At the workshop (Source: VNA) Hanoi (VNA) – Experience in applying International Financial Reporting Standards (IFRS) from Japan, the Republic of Korea (RoK), the US, Malaysia and China was shared at a workshop in Hanoi on May 28. Jointly organised by the Ministry of Finance and the Japan International Cooperation Agency (JICA), the event also aimed to collect comments on the draft project on application of IFRS in Vietnam, thus rolling out orientation for the process in the country. Vu Duc Chinh, Director of the Accounting and Auditing Policies Department (AAPD) under the Ministry of Finance, said in the strategy until 2020, Vietnam’s accounting and auditing sector will approach international practices. Over the past 10 years, Vietnam issued 26 accounting standards, but they have exposed many shortcomings, requiring the Ministry of Finance to build a new standard system, he said. However, the application of IFRS should be suitable to Vietnam’s condition as the country has many stakeholders in the accounting system because of different types of businesses, Chinh noted. The Ministry of Finance will gradually build a set of financial reporting standards and issue or recognise an international standard system. It is necessary to develop a system of accounting standards similar to… Read full this story
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