that are not eligible to apply. use IFRS. The article mentions the advantages and challenges for Vietnamese businesses when applying IFRS and offers some solutions to create favorable conditions to promote the application of IFRS in Vietnam.