Mr. Nguyen Ngoc Thanh - Deputy General Director of Baker Tilly A&C, participated in the 'Training program to improve competitiveness and access international capital through the application of international financial reporting standards IFRS'

International Financial Reporting Standards (IFRS) have been recognized in 166 countries and territories, of which 144 countries require mandatory application of IFRS to public interest enterprises. Applying IFRS helps enterprises to increase information transparency, competitiveness and access international governance practices.

On 28 July 2023, Mr. Nguyen Ngoc Thanh - Deputy General Director of Baker Tilly A&C participated in the "Training program to improve competitiveness and access to international capital through the application of international financial reporting standards IFRS" jointly organized by the Association of Small and Medium Enterprises (VINASME) and the Association of Chartered Certified Accountants (ACCA).

Mr. Nguyen Ngoc Thanh - Deputy General Director of Baker Tilly A&C participated in the program as a guest speaker.

Participating in the program as a guest speaker, Mr. Nguyen Ngoc Thanh gave a presentation with valuable and useful information for the participants from VINASME. Mr. Nguyen Ngoc Thanh's presentation focused on an overview of IFRS, including the objectives, benefits and challenges when applying IFRS; the basic differences between VAS and IFRS; the roadmap and stages of applying IFRS in Vietnam as well as the preparations needed to apply IFRS for the first time.

Mr. Nguyen Ngoc Thanh gives an overview of IFRS

Sharing with VTV Cap about the preparation work for IFRS application, Mr. Nguyen Ngoc Thanh said, “Enterprises need to have a plan for the conversion to IFRS application as soon as they have decision so that they can propose plans to change business processes, recruit personnel and financial resources for the IFRS conversion; it is necessary to establish a project team to convert to IFRS in which the project leader must be one from the management and involve the key departments in the enterprise...”

According to Mr. Nguyen Ngoc Thanh, the application of IFRS brings many benefits such as increased transparency, the ability to attract foreign investors, stronger risk management, reduced reporting time, save costs, but also has many challenges from limitations in staff capacity, recognition from management agencies and system support.

Mr. Nguyen Ngoc Thanh - Deputy General Director of Baker Tilly A&C took a photo with the speakers and the program's Organizing Committee.

The integration trend requires countries, including Vietnam, to have plans and build a roadmap for applying the IFRS. On 16 March 2020, the Ministry of Finance issued Decision No. 345/QD-BTC approving the Project on applying international financial reporting standards in Vietnam. Accordingly, the roadmap for applying IFRS in Vietnam is divided into 3 stages. This roadmap has posed many challenges, requiring businesses to prepare knowledge and skills to be ready to this application.

Over the past time, Baker Tilly A&C with its highly competent and experienced experts has made many contributions to supporting businesses in Vietnam in the process of preparing and applying IFRS through IFRS reporting conversion support services, seminars and training sessions specializing in this topic.