CREATING VIETNAM ACCOUNTING STANDARDS FOR SMALL AND MEDIUM ENTERPRISES BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR SMALL AND MEDIUM-SIZED ENTITIES

Nguyen Duc Phong
School of Management and Business Administration Sciences, Szent Istvan University, Hungary
Anita Tangl
Faculty of Economics and Social Sciences, Szent Istvan University, Hungary

DOI: https://doi.org/10.31410/EMAN.2019.279
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3rd International Scientific Conference – EMAN 2019 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 28, 2019, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty –  Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-17-2, ISSN 2683-4510

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Abstract:

International economic integration has been taking place more and more deeply in many aspects, including the integration of accounting. The integration of accounting has created much useful information for investors as well as managers, which has been widely recognized in many countries in the world. Nowadays, Vietnam is in the process of international economic integration and is reforming their economic structure; therefore, the government’s direction is to apply International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs) issued by the International Accounting Standards Board (IASB). However, many factors affect to implement IFRS for SMEs in Vietnam successfully; hence, the Vietnamese government wants to have a set of Vietnam Accounting
Standards for Small and Medium Enterprises (VAS for SMEs) before IFRS for SMEs standards is applied wholly in the near future.
This article focuses on discussing some issues related to VAS for SMEs created based on IFRS for SMEs then proposing some recommendations to step by step implement IFRS for SMEs in Vietnam. The article uses the Archival Research method to conduct research.

Keywords:

IFRS for SMEs, VAS for SMEs, Vietnam.

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