26 Vietnamese Accounting Standards issued between 2001 and 2005 make up the framework of accounting practice in Vietnam.
These Vietnamese Accounting Standards (“VAS”) were primarily based on the old versions of the respective International Accounting Standards (“IAS”) to accommodate specific characteristics of Vietnam economics and local enterprises situation.
Meanwhile, IFRS is rapidly advancing and preferred as standards globally by a number of investment markets. Now more than 160 countries and territories around the world are adopting IFRS.
This shift to IFRS will have a significant impact on Vietnam's accounting practice and promote deeper integration of the Vietnamese financial market into regional and global financial markets.
Read more about the difference between IFRS and VAS below.