Abstract
Due to the economic globalization, the international convergence of accounting standards is inevitable. But thelevel of economic globalization in among of countries are not the same. There are some differences inaccounting environment in the countries. This paper studies international convergence of Vietnamese accountingstandards. Firstly, the paper summarizes of the process of Vietnam's accounting reform, second analysisdifferences between Vietnamese accounting standards and International accounting standards. Finally, proposedstrategy convergence of Vietnamese accounting standards and International accounting standards.
Highlights
According to globalization of capital markets has a major impact on the international convergence of accounting standards
This paper studies international convergence of Vietnamese accounting standards
Since 2001 Vietnam has established Vietnamese accounting standards system based on International Accounting standards system
Summary
According to globalization of capital markets has a major impact on the international convergence of accounting standards. There have been considerable efforts to achieve international convergence of accounting by reducing cross-country differences in accounting practice. Among the efforts of international convergence of accounting standards, the International Accounting Standards Board (IASB) (Note 1) has played an important role, with aims of the development of a single set of high quality global accounting standards that’s International Financial Reporting Standards (IFRS). Approximately 117 countries around the world require or permit IFRS reporting for domestic, listed companies (Note 2). Since 2001 Vietnam has established Vietnamese accounting standards system based on International Accounting standards system. There is still difference between Vietnamese accounting standards with International accounting standards. The process of accounting reform in Vietnam entered into a new phase that is slowly converging Vietnamese accounting standards to International accounting standards and International financial reporting standards (IAS/IFRS)
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