KASB supports IFRS adoption in Vietnam
09 Feb 2018
On 31 January, the Chair of the Korea Accounting Standards Board (KASB) updated the IFRS Foundation Trustees on progress made on IFRS adoption in Vietnam under a programme sponsored by the Asian-Oceanian Standard-Setters Group (AOSSG).
All domestic companies in Vietnam, listed and unlisted, are currently required to use the Vietnamese Accounting Standards (VASs), which have been developed by the Vietnamese Ministry of Finance. Generally, the VASs were based on IASs that were issued up through 2003, though some modifications were made to reflect local accounting regulations and environment. None of the IASB's amendments to IASs nor new IFRSs have been adopted.
Under the adoption programme sponsored by the AOSSG, the KASB is in regular exchange with the Vietnamese Ministry of Finance to encourage and help with full adoption of IFRSs.
Please click to access the press release on the KASB website.