IFRS roadmap adoption in Vietnam

To align with management requirements poised by the disruption economy, including integration and globalisation. the Ministry of Finance (MoF) has officially approved the final IFRS roadmap adoption in Vietnam with two programs:

• IFRS adoption for specific targets
• Vietnam Financial Reporting Standard (VFRS) issuance and adoption for all entities

Details are as followed:

The IFRS roadmap is expected to bring the overall benefits to businesses including better information transparency and comparability in financial reporting which would then translate into easily providing useful financial information to relevant stakeholders and attracting foreign capital flows. However, to realise those benefits, enterprises would need to manage well the potential negative impacts due to the following common challenges:

• The lack of resources to implement IFRS;
• The unawareness of financial impact when company moves from VAS to IFRS;
• The lack of required information to calculate the gap adjustments, leading to audit qualifications;
• The redundancy or unsuitability of internal procedures;
• Conflicted interest by different stakeholders when IFRS is implemented.

With PwC's local and regional experience in IFRS implementation, we endeavour to bring you the best support to prepare for the future of IFRS adoption.