VGU RESEARCH REPOSITORY
Please use this identifier to cite or link to this item:
https://epub.vgu.edu.vn/handle/dlibvgu/1242
Title: | Adoption of IFRS in vietnam: critical analysis of major determinants and consequences | Authors: | Nguyen Ba Khuong | Keywords: | IFRS;Vietnam stock market | Issue Date: | 2021 | Publisher: | Vietnamese-German University | Abstract: | Nowadays, The international financial reporting standards (IFRS) have appeared in more than 160 legislations in the world and become an example of global integration. In the Southeast Asia region, six over eleven countries have adopted IFRS as a domestic accounting standard, and Vietnam is going to become the seventh in 2025. The benefit of IFRS is undeniable due to its characteristics of comparability, advance, and transparency, so there is no reason to be out of this community. Furthermore, The IFRS adoption is the way for Vietnam to strengthen its integration with the world, further development of the stock market, and the monitoring activities of the government. Despite the fact that many other Asian countries adopted IFRS in the period time much sooner than Vietnam, the Ministry of Finance of Vietnam still develop a domestic accounting standard. Therefore, our mission is to find out the reason for the replacement of the domestic accounting standard and the possible effects after the transference is complete. The objectives of this study are divided into two groups for more detailed analysis, which are listed firms and the Vietnamese government. After analyzing the collected data from 50 listed companies on the Vietnamese stock market, the proportion of foreign ownership within a company and the firm size are the two main factors influencing the decision to prepare the optional IFRS financial statements. At the same time, we find that the level of economic development is the economic incentive for adopting IFRS of a country. By predicting the challenges and opportunities of adopting IFRS, listed and FDI companies must prepare in advance for this transference by updating the IT system as well as retraining employees. On the side of the government, they should issue introduction papers as well as open training programs to support enterprises during the transference. Besides, we recognize that IFRS adoption can improve the rank of the stock market in the international rankings, which supports the increase in the volume of stock. Therefore, the government's desire in the decision to adopt IFRS is to build a better stock market. |
URI(1): | http://epub.vgu.edu.vn/handle/dlibvgu/1242 |
Appears in Collections: | Finance & Accounting (FA) |
Files in This Item:
File | Size | Format | Existing users please Login |
---|---|---|---|
Adoption of IFRS in vietnam critical analysis of major determinants and consequences.pdf | 1.74 MB | Adobe PDF |
Page view(s)
153
checked on Apr 26, 2024
Download(s)
137
checked on Apr 26, 2024
Google ScholarTM
Check
Items are protected by © Copyright of Vietnamese - German University Library