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International Accounting Standards/International Financial Reporting Standards versus Vietnamese Accounting Standards
Dinh, Thuy (2014)
Dinh, Thuy
Lahden ammattikorkeakoulu
2014
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2014112917474
https://urn.fi/URN:NBN:fi:amk-2014112917474
Tiivistelmä
International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) have increasingly achieved global acceptance in recent years. In the face of globalisation process, it is critical for Vietnam to direct its current accounting system in order to improve its competitiveness regarding financial services and capital markets on the globally coordinated market.
This thesis aims at comparing IAS/IFRS and Vietnamese Accounting Standards (VAS) in terms of accounting standards and qualitative characteristics between five Finnish entities’ and five Vietnamese firms’ financial statements. As Vietnam has been reluctant to adopt IAS/IFRS, advantages, disadvantages and challenges of its adoption are explored based on previous studies and survey’s outcomes.
Inductive, qualitative and quantitative research methods are combined and utilised to conduct the research. Across the thesis, primary data are obtained from the author’s observations, survey results and an in-depth interview. In addition, secondary data are collected from books, accounting journals, articles, government publications, reliable newspapers and companies’ websites.
Comparison reveals the main differences between IAS/IFRS and VAS regarding seven accounting standards. Also, in terms of qualitative characteristics, Vietnamese financial statements do not fully meet the criteria of relevance, faithfulness, comparability, timeliness and understandability, which are five out of six IAS/IFRS’ characteristics. This finding alludes that such financial statements are not highly useful. Next, the author finds that there are various advantages in the adoption, especially higher accounting quality. Some disadvantages discovered are expected to be addressed in short term. Several challenges are inevitable, specifically staff training. However, based on the survey result, the majority of respondents think that the advantages might exceed the disadvantages; leading to their support for IAS/IFRS adoption within the next five years. This support could give Vietnamese government an optimistic picture regarding the forthcoming adoption; however, this progress should be slow but sure.
This thesis aims at comparing IAS/IFRS and Vietnamese Accounting Standards (VAS) in terms of accounting standards and qualitative characteristics between five Finnish entities’ and five Vietnamese firms’ financial statements. As Vietnam has been reluctant to adopt IAS/IFRS, advantages, disadvantages and challenges of its adoption are explored based on previous studies and survey’s outcomes.
Inductive, qualitative and quantitative research methods are combined and utilised to conduct the research. Across the thesis, primary data are obtained from the author’s observations, survey results and an in-depth interview. In addition, secondary data are collected from books, accounting journals, articles, government publications, reliable newspapers and companies’ websites.
Comparison reveals the main differences between IAS/IFRS and VAS regarding seven accounting standards. Also, in terms of qualitative characteristics, Vietnamese financial statements do not fully meet the criteria of relevance, faithfulness, comparability, timeliness and understandability, which are five out of six IAS/IFRS’ characteristics. This finding alludes that such financial statements are not highly useful. Next, the author finds that there are various advantages in the adoption, especially higher accounting quality. Some disadvantages discovered are expected to be addressed in short term. Several challenges are inevitable, specifically staff training. However, based on the survey result, the majority of respondents think that the advantages might exceed the disadvantages; leading to their support for IAS/IFRS adoption within the next five years. This support could give Vietnamese government an optimistic picture regarding the forthcoming adoption; however, this progress should be slow but sure.