General knowledge about IFRS will be mentioned in the following article of MISA meInvoice. Please read it to understand the important notes when applying IFRS conversion for businesses.
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1. Overview of IFRS financial reporting standards
1.1. What is IFRS?
1.2. List of current IFRS international financial reporting standards
1.3. How is the international financial reporting standard IFRS different from IAS?
2. Benefits of applying IFRS in Vietnam
3. Reasons for converting from IAS to IFRS
The IAS cost principle is no longer relevant.
The conversion between national standards and IAS is fraught with difficulties.
IFRS is an effort to move from kuwait telegram data harmony to convergence.
4. Roadmap for conversion from VAS to IFRS
Preparation phase (2020-2021):
Phase 1: Voluntary implementation (2022 to 2025):
Phase 2: Mandatory after 2025
5. Challenges in applying IFRS in Vietnam
6. Should IFRS standards be applied to businesses?
1. Overview of IFRS financial reporting standards
1.1. What is IFRS?
IFRS stands for “International Financial we experienced the inauguration Reporting Standards”: A set of standards & rules designed, developed, and issued by a non-profit organization called the International Accounting Standards Board (IASB).
With the aim of creating a global accounting framework. Thereby helping the financial statements (fs) of companies and.organizations around the world become. Transparent brazil data and unified, while helping accountants. Auditors and investors around the world compare .and better understand the financial situation of enterprises. The special point is that ifrs mainly. Focuses on general guidance and. Interpretation on how to prepare fs rather than establishing industry-specific reporting rules.
IFRS is being widely applied in over 140 countries and territories, including Vietnam.
1.2. List of current IFRS international financial reporting standards
IFRS or international financial reporting standards include a series of standards as well as detailed instructions on how to report financial amounts from a business, specifically:
STT Standard English Name Summary of content
1 IFRS 1 First-time Adoption of International Financial Reporting Standards Requires preparation of a complete set of financial statements for the first and previous IFRS reporting periods.
2 IFRS 2 Share-based Payment Requires stock payments to be recognized in the financial statements.
3 IFRS 3 Business Combinations Establishes principles and requirements for how an acquirer conducts a business combination.