| Summary: | 碩士 === 義守大學 === 管理學院管理碩士班 === 99 === Globalization is an objective trend which creates not only opportunities but also great challenges for any country. In the field of accounting, most countries in the world are moving towards International Financial Reporting Standards (IFRSs). As one of the global players, Vietnam’s goal is to complete the integration in the field of accounting and auditing before 2020. However, a formal date for full adoption of IFRSs has not yet been established in Vietnam (FRSGlobal, 2008). Therefore, this study is designed to investigate the implications of applying IFRSs for Vietnam.
First, this paper provides insight into the information related to IFRSs and the trend of adopting IFRSs around the world. Next, it analyzes the actual status of Vietnam Accounting Standards (VASs) and provides a macro-comparison between two systems. Moreover, it discovers how other countries such as China and Malaysia have been successful in taking advantage of the convergence of IFRSs and what Vietnam can learn from their experiences.
Last but not least, a survey was conducted to identify available solutions for Vietnam in applying IFRSs smoothly. A total of 148 respondents in Vietnam including 80 lecturers from 14 universities, 62 accountants, 4 auditors and 2 financial officers willingly took part in the study. The results of the questionnaire indicate that: (1) the information on IFRSs in Vietnam right now is not really adequate and is not diversified enough, (2) a large percent of respondents believe and tend to agree with the benefits of applying IFRSs, only one small doubt refers to the change in accounting and reporting under IFRSs, including better comparability with other businesses, lower cost of capital, and reduce reporting transform cost, (3) the lack of knowledge and the complexity of IFRSs as well as the training of accounting staffs are important challenges in applying IFRSs, and (4) interestingly a large majority of respondents believe that convergence IFRSs is consistent with the conditions of Vietnam and the best time to introduce convergence to IFRSs is the period 2015 to 2016.
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