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26 Vietnamese Accounting Standards (VAS)
Detailed and latest updated instructions on the Vietnamese accounting standards system, comparison of VAS - IFRS and instructions for application in practice
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Overview of Vietnamese Accounting Standards
What is VAS accounting standard?
Vietnamese Accounting Standards (VAS) is a system of principles, regulations and guidelines on accounting issued by the Ministry of Finance, mandatory for all businesses operating in Vietnam.
Currently, VAS serves as the foundation for the majority of small and medium enterprises (SMEs), but is being studied and prepared to harmonize with IFRS (International Financial Reporting Standards) according to the Government's roadmap, especially in handling complex transactions (such as leasing assets, financial instruments).
Currently, VAS serves as the foundation for the majority of small and medium enterprises (SMEs), but is being studied and prepared to harmonize with IFRS (International Financial Reporting Standards) according to the Government's roadmap, especially in handling complex transactions (such as leasing assets, financial instruments).
VAS's objectives:
- Unified accounting methods nationwideEnsuring consistency is the basis for tax management and settlement.
- Ensuring transparency of financial informationProvide honest and reasonable information to stakeholders, especially tax authorities and investors.
- Integration with international accounting standards (IFRS)This is a strategic goal. However, the current application of VAS still has many gaps compared to IFRS, requiring large enterprises to convert to IFRS to improve international competitiveness.
- Create a legal basis for accounting activitiesServe as a legal basis for auditing activities and dispute resolution related to accounting data.
Development history
- 2001-2005:
- 2003:
- 2005:
- 2014:
- 2019:
Applicable objects:
- State-owned enterprises
- Joint Stock Company
- Company Limited
- Private enterprise
- Voluntary/pioneer subjects applying IFRS
List of 26 Vietnamese Accounting Standards
Click on each standard to see detailed content and application instructions.
08
VAS 08
Accounting Standards Financial Information on Joint Venture Investments
Effective: December 31, 2002
Detail10
VAS 10
Accounting Standards Effects of Changes in Foreign Exchange Rates
Effective: February 15, 2005
Detail18
VAS 18
Accounting Standards Provisions, Contingent Assets and Liabilities
Effective: December 31, 2002
Detail21
VAS 21
Accounting Standards for Presentation of Financial Statements
Effective: December 30, 2003
Detail22
VAS 22
Accounting Standards for Additional Presentation of Financial Statements of Banks and Similar Financial Institutions
Effective: December 28, 2005
Detail23
VAS 23
Accounting Standards Events occurring after the balance sheet date
Effective: December 28, 2005
Detail25
VAS 25
Accounting Standards Consolidated Financial Statements and Accounting for Investments in Subsidiaries
Effective: December 30, 2003
Detail29
VAS 29
Accounting Standards Changes in accounting policies, accounting estimates and errors
Effective: February 15, 2005
DetailComparison of VAS and IFRS
Transparent costs, no additional costs – Suitable for business size
| Criteria | VAS (Vietnamese Accounting Standards) | IFRS (International Financial Reporting Standards) | Key Differences (Note) |
|---|---|---|---|
| Scope of application | Mandatory in Vietnam (for all businesses). | International application (voluntary or mandatory in many countries, being implemented in Vietnam according to the roadmap). | VAS is only applicable domestically, IFRS is accepted globally. |
| Small business | Including 26 Vietnamese Accounting Standards (VAS). | Includes 17 IFRS and 41 IAS (former International Accounting Standards), along with interpretations. | IFRS is more complete and detailed, focusing on Principles rather than Rules. |
| Language | Vietnamese | Mainly used in English (original language), then translated into other languages. | VAS is appropriately localized |
| Fair value | Limited use, mainly use Historical Cost. | Recommended to reflect asset/liability values close to market at the reporting date. | VAS prioritizes original cost, IFRS prioritizes fair value (depending on the standard). |
| Financial reports | Including 4 Reports (Business Plan, Financial Statement, Cash Flow Statement, Financial Statement Notes). | Including 5 Reports (Business Plan, Financial Statement, Cash Flow Statement, Notes to Financial Statements, Report on Changes in Owner's Equity). | IFRS adds a separate statement of changes in equity. |
| Intangible assets | Maximum depreciation of 20 years | May not be determined | VAS is more stringent |
| Update | Less often | Continuously updated | IFRS is more flexible |
Instructions for applying VAS
Implementation steps and important notes when applying accounting standards
Download Forms and Instructions
The most complete and updated set of Vietnamese accounting standards documents
Download VAS documents
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