blue-check The Ministry of Finance recommends that enterprises should not apply International Financial Reporting Standards at this time

Official letter No. 924/BTC-QLKT dated February 2nd, 2023 of the Ministry of Finance regarding voluntary application of International Financial Reporting Standards (IFRS) to make personal financial statements
Posted: 9/2/2023 2:48:30 PM | Latest updated: 13/2/2023 2:29:02 PM (GMT+7) | LuatVietnam: 5634 | Vietlaw: 603

The Ministry of Finance assumes that the application of IFRS needs to be approached carefully according to actual situation, temporarily enterprises still apply Vietnamese corporate accounting standards and regimes to formulate and present financial statements; they have yet to apply IFRS until there are official instructions from the authorities.

Now, the Ministry of Finance is focusing on researching and updating Vietnamese Accounting Standards according to International Financial Reporting Standards and practices.

Ms Phuong Thao (
Please tag for reposting this article

Related documents

Penalty document



Effective Date Unknown
ExpiredDate Unknown
Published Vietlaw's Newsletter No. 603

Files attachment

enflag wordicon CV924_02022023BTC[VLO].docx


No data


blue-check Form of Decision on appointment of chief accountant
blue-check The Ministry of Finance recommends that enterprises should not apply International Financial Reporting Standards at this time
blue-check The Ministry of Finance’s recommendations for accounting service providers in relation to cooperate bonds
blue-check A dependent cost-accounting branch is not required to have its own chief accountant
blue-check Guidelines on accounting for social and charity activities
blue-check New regulations on judicial expertise in the financial sector
blue-check From June 20th, 2022: It is not required to issue separate invoice for goods entitled to 2% VAT reduction
blue-check How to distribute value of imported software used for various machines, equipment
blue-check Regarding invoice upon withdrawal of capital by assets
blue-check How to account for interest subsidy on loans
blue-check All legal representatives of an accounting service provider must be accounting practitioners
blue-check Guidelines for regulations on financial management of Vietnam Development Bank
blue-check Amendments to the chart of accounts of banks
blue-check Guidance on domestic tax accounting applicable from 2022
blue-check How to issue invoice when VAT is reduced from November 1st, 2021
blue-check 5 Vietnam public sector accounting standards on financial statements, cash, inventories, real estate and intangible assets
blue-check Assessment statement for ASEAN chartered professional accountant
blue-check From July 11th, 2021: The regulations on allowing the recording of the exchange differences shall be abrogated
blue-check It is still required to issue invoice in case items are constructed before stopping construction works
blue-check Guidelines for management of tax procedure services