VAA officially implements International Financial Reporting Standards

The VAA implemented the IFRS Training Programme in October 2024, under the consultancy and support of ICAEW Vietnam and PwC Vietnam. The programme aims to improve the capacity of professional teams in auditing, accounting, finance, investment, analysis, and portfolio management, thereby supporting Vietnamese enterprises to prepare for the IFRS adoption.

The programme is designed with the consultation of ICAEW Vietnam and PwC Vietnam, based on the research of standards, guidelines, competency frameworks, and regulations on IFRS alongside a survey of practical application in Vietnam.

The programme offers diverse training content, which is divided into four levels: starter, basic, intensive, and advanced, with a total duration of 80 hours. It is taught by a team of experienced lecturers from the Ministry of Finance, the Academy of Finance, PwC Vietnam, ICAEW Vietnam, and other educational institutions.

Doan Xuan Tien, chairman of the Vietnam Federation of Accountants and Auditors said: "As an organising unit, VAA is committed to providing high-quality IFRS training programmes that meet international standards and the practical needs of the Vietnamese market. We believe that IFRS training is an important step to improve the capacity of accountants and auditors in a globalised economy. We also want to support Vietnamese enterprises during the IFRS conversion to formulate transparent and reliable financial reports."

Dang Mai Trang, chief representative of ICAEW Vietnam, said, “Vietnam is on the way to applying IFRS. I believe that applying IFRS standards in financial reporting will help Vietnam improve its business environment towards greater transparency, enhance competitiveness and corporate governance, and support financial reform. ICAEW is delighted to accompany VAA and PwC to implement this practical training programme, equipping practitioners with knowledge and skills to apply IFRS professionally and effectively, as well as building future human resources."

Dinh Thi Quynh Van, chairwoman of PwC Vietnam, said, “With extensive experience in auditing and a team of leading experts, PwC Vietnam is honoured to accompany VAA and ICAEW in the IFRS Training Programme. We will design training materials that combine knowledge of IFRS standards and best practices in Vietnam. We also participate in teaching to help students master both the theory and practice of applying IFRS in Vietnam.”

Training and cooperation at heart of IFRS compliance Preparation for the conversion to and adoption of International Financial Reporting Standards (IFRS) by Vietnam-based companies is one of the most important steps towards propelling economic development with greater transparency. However, various challenges still colour the landscape.

Businesses lining up for IFRS conversion Vietnamese businesses’ conversion and adoption of the International Financial Reporting Standards are among the most significant measures towards pushing for greater transparency, particularly for publicly traded entities, according to a number of senior executives.

Business transparency to be improved through IFRS Adopting globally used financial reporting standards will help businesses enhance transparency and increase the chances of pulling in new funding.