IFRS

IFRS is a set of accounting standards which is issued by the International Accounting Standards Board (IASB) and is being applied in more than 144 countries and territories worldwide. The IFRS application brings many benefits to businesses, including: increasing accessibility to the global capital market, reducing capital costs, improving the quality of Financial Statements, enhancing the reliability and transparency of Financial Statements.

Due to the importance of IFRS application, the Ministry of Finance has proposed to apply IFRS and build a legal framework for IFRS application in Vietnam. However, the IFRS application also leaves enterprises many challenges, especially human resources with specialized knowledge of accounting and IFRS application.

Baker Tilly A&C’s auditors with professional knowledge of both VAS and IFRS, together with IFRS experts from Baker Tilly network, are always ready to give advice and clarification of complex issues arising in the application of IFRS and the conversion of the Financial Statements from VAS to IFRS for different purposes.

• Explaining the requirements of IFRSs in concern.
• Explaining the requirements for applying IFRSs to complex issues or new transactions.
• Comparing and identifying the differences between VAS and IFRSs applicable to each specific enterprise.
• Providing newsletters on the issuance and guidance on the application of new and revised IFRSs of the IASB.
• Designing the Financial Statement templates in accordance with the IFRS for each enterprise.
• Identifying and calculating adjustments to convert the Financial Statements into IFRSs.
• Reviewing and checking the reasonableness of data, and the compliance with presentation and disclosure requirements in the Financial Statements as required by IFRSs.
• Converting/Guiding the conversion of the Financial Statements from VAS into IFRSs.