THE TREND OF TEACHING PRINCIPLES OF ACCOUNTING FROM A PRINCIPLES-BASED PERSPECTIVE, IN THE CONTEXT OF IFRS ADOPTION

Abstract

In the context of global economic integration and the widespread adoption of International Financial Reporting Standards (IFRS), there is a pressing need to innovate the teaching methodology for Principles of Accounting. This article argues for the necessity of shifting from a traditional rules-based approach to a principles-based model.

The conventional rules-based method, which focuses primarily on memorizing rules, is no longer sufficient to train accountants who can think critically, analyze, and flexibly apply standards to complex real-world situations. In contrast, the principles-based approach helps students develop critical thinking and professional judgment—key skills for navigating complex economic transactions in an international environment.

This paper shows that adopting a principles-based method involves integrating real-world case studies, hypothetical scenarios, and technology into the curriculum to encourage students to actively solve problems. However, this transition also presents significant challenges for educational institutions, such as a lack of resources, the need to upskill lecturers, and changes to assessment methods. The article concludes that embracing and implementing this teaching methodology is not merely an option but a mandatory requirement to ensure the relevance and competitiveness of Vietnam’s accounting sector in the era of integration.