Growing scale of FDI as well as numbers of companies and organizations in Vietnam are adopting International Financial Reporting Standards (IFRS). The benefits of IFRS include enhanced comparability and improved transparency of financial reporting. IFRS financial statements are generally accepted by users in a large number of countries around the world. These are an absolute requirement to gain access to the international capital market.
Vinasc has been assisting clients both in Vietnam and internationally implement and interpret these standards.
Overview about ifrs
Most emerging economies adopting IFRS Standards see a reduction in their cost of capital. IFRS Standards provide companies with a passport to gain access to almost every capital market in the world, including those in Europe and the United States; and when a company adopts IFRS Standards, it is making a public commitment to the highest standards of financial information and investor protection.
However, the introduction and implementation of major new standards brings with it its own set of challenges. Companies converting to new accounting standards tend to underestimate what is involve, particularly in terms of time and resources.
Vinasc is commit to working with you to provide practical application guidance in implementing these standards. Our continued conversations with regulators and industry experts allow us to bring. the right insight and experience to help you stay up-to-date with the changes.
How Vinasc’s Auditing services can help
Vinasc is working with organizations around the world to help them deal with complex questions arising from the adoption of IFRS, such as:
- How will IFRS affect report business performance and how will the consequences of this change be communicate effectively, both internally and to the external market.
- What are the potential benefits of adopting IFRS, and how can they realize.
- What experience and resources will be required for a successful IFRS conversion.
- How should organizations manage the conversion to IFRS?
- Vinasc is helping organizations adopt IFRS, providing practical support to smooth the transition.
Finally, if you are interested in Vinasc’s Auditing Services in Vietnam, please contact us. We will send a letter of quotation for your consideration.