A comparison of IFRS and Vietnamese GAAP
PwC Legal Vietnam
15th January 2021
International Financial Reporting Standards (IFRS) represent the most significant shift in financial reporting and the biggest accounting change in a generation. IFRS has become the most common accounting language globally. A statistic by IFRS.org indicates that by April 2018, for 166 jurisdictions under the survey, 144 jurisdictions (87%) required the use of IFRS. The majority of the remaining 22 jurisdictions either permit the use or are in the process of adopting IFRS. Only seven jurisdictions including Vietnam are still using national standards. As Vietnam integrates more into the regional economics, there is an increasing need for both Vietnam as a country, and each Vietnamese enterprise to be familiar with IFRS and plan ahead for IFRS adoption in the near future.
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PwC Legal Vietnam
Vietnam
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