What accounting standards are used in Vietnam?

Vietnam uses IFRS as a basis for its own system, the Vietnamese Accounting Standards (VAS), yet there are key differences between the two.

Who developed Vietnamese accounting standards?

The Ministry of Finance of Vietnam
The Ministry of Finance of Vietnam (“MoF”), through the Accounting and Auditing Policy Department, implemented the Vietnamese Accounting Standards (“VAS”). These standards are based on International Financial Reporting Standards (“IFRS”). Batch 4, Six Standards, Decision 12/2005/QD-BTC, February 15, 2005.

What is the difference between VAS and IFRS?

In general, while IFRS is based on principles, VAS is mainly rules-based accounting. Accounting application in Vietnam normally requires detailed guidance for the implementation which increase consistency, but may also lead to mismatch between the accounting treatments to specific transactions and their substances.

What are the disclosure requirements of AS 10?

Recognition of Asset under AS 10 Property, Plant and Equipment. The cost of property and P&E should be recognized as an asset only if: (i) it is apparent that the future economic benefits related to such asset would flow to the business; and (ii) the cost of such asset could be reliably measured.

When did Vietnam adopt IFRS?

According to the implementation scheme, IFRS reporting will begin on a voluntary basis from 2022, with mandatory application after 2025.

What are accounting standards Class 11?

Accounting standards are written statements, issued from time-to-time by institutions of accounting professionals, specifying uniform rules or practices for drawing the financial statements. Objectives of Accounting Standards.

What is the scope of AS 10?

AS 10 Property, Plant and Equipment prescribe the accounting treatment for properties, P&E (Plant and Equipment) so that the users of financial statements could recognize and appreciate the information about the investment made by any enterprise in property, P&E and the also understand the changes made in such …

What are fixed assets as per AS 10?

Fixed Asset is an asset held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in the normal course of business.