Decision No.345/QD-BTC establishes revised compliance requirements for specific groups of enterprises but allows flexibility on adoption timelines and how IFRS is approached. The new reporting standards will become mandatory for almost all businesses after 2025. The broad thrust of IFRS is that financially reported asset values and liabilities should align with their actual or estimated fair market prices. The most accurate approach is using fair value (FV) accounting, or “mark-to-market”, a generally accepted accounting principle. Generally, when any asset or liability value increases or is expected to, the value or liability is adjusted to its current market. Troy Griffiths, deputy managing director of Savills Vietnam said that this requires the close attention of business leaders and CFOs as assets and liabilities will require accurate and up-to-date valuations and extensive changes to financial statement applications. “Hard value is great for investors and shareholders wanting an accurate gauge of corporate financial health but involves experience and expertise that CFOs generally lack,” said Griffiths. Troy Griffiths, deputy managing director at Savills Vietnam, said that IFRS requires close attention of business leaders and CFOs as assets and liabilities will require accurate and up-to-date valuations and extensive changes to financial statement applications For example, IFRS… Read full this story
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