Abstract
This study focused on presenting the views of members of a professional accounting group about intangible assets accounting in Vietnam. This group consisted of 44 random interviewees who were auditors, lecturers, and banking staff, among others. Based on the results of this survey, the characteristics of the professional accounting group, including occupation, educational level, and work experience, etc., were collected. The accounting regulations for intangible assets in Vietnam in accordance with the guidelines of Vietnamese Accounting Standard (VAS) No. 04 (Intangible assets and other circulars) were then analyzed. Especially, these interviewees indicated three main obstacles of intangible assets accounting through this survey. First, the skills and knowledge of accounting staff are the most current weaknesses of intangible assets accounting. Following that, the slow integration of Vietnamese accounting regulations with the international accounting system for intangible assets is a difficult point. Lastly, the limited knowledge of managers and internal governance are weak points. Hence, to improve intangible assets accounting in Vietnam, the Ministry of Finance (MOF) should organize additional training courses or workshops to train accountants and managers based on the contents of International Accounting Standard (IAS) No. 38 for intangible assets and IAS 36 for the impairment of assets. In addition, small specialized discussions among accountants, lecturers, auditors, and others in one city should be encouraged to open accounting seminars/workshops. These gatherings would be a good way to share their accounting experience with each other and improve their knowledge of accounting.
Highlights
The international economy has transformed from an industrial base to a knowledge base with an increase in the services sector.Vietnam Journal of Agricultural SciencesIntangible asset accounting in Vietnam: Perspectives of a professional accounting groupintangible assets have become more important to enterprises and their owners (Liselotth & Carolina, 2006)
This study focuses on presenting the views of a professional accounting group about intangible assets accounting in Vietnam
This study will suggest some implications to innovate intangible assets accounting in Vietnam
Summary
The international economy has transformed from an industrial base to a knowledge base with an increase in the services sector.Vietnam Journal of Agricultural SciencesIntangible asset accounting in Vietnam: Perspectives of a professional accounting groupintangible assets have become more important to enterprises and their owners (Liselotth & Carolina, 2006). The international economy has transformed from an industrial base to a knowledge base with an increase in the services sector. Intangible asset accounting in Vietnam: Perspectives of a professional accounting group. Intangible assets have become more important to enterprises and their owners (Liselotth & Carolina, 2006). The total value of intangible capital accounts for 66.7% of the market value of publicly traded corporations (Hall, 2001). Economic development comes from the production of material goods and the manipulation of intangible assets (Goldfinger, 1998). The World Bank asserted that the preponderant form of worldwide development is intangible capital. The key to business outcomes can be linked to intangible asset investment
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