IFRS is a common global financial reporting language. Major new standards for financial instruments, revenue recognition and leasing present significant challenges to preparers of financial statements. You’ll find the latest practical application guidance for IFRS reporting from the experts at Vinasc here.
More than 100 countries have adopted International Financial Reporting Standards (IFRS), either as issued by the International Accounting Standards Board or as endorsed by a particular jurisdiction. SEC rule-making suggests that U.S. capital markets will likely have made the transition to IFRS within the next few years.
Auditing services department’s Vinasc experience with technical know-how in audits of IFRS-based financial statements. We can also help clients convert to or from U.S. GAAP and IFRS.
A comparison of IFRS and Vietnamese GAAP
As a global accounting language, IFRS helps to enable cross-border financial transactions at lower costs and greater transparency. When Vietnam is integrating more into the regional economy, there is an increasing need for both Vietnam as a country, and each Vietnamese enterprise to be familiar with IFRS and plan ahead for IFRS adoption in the near future.
Getting through the conversion process and initial IFRS reporting period is a great challenge. Companies converting to new accounting standards tend to underestimate what is involved, particularly in terms of time and resources.
Conversion to IFRS is much more than a technical accounting issue. IFRS may significantly affect the way in which a company’s day-to-day operations are handled or even impact the reported profitability of the business itself. Companies that have benefited most from the transition are those that have looked at this as a chance to make improvements to their systems and processes and have used it as a focus for more efficient, timely and meaningful internal and external financial information.
IFRS reporting services include the following
- Assisting management with selecting IFRS accounting policy alternatives such as voluntary exemptions provided by IFRS 1, First-time Adoption of International Financial Reporting
- Standards, including the implications of selecting such alternatives
- Identifying client-specific differences between U.S. GAAP and IFRS
- Identifying information requirements for converting to or from U.S. GAAP and IFRS
- Determining adjustments necessary to align financial reporting with the appropriate basis of accounting
- Preparing financial statements and disclosures to meet requirements
- Assisting with accounting systems and internal controls design and implementation
- Assisting with stakeholder communications
- Also, providing targeted training for accounting personnel
Finally, if you are interested in Vinasc’s audit and assurance services in Vietnam, please contact us. As a result, we will send a letter of quotation for your consideration.