On May 28, 2020, the Department of Management Accounting - Faculty of Accounting and Auditing held a seminar with the topic "The impact of the application of international accounting standards in the presentation of information on the financial statements". finance to outlines and lectures of accounting subjects”
First, MSc. Nguyen Phuong Mai presented the contents related to the application of international standards in countries. Accordingly, there are 98 countries that are required to apply the entire IAS/IFRS; 9 countries make IAS/IFRS mandatory for some businesses; 25 countries require the application of IAS/IFRS; 22 countries do not require the application of IAS/IFRS; 21 countries do not have a stock market. In Vietnam, the Ministry of Finance issued Decision 345/TT-BTC dated March 16, 2020 approving the project to apply International Financial Reporting Standards in Vietnam. Accordingly, businesses with the need, ability and sufficient resources to apply IFRS will be required to apply from 2025; Other enterprises of all fields and economic sectors will apply the compulsory Vietnamese Financial Reporting Standards (VFRS) from 2025.
The seminar had some ideas on the influence of the application of international accounting standards on the outline and lectures of accounting subjects. Accordingly, Vietnam has just promulgated 26 Vietnamese Accounting Standards (VAS), which still have many limitations, differences and lacks compared with international practices such as standards related to groups of financial instruments, price fair value, provision for future losses, recognition of impairment, disclosure in the financial statements (other comprehensive income statement, statement of changes in equity owners,...) ... leading to difficulties in the accounting work of the enterprise. The application of IFRS/VFRS will lead to some changes in the approach and content of teaching accounting subjects such as Banking Accounting 1, Banking Accounting 2, ... Therefore, according to the application roadmap, change the teaching content of some professional chapters to suit the relevant regulations when issued (IFRS: until November 15, 2021; VFRS: before November 15, 2024): accounting for credit operations, accounting for investment and securities trading, accounting for financial derivatives, tax accounting in banks, ...
The talk ended at 11:00 on the same day!
Some pictures of the talk.
