Proposing solutions for enterprises in ho chi minh city when preparing to convert from Vas to Ifrs

Abstract

Vietnam has been preparing and performing well in several fields, including accounting and finance, as it moves steadily toward opening up to and expanding in the global community. This progress was also supported by the Minister of Finance's Decision No. 345/QD-BTC (2020, March 16), which authorized the "Project on Applying International Financial Reporting Standards to Vietnam." The committee concentrated on the actions to be taken after realizing how crucial it is for the growth of the nation as a whole and of Ho Chi Minh City in particular to use International Financial Reporting Standards (IFRS). Due to the limitation of research time, our team has conducted research, gained an understanding of the challenges that enterprises, the government are facing, and based on that proposed solutions for enterprises in Ho Chi Minh City as they get ready to switch from VAS to IFRS. According to the proposed project, changing or innovating anything will have many challenges and benefits. After determining the research's goal, the committee came to the conclusion that the primary subjects of the study would be creditors, investors, auditors, and accountants, who directly generate financial statements, reading and comprehending financial figures is necessary,... Our team will come up with several solutions to meet the demands of using financial statements depending on each group. Our group's study focuses on companies in Ho Chi Minh City (one of the biggest cities in Vietnam)