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WAREHOUSE OF ENTERPRISE MANAGEMENT KNOWLEDGE

Specialized content, carefully edited, compiled and updated by the Expertis Committee

Auditing knowledge for directors

  • Banks provide information to tax authorities: Do businesses need to worry?
  • Transfer pricing: Vietnamese enterprises are careful to collect tax arrears
  • Some new points Decree 102/2021/ND-CP on administrative sanctions in the field of accounting and auditing
  • How do tax regulations affect the presentation of financial statements?
  • What information do investors want to read from financial statements?
  • What is the difference between Compliance Audit and Internal Audit?
  • Why compliance audit? What benefits do businesses get from this?
  • Accounting for expenses incurred due to the impact of the Covid 19 epidemic
  • Converting financial statements from VAS to IFRS: detailed steps
  • Why apply IFRS in Vietnam and why should businesses care about IFRS?
  • Difference between VAS and IAS/IFRS
  • Where can I find the easiest and most accurate IFRS standards to download?
  • IFRS history: the process of formation, recognition and development
  • What is IFRS? What is the importance of IFRS today?
  • What are the benefits of auditing financial statements for businesses?
  • When did the audit start?
  • Auditing financial statements: what businesses need to know
  • Places to submit audited financial statements at the end of the year
  • Things to know about audit contracts
  • What is a financial statement and what is inside it?
  • Applying to convert financial statements from VAS to IFRS in Vietnam
  • Tax authorities and the fight against profiteering from value added tax (VAT)
  • Guidelines for the mechanism of prior agreement on tax calculation method (APA)
  • Affiliate transactions (transfer pricing) – Part 3: Classification of associated transactions and the principle that the substance determines the form
  • Internal audit helps relieve accounting pressure
  • Notes to the Board of Directors when preparing the Financial Statements
  • How artificial intelligence is changing the global economy
  • The importance of auditors
  • Vietnam economic forecast 2021
  • Financial planning for business
  • Witnessing inventory - Auditing method out of documents
  • COVID-19: Programs to assist businesses in responding to pandemic
  • Is financial reporting for tax purposes only?
  • How to optimize efficiency from using Annual Financial Statement Auditing Services
  • COVID-19: How do leaders maintain business continuity
  • Small and medium enterprises (SMEs) and continuity of activity during COVID-19
  • Business subjects often forget to audit their financial statements
  • Inventory of assets at the end of the fiscal year, the things that businesses should note
  • Use digital signature (electronic signature) to sign audit reports, why not?
  • COVID-19: Several solutions to improve cash flow management efficiency
  • Sample internal audit regulations applicable to firms
  • Reasonable and valid expenses are deductible when the enterprise makes tax finalization
  • Building processes, problems from letting go of management
  • Tax policy: a constant worry of foreign investors
  • Auditing Financial Statements: Enterprises "must" or "should" audit?
  • The role of audit compliance with the accounting financial system
  • Conclusion of audit contract: The time required to perform

Legal provisions on auditing

  • Decree 102/2021/ND-CP on penalties for administrative violations in the fields of taxation, invoices, accounting and auditing
  • Sanctions for administrative violations on accounting and auditing
  • Decree 84/2016 / ND-CP on auditing for units with public interest
  • Independent auditing law
  • Decree 165 / 2018 / ND-CP on electronic transactions in financial activities
  • Decree 41/2018/ND-CP on penalties for administrative violations in the field of accounting and auditing
  • Regulations on Consolidation of legal documents and how to use Consolidated documents

Audit standards

  • Professional ethical standards of accounting and auditing, issued together with Circular 70/2015 / TT-BTC
  • Vietnamese framework on guarantee service contracts, issued together with Circular 69/2015 / TT-BTC
  • Standard No. 4410 on financial information synthesis service, issued together with Circular 68/2015 / TT-BTC
  • Standard No. 4400 on Contracts for Implementation of Pre-Agreed Procedures for Information, issued together with Circular 68/2015 / TT-BTC
  • Standard No. 1000 on audit of settlement reports for completed projects, issued together with Circular 67/2015 / TT-BTC
  • Standard No. 3420 on service contracts to ensure the BC synthesizes TC information according to the convention in the prospectus, issued together with the Circular 66/2015 / TT-BTC
  • Standard No. 3400 on checking future financial information, issued together with Circular 66/2015 / TT-BTC
  • Standard No. 3000 on service contracts to ensure outside service auditing and reviewing TC information in the past, issued together with Circular 66/2015 / TT-BTC
  • Standard No. 2410 on reviewing interim TC information implemented by independent auditor of the unit, issued together with Circular 65/2015 / TT-BTC
  • Standard No. 2400 on reviewing past financial statements, issued together with Circular 65/2015 / TT-BTC
  • Quality control standard No. 1 on quality control enterprises performing auditing, reviewing financial statements, assurance services and other related services, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 810 on reporting services on summary financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 805 on notes when auditing individual financial statements and when auditing specific elements, accounts or items of the financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 800 on notes when auditing financial statements is prepared in accordance with the framework of preparing and presenting financial statements for special purposes, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 720 on other information in documents containing audited financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 710 on Comparative Information - Corresponding data and comparative financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 530 on audit sampling issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 550 on related parties issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 540 on auditing accounting estimates issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 706 on the paragraph "Matters to emphasize" and "Other issues" in the financial statements of financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 520 on analytical procedures issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 510 on the first year audit - Opening balance issued together with Circular No. 214/2012 / TT-BTC
  • Auditing Standard No. 505 on external confirmation issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 501 on audit evidence for special items and events issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 705 on the audit opinion is not a fully accepted opinion, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 500 on audit evidence attached to Circular 214/2012 / TT-BTC
  • Auditing Standard No. 450 on assessing errors detected during the audit process issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 402 on factors to consider when auditing an entity using external services, issued with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 700 on the formation of audit opinions and audit reports on financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 620 on the use of experts' work, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 610 on the use of work by internal auditors, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 600 on notes when auditing the Group's financial statements (including the work of member auditors), issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 580 on written explanations, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 570 on continuous operations, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 560 on events arising after the balance sheet date, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 330 on the auditor's handling of assessed risks, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 320 on materiality in audit planning and implementation, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 315 on identifying and assessing risks of material misstatement issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 300 on planning to audit financial statements issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 265 Communicating deficiencies in internal control with those charged with governance and management of the entity audited in conjunction with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 260 on communicating issues with management of entities audited, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 250 on Review of compliance with laws and regulations in auditing financial statements issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 240 on the auditor's responsibilities related to fraud in the auditing of financial statements, issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 230 on audit documents and records issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 220 on quality control auditing financial statements issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 210 on audit contracts issued together with Circular 214/2012 / TT-BTC
  • Auditing Standard No. 200 on the overall goals of auditors and auditors issued together with Circular 214/2012 / TT-BTC

Line of audit updates

  • Data sharing between Social Insurance (SI) and Tax Authority: What are businesses concerned about?
  • Transfer pricing: Vietnamese enterprises are careful to collect tax arrears
  • How do tax regulations affect the presentation of financial statements?
  • What information do investors want to read from financial statements?
  • Accounting for expenses incurred due to the impact of the Covid 19 epidemic
  • Applying to convert financial statements from VAS to IFRS in Vietnam
  • Affiliate transactions (transfer pricing) – Part 3: Classification of associated transactions and the principle that the substance determines the form
  • Home
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  • What is IFRS? What is the importance of IFRS today?

What is IFRS? What is the importance of IFRS today?

Category
  • What is IFRS?
  • International Accounting Standards Board (IASB)
  • Why is there a transition from IAS to IFRS?
    • The original price principle is no longer relevant in the current context
    • Inadequacies in conversion between accounting standards of each country and IAS
    • IFRS is an attempt to change from harmony to convergence
    • The importance of IFRS in the current context

The most used language in communication today is English. When using this language, people can easily access many different types of knowledge, and easily exchange between people from different countries. For finance, IFRS is the common language used by businesses, financiers and accountants in one country to read and understand the financial statements of other countries when "exchanging" with each other.

What is IFRS? #

IFRS (International Financial Reporting Standards) known as International Financial Reporting Standards including accounting standards issued by International Accounting Standards Council (International Accounting Standards Board - IASB) with the goal of setting general rules for possible financial reporting unified, transparent , and comparable all around the world. Creating a global accounting language makes financial statements no longer distinguishable between countries and territories, becoming transparent, unified, reliable for analysis and reference.

IFRS defines how companies maintain and report their accounts, identifying other types of transactions and events that have a financial impact. The International Financial Reporting Standards (IFRS) were established to create a common accounting language, so that businesses and their financial statements can be consistent and reliable from company to company. another, country to country.

International Accounting Standards Board (IASB) #

The International Accounting Standards Board (IASB) consists of a group of independent experts from many fields such as experts with experience in the field of accounting standards development, audit experts, accounting training specialists and experts in the preparation and practice of financial statements. In addition, according to the provisions of the IFRS Foundation Constitution, experts must also come from different geographical regions.

Committee members are responsible for developing and publishing IFRS Standards including the IFRS Standards for Small and Medium Enterprises. The Committee is also responsible for approving the IFRS Guidelines developed by the International Financial Reporting Standards Interpretation Committee (IFRIC). The members of the Committee are appointed by the Trustees of the Foundation through open and rigorous recruitment programs.

Why is there a transition from IAS to IFRS? #

There used to be International Accounting Standards (IAS) but why is there a transition to IFRS. There are three possible explanations for this:

The original price principle is no longer relevant in the current context #

IAS is mainly based on the original price principle. Meanwhile, IFRS leans towards the principle of fair value.

Currently, financial instruments, especially derivatives, information technology change every second, and investment in value-added fields, etc. is increasing day by day. This leads to the difference between the original price and the actual value of assets and liabilities. Therefore, the original price principle is no longer relevant in the current context and economy.

Although the IAS also has fair value principles in some standards. But, these are considered to be not enough, do not solve many problems, difficult to think and synchronize.

Therefore, International Financial Reporting Standards (IFRS) were born as a necessity to help accurately represent the fair value of assets and liabilities.

Inadequacies in conversion between accounting standards of each country and IAS #

Previously, despite having IAS, countries had their own accounting standards that needed to be followed. This creates a significant inadequacy for companies operating in many countries. Even the case of a company incorporated in one country but listed on a stock exchange in another country is an impediment to the evaluation of the information presented and the consolidation of the reports.

Therefore, moving to a common standard like IFRS is absolutely necessary to save society's resources and help increase information transparency.

IFRS is an attempt to change from harmony to convergence #

In the past, people working in the Accounting - Auditing - Finance - Tax industry will often talk about how to make accounting standards of one country can be harmonized with other countries. This means that standards are much different and we are moving towards reconciliation.

Meanwhile, IFRS was born as an effort to help countries' accounting standards get closer to each other. And in the future, accounting standards may meet, converging at a point.

In a nutshell, IFRS is understood as accounting standards in the preparation of financial statements that are commonly used by many countries around the world to remove barriers to differences in previous accounting standards, supporting transparency. , reliable for businesses. And IFRS has a great importance in the integration period like today.

The importance of IFRS in the current context #

International Financial Reporting Standards – IFRS is of great importance in a period of deep economic integration and development.

  • Create a common accounting language and an international framework to prepare and present financial statements in a consistent and reliable way around the world;
  • Helping all businesses, organizations, investors, auditors and accountants in the world to understand, use and have an overview of corporate and organizational finance;
  • Helps to reflect the values ​​of organizations and businesses more reasonably than each country's own accounting standards such as Vietnam's Vietnamese Accounting Standards (VAS) and old international accounting standards such as IAS ( 1973 – 2000);
  • Save the cost of converting financial statements for companies and businesses with branches in many countries. By following IFRS standards, organizations and businesses can simplify accounting procedures in a common language.
  • There are many countries in the world that have begun to mandate or plan to move to IFRS international standards. In 2016, more than 100 countries requested or authorized the use of International Financial Reporting Standards (IFRS). As of April 4, according to IFRS.org, up to 2018/144 surveyed countries (accounting for 166%) have mandated the use of international accounting standards IFRS. Most of the remaining 87 countries are either on track to implement or have already approved IFRS.
  • Currently, Vietnam has started translating IFRS from 2020 and published the translation from 2021. Application period IFRS voluntary from 2020 to 2025 and from 2025 to apply IFRS in Vietnam based on the orientation of the Ministry of Finance.

Before this importance, thinking about IFRS only needs to be mastered and known if working in multinational companies, now IFRS can be applied in many different business objects. Thereby, professionals in the field of Accounting - Auditing - Finance - Tax in Vietnam need to understand what IFRS means to catch up with the trend of converting from Vietnamese Accounting Standards (VAS) to IFRS according to the Ministry of Finance.

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Updated on September 27, 2021
What are the benefits of auditing financial statements for businesses?IFRS history: the process of formation, recognition and development

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Category
  • What is IFRS?
  • International Accounting Standards Board (IASB)
  • Why is there a transition from IAS to IFRS?
    • The original price principle is no longer relevant in the current context
    • Inadequacies in conversion between accounting standards of each country and IAS
    • IFRS is an attempt to change from harmony to convergence
    • The importance of IFRS in the current context
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