APPLYING INTERNATIONAL ACCOUNTING STANDARDS (IFRS) TO VIETNAMESE ENTERPRISES: CURRENT SITUATION AND IMPLEMENTATION SOLUTIONS

Abstract

Under the impact of the trend of global economic integration, the development and application of a unified system of standards in the preparation and presentation of financial statements has become extremely necessary. Currently, more than 140 countries and territories have applied International Financial Reporting Standards (IFRS), while Vietnam and 8 other countries are still using their own accounting standards. Major international financial organizations such as the World Bank (WB) and the International Monetary Fund (IMF) encourage businesses to apply IFRS to improve the transparency and comparability of financial information. In this situation, on March 16, 2020, the Ministry of Finance issued Decision No. 345/QD-BTC, approving the Project to apply IFRS in Vietnam according to a three-phase roadmap from 2020 to 2025, aiming to make IFRS mandatory for most businesses, except for some entities that have not yet met the conditions. This article analyzes the current status of IFRS implementation in Vietnamese enterprises and makes some recommendations to improve implementation efficiency