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.
IFRS 18 – Presentation and disclosure in financial statements
IFRS 18 replaces IAS 1 and changes how the statement of financial performance is presented.
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.
View all IFRS articles
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
IFRS adoption roadmap in Vietnam
The Ministry of Finance has announced a phased roadmap for IFRS adoption by Vietnamese enterprises.
View all IFRS articles
Key IFRS standards businesses should understand
A roundup of the most common and impactful IFRS standards for financial reporting.
View all IFRS articlesReady to convert to IFRS?
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