Relationship between Experts and Enterprises Viewed via the IFRS Application: An Empirical Study in Vietnam

Abstract

The International Financial Reporting Standards (IFRS) are researched and developed by the International Accounting Standards Board with the goal of providing an international framework for preparing and presenting financial statements for businesses. IFRS create a common accounting language worldwide, which enhances the transparency and comparability of financial statements. Converging with IFRS is an inevitable trend of any country. Vietnam is currently developing a project to implement IFRS in 2020. In the process of converging with IFRS, the cooperation of State administrative agencies, experts, businesses, financial statement users and accountants is required. We surveyed 119 experts and 104 businesses in different sectors of the economy to gather their opinions to give the policy-making process more objective and reliable grounds. At the same time, we also conducted an assessment on the advantages and disadvantages of applying IFRS in Vietnam, assessing the preparations for an IFRS application roadmap. The research results are an important information channel to help the Ministry of Finance have additional theoretical background for creating IFRS policies in Vietnam.