IMPLEMENTATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS): INTERNATIONAL EXPERIENCES AND LESSONS FOR VIET NAM

Abstract

Since early 21st century, the Ministry of Finance of Vietnam has launched the Vietnam Accounting Standards (VAS) basing on the International Accounting Standards (IAS), which has been implemented practically in Vietnam. The first 04 VAS were launched on December 31^st, 2001 and the final 04 VAS were on December 28^th, 2005. Currently, Vietnam is applying 26 VAS, of which VAS No. 21 - Presentation of Financial Statements does not comply with IAS, including IFRS. This article reviews the experiences of several countries in the world and provides suggested lessons for the implementation of IFRS in Viet Nam.