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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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  • Why apply IFRS in Vietnam and why should businesses care about IFRS?

Why apply IFRS in Vietnam and why should businesses care about IFRS?

Category
  • Vietnam's economy is increasingly integrating with the world economy
  • Prepare financial statements according to IFRS reflecting the fair value of the enterprise
  • IFRS has many guidelines that VAS and related regulations do not have
  • Vietnamese standards will change in the direction of international integration
  • Why apply IFRS because IFRS is the universal mainstream language
  • Why apply IFRS: for the consolidation of financial statements in the parent company
  • Helps to enhance comparability and transparency of financial statements
  • Increase the competitiveness of the business

Applying International Financial Reporting Standards (IFRS) in financial statements is becoming more and more popular on a global scale and Vietnam cannot stand aside. Currently, Vietnam is entering the period of world economic integration and the application of IFRS has become urgent. That is the first answer to the question why should IFRS be applied in Vietnam.

Here are some reasons why Vietnam needs to apply International Financial Reporting Standards.

Vietnam's economy is increasingly integrating with the world economy #

The application of IFRS is not only limited to subsidiaries of multinational corporations in Vietnam, but also begins to affect companies in Vietnam. In the current period of strong globalization, through the application of IFRS, the Vietnamese economy in general and Vietnamese enterprises in particular will benefit from economic integration, such as access to capital, maintain competitiveness and develop in a sustainable way, develop accounting and auditing staff, etc.

The use of financial statements with a consistent, comparable method of preparation and presentation enhances the position of Vietnamese enterprises.

Prepare financial statements according to IFRS reflecting the fair value of the enterprise #

Vietnamese companies are still applying Vietnamese Accounting Standards (VAS). But understanding IFRS helps business owners have a better view of the value of their businesses, especially in the cases of mergers and acquisitions, new shareholders, investors, etc. Along with the increase of For foreign investors, as well as for the purpose of calling for investment capital, enterprises need to have a complete, transparent, accurate and reliable IFRS financial statement.

This helps markets improve their ability to attract foreign investment flows, and helps the economy significantly reduce the cost of issuing stocks and bonds to raise capital, due to the high credit rating.

IFRS has many guidelines that VAS and related regulations do not have #

Currently, many international reporting standards do not have an equivalent VAS standard. Examples are IAS 19: Regulations on accounting and presentation of employee benefits including short-term, long-term benefits, severance pay; IFRS 13: Measuring fair value;…

By adopting IFRS, businesses have more opportunities to access appropriate guidelines. Thereby, the preparation and presentation of financial statements are more accurate, clear and transparent.

Vietnamese standards will change in the direction of international integration #

To keep up with the pace of the world economy and the roadmap to apply IFRS, Vietnam will make changes to Vietnamese Accounting Standards. Whereby, the application of IFRS will help Vietnam stay on track with Vietnam 2035 vision, ASEAN policies as well as keep up with the development momentum of other successful economies in the region and the world.

Why apply IFRS because IFRS is the universal mainstream language #

Understanding IFRS helps businesses have useful information about other businesses in the same industry, with similar levels of activity in other countries. IFRS (International Financial Reporting Standards) known as International Financial Reporting Standards, whose goal is to set general rules so that financial reporting can be 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. 

That's why, why applying IFRS in Vietnam seems to be an obvious story to do, in order to have a common voice in economic integration.

Why apply IFRS: for the consolidation of financial statements in the parent company #

Particularly for foreign direct investment (FDI) enterprises whose parent company uses IFRS, the application of IFRS is a mandatory requirement to serve the consolidation of financial statements in the parent company. Subsidiaries applying IFRS will save time in converting reports to IFRS, as well as having the reports presented in a uniform way to help the parent company quickly grasp the business situation of the subsidiary. 

Helps to enhance comparability and transparency of financial statements #

The fact that the financial statements are prepared and presented on the same standards makes the financial statements indistinguishable, comparable and reliable. Relevant, comparable financial statements that faithfully reflect an organization's financial position are what investors are looking for in making their investment decisions. IFRS helps to ensure global consistency of financial reporting standards applicable to organizations across different jurisdictions, different countries in financial measurement, disclosure and transparency

Increase the competitiveness of the business #

With the use of global accounting standards, it will create global activities, which will increase fair competition and increase investor confidence in the market. Financial statements also provide comprehensive, correct and timely information and thus businesses can be compared with competitors, thereby knowing strengths and weaknesses compared to competitors, at which time enterprises will strengthen their advantages and overcome their weaknesses to be more complete and competitive.

With many advantages when applying IFRS as above, surely we understand why to apply IFRS in Vietnam. In fact, Vietnam has been taking positive steps to be ready for the widespread application of IFRS. However, implementing IFRS is not a simple and very important issue, so Vietnam needs the advice and support of the IASB and experts of international professional organizations and take appropriate transitional steps. appropriate when applicable.

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Updated on September 27, 2021
Difference between VAS and IAS/IFRSConverting financial statements from VAS to IFRS: detailed steps

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Category
  • Vietnam's economy is increasingly integrating with the world economy
  • Prepare financial statements according to IFRS reflecting the fair value of the enterprise
  • IFRS has many guidelines that VAS and related regulations do not have
  • Vietnamese standards will change in the direction of international integration
  • Why apply IFRS because IFRS is the universal mainstream language
  • Why apply IFRS: for the consolidation of financial statements in the parent company
  • Helps to enhance comparability and transparency of financial statements
  • Increase the competitiveness of the business
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