Perceptions Towards International Financial Reporting Standards (IFRS): The Case of Vietnam

Duc Hong Thi Phan · Bruno Mascitelli · Meropy Barut

15 citations0/0 files storedGlobal Review of Accounting and Finance

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting Education and Careers

Abstract

The perception of Vietnamese accountants regarding the advantages, disadvantages, potential costs and challenges of IFRS adoption in Vietnam will play a major role in its adaptation. Recently, the Ministry of Finance of Vietnam (MoF) announced its intention to revise the existing Vietnamese accounting standards (VAS) to align with the current IFRS. The MoF has not yet determined whether to adopt fully IFRS, converge or keep VAS as they are. This study examines the perceptions, concerns fears and expectations of the Vietnamese accounting community and, in turn, assists the Vietnamese accounting standard setters in making favourable accounting decisions affecting accounting practices. An aggregate of 3,000 questionnaires was sent to 3,000 Certified Public Accountants, Chief Financial Officers/Chief Accountants and accounting academics in Vietnam internally in 2012. The study reveals that the Vietnamese accounting professionals are optimistic about potential benefits from IFRS adoption, indicate expected costs and challenges in implementing IFRS and suggest strong support for a gradual switch from VAS to IFRS, though the level of support varies amongst the three different groups of accountants.

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References

2007Designing and Conducting Mixed Methods Research 2007Accounting Information, Disclosure, and the Cost of Capital 2001Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature 2004The Economic Implications of Corporate Financial Reporting 2011The Benefits of Financial Statement Comparability 2007IFRS Adoption and Accounting Quality: A Review 2005International Accounting Standards and Accounting Quality 2008Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption

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