A Guide Through The Changing Financial Reporting Framework

As cross-border commercial activities gain momentum and Vietnam establishes itself as an attractive FDI destination, the adoption of consistent International Financial Reporting Standards (IFRS) across multiple jurisdictions, including Vietnam, has become essential for unlocking growth and innovation. KPMG's comprehensive IFRS conversion services offer all the support needed to facilitate a smooth transition to the relevant GAAP, providing valuable insights and access to thought leadership on the evolving global financial reporting landscape for Board and Audit Committee members, executives, management, stakeholders, and government representatives.

What are the differences between VAS and IFRS?

In a landmark move towards aligning Vietnam's financial reporting practices with international standards, the Ministry of Finance, on March 16, 2020, formally approved the "Application of Financial Reporting Standards in Vietnam" project. This groundbreaking initiative aims to implement IFRS and the new Vietnamese Financial Reporting Standards (VFRS) commencing in 2025.

Accordingly, businesses operating in Vietnam must grasp the fundamental distinctions between IFRS and VAS to facilitate a seamless transition and ensure compliance with the upcoming regulatory shifts in the coming years.

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Differences between Vietnamese GAAP & IFRS

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Lam Thi Ngoc Hao

Business Transformation & IFRS Conversion Consulting
KPMG in Vietnam

E hnlam@kpmg.com.vn

Pham Thi Hoang Anh

Audit Services & IFRS Conversion Consulting
KPMG in Vietnam

E apham3@kpmg.com.vn

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