The Ministry of Finance of Vietnam (“the MOF”) announced the plan to adopt International Financial Reporting Standards (IFRS) in Vietnam in two phases: voluntary (now – end 2024) and compulsory (from 2025 onwards). However, there is not yet official/detailed guidance from MOF so far to see how Vietnamese Accounting Standards and Vietnamese Accounting systems for enterprises (“VAS”) shall be modified to align with IFRS or how IFRS shall be fully or partly applied along with VAS then.
In this regard, the centralized accounting system can be considered as a common application and preferred to be selected by the Investor/Owner for a contemplated entity in Vietnam/Vietnam entity. Nevertheless, the differences between VAS and IFRS/US GAAP are big challenges.
Understanding this along with our practical experiences to help many large foreign direct investment enterprises in Vietnam in this field, our course is designed to help enterprises get an overview of relevant basic VAS requirements and how the centralized accounting system can work in this aspect.
- Overview of basic VAS requirement
- How the centralized accounting system can work
Option 1: Localization
Option 2: producing FSs and accounting books and vouchers under VAS while using the Group’s local accounting software
Option 3: performing local accounting system along with using the Group’s accounting system
Key Learning Outcomes
- Understanding of the basic of VAS requirements;
- Possible options for a centralized accounting system.
Nguyen Thi Thuy
KPMG in Vietnam
Do Thanh Cam Nhung
KPMG in Vietnam