The State Securities Commission of Vietnam, in collaboration with leading auditing firm KPMG Vietnam, has recently hosted a training programme on International Financial Reporting Standards (IFRS) for employees working at the commission (SSC), Hanoi Stock Exchange (HNX), Ho Chi Minh City Stock Exchange (HSX), and Vietnam Securities Depository (VSD).
The programme aims to educate employees about the conversion from the Vietnamese Accounting Standards (VAS) to IFRS and the differences between these two sets of standards. The knowledge was delivered by KPMG’s leading IFRS experts.
According to Vu Chi Dung, director general of the International Cooperation Department at SSC, the programme is the first of its kind at SSC to be implemented with support from KPMG Vietnam to train about IFRS for SSC employees. He added that the activities would help enhance knowledge about IFRS not only for SSC employees but also businesses in other fields and the entirety of Vietnam.
|KPMG experts deliver IFRS training in diverse areas |
IFRS is a set of globally accepted standards for financial reporting applied primarily by listed entities over the world. Individual standards and interpretations are developed and maintained by the International Accounting Standards Board and the IFRS Interpretations Committee.
|The switch from VAS to IFRS will impact accounting practices in Vietnam and promote the integration of Vietnam's financial market into regional and global markets. |
IFRS have been in use since 2001 and are still the global guideline for financial reporting. They promote transparency and comparability of financial statements, bringing organisations various efficiency gains.
The Ministry of Finance decided in its Decision No.345/QD-BTC the plan to adopt IFRS in Vietnam in two phases: voluntary (now – 2025) and compulsory (from 2025 onwards).
To meet this deadline, enterprises are expected to undergo a thorough preparation in not just accounting and reporting but also in systems – processes, business, and human resources in order to publish their first IFRS financial statements for the year ending on December 31, 2025.
Furthermore, the switch from VAS to IFRS will impact accounting practices in Vietnam and promote the integration of Vietnam's financial market into regional and global markets.