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Why IFRS?

The Ministry of Finance decided in its Decision 345/QD - BTC the plan to adopt International Financial Reporting Standards (IFRS) in Vietnam in two phases: voluntary (now - 2025) and compulsory (from 2025 onwards). To meet this deadline, entities are expected to make adjustments in not just accounting and reporting but also in systems - processes, business and human resources in order to realise the goal of publishing their first IFRS financial statements for the year ended December 31, 2025.