IFRS adoption at enterprises
Frequently Asked Questions
Decision No. 345/QD-BTC (“Decision No. 345”) dated 16 March 2020 regarding “The scheme for application of financial reporting standards in Vietnam” of the Ministry of Finance (“MOF”) laid the foundation for the application of International Financial Reporting Standards (“IFRS”) in Vietnam.
This is a gold opportunity for businesses to transform ahead of the future waves. IFRS will help enhance the transparency of financial information of the enterprises, opening the door to access international markets as well as enhancing the competitiveness and attractiveness of businesses to foreign investors.
Alongside opportunities, businesses will also face challenges in their transition to prepare the financial statement complying with IFRS. Understanding the concerns, Deloitte Vietnam has compiled and answered some of the most commonly asked questions regarding the implementation of IFRS.
