The accounting standards will be based on International Accounting Standards (IASs) approved by the International Accounting Standards Committee, and the auditing standards will be based International Standards on Auditing (ISAs) approved by the International Auditing Practices Committee of the International Federation of Accountants (IFAC). The standards will be applicable to all enterprises and auditing firms operating in Vietnam.

The Vietnamese Standards on Accounting and Auditing Committee of the MOF has completed reviewing the first four drafted accounting standards, covering inventory, tangible assets, intangible assets, and revenue. Comments obtained from the members of the Committee are currently being considered. It is envisaged that these accounting standards will be finalised in the second quarter of 2001.