[Vietnamese Accounting Standards] Presented by Student’s Name: Course: Professor’s Name: University Date: Introduction Accounting mainly deals with financial information of businesses and firms. It entails measurement arrangement and analysis of such data for purposes of decision making. Globalization has affected the accounting world in one way or another. Investors can undertake their operations across borders. The International Accounting Standards Board saw the need to create uniformity in accounting standards among nations. They introduced IFRS that would ensure similarities in the arena all over the world. Its regulatory role ensures that the commercial markets globally speak the same language. However the applicability of the economic rules varies worldwide. Some countries fully converge with IFRS while others apply it partially. The paper aims to examine the financial system of Vietnam while drawing a comparison with the International Financial Reporting Standards provisions. Vietnamese Accounting Standards The global standards outlined above aids in It is vital for such a country to fasten its transitional process to suit the global standards that are witnessed in the world today. It is worth mentioning that IFRS convergence is an essential element for a country's economic progress. Bibliography Hong D. Mascitelli B. and Barut M. (2014). Perceptions towards International Financial Reporting Standards (IFRS): The Case of Vietnam. Global Review of Accounting and Finance [online] 5(1) pp.132 – 152. Available at: globalraf.com [Accessed 15 Jan. 2018]. Nguyen A. and Gong G. (2012). Vietnamese accounting reform and International Convergence of Vietnamese Accounting Standards. International journal of Business Management [online] 7(10) pp.1-3. Available at: www.perpustakaan.kemenkeu.go.id [Accessed 15 Jan. 2018]. Parvarthy P. (2007). ifrs convergence: opportunities and challenges in india. Accounting and Financial Control [online] 1(2) pp.1-4. Available at: kozmenkopublishing.com [Accessed 15 Jan. 2018]. Wiens B. (2011). Vietnamese accounting. Journal of International Business Research [online] 10(3) pp.1-5. Available at: www.alliedacademies.org [Accessed 15 Jan. 2018]. [...]
You are required to prepare an academic essay (in accordance with the CLaSS guidance provided on blackboard) considering the following: Select one of the following countries: • Switzerland • Egypt • Vietnam Tasks: ➢ Identify the nature of the accounting system used in the country and give supporting evidence to justify the reasons for your decision. ➢ Explain any differences between the accounting standards/system used in the country under review and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). ➢ Critically discuss whether you believe these differences cause major issues from the viewpoint of global stakeholders. ➢ Evaluate whether the current position, and any near future changes are likely to lead to issues regarding the country achieving full convergence with IFRS as issued by the IASB.