IFRS – International Financial Reporting Standards
Knowledge, adoption roadmap and IFRS conversion solutions for Vietnamese enterprises.
What is IFRS?
IFRS (International Financial Reporting Standards) is a set of standards issued by the IASB to unify how financial statements are prepared and presented across countries. Adopting IFRS makes financial statements transparent, reliable and comparable on a global scale.
140+
countries adopting IFRS
2025+
adoption roadmap in Vietnam
VAS → IFRS
end-to-end conversion support
Why do businesses need IFRS?
When and why enterprises should prepare to adopt IFRS.
Raising international capital
Foreign investors and lenders require IFRS-based reporting.
Multinational groups
Consolidating reports with overseas parent or subsidiaries.
Listing & M&A
Preparing for IPO, international listing or M&A transactions.
Transparency & governance
Improving financial information quality and governance.
IFRS adoption roadmap in Vietnam
Under Decision 345/QD-BTC of the Ministry of Finance.
- 2020 – 2021
Preparation phase
Building the legal framework, training resources and publishing IFRS translations.
- 2022 – 2025
Voluntary adoption
Eligible enterprises may voluntarily apply IFRS for consolidated reports.
- After 2025
Mandatory adoption
Mandatory for enterprise groups defined by the Ministry of Finance.
Differences between VAS and IFRS
Core differences to note when converting.
| Aspect | VAS | IFRS |
|---|---|---|
| Measurement basis | Mainly historical cost | Wide use of fair value |
| Asset impairment | Limited recognition | Periodic assessment & recognition |
| Disclosures | Basic level | Detailed, transparency-oriented |
| Currency of updates | Updated slowly | Continuously updated by IASB |
How IFRS Auditing supports you
We accompany you end-to-end: VAS – IFRS gap assessment, conversion planning, IFRS financial statements and team training.
Explore services- Impact assessment & conversion gap analysis
- Preparing and converting financial statements to IFRS
- IFRS training for accounting & finance teams
In-depth IFRS articles
Knowledge, analysis and the latest IFRS updates.
What is IFRS? An overview of International Financial Reporting Standards
IFRS is a set of global accounting standards that make financial statements transparent and comparable worldwide.
View all IFRS articles
Key differences between VAS and IFRS businesses should know
A comparison of the core differences between Vietnamese Accounting Standards (VAS) and IFRS.
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IFRS adoption roadmap in Vietnam
The Ministry of Finance has announced a phased roadmap for IFRS adoption by Vietnamese enterprises.
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Key IFRS standards businesses should understand
A roundup of the most common and impactful IFRS standards for financial reporting.
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IFRS 18 – Presentation and disclosure in financial statements
IFRS 18 replaces IAS 1 and changes how the statement of financial performance is presented.
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IFRS 18: What Should Businesses Prepare For?
Effective from 1 January 2027, IFRS 18 requires businesses to prepare in terms of financial reporting, data, Management-defined Performance Measures (MPMs), and internal processes.
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IFRS 9 – Understanding the Classification and Measurement of Financial Assets
Classification of financial assets, measurement at AC, FVOCI and FVTPL, and management of ECL risks under IFRS 9.
View all IFRS articlesReady to convert to IFRS?
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