On June 18, 2025, the Dong Nai Industrial Zones Management Board, in collaboration with Forvis Mazars Vietnam, organized a seminar titled "Experience in applying IFRS for manufacturing enterprises and notable updates on VAT and CIT in 2025." Particularly, the participation of student representatives from companies includes: Board of Directors members, CEOs, CFOs, Heads/Deputy Heads of Finance, Chief Accountants, Accounting Personnel, auditors, and finance professionals who are interested.
The implementation and application of International Financial Reporting Standards (IFRS) is considered one of the important breakthroughs in unifying financial accounting information in enterprises. This system of standards is currently being widely applied in over 140 countries worldwide. For Vietnam, IFRS is no longer a new concept as it has been included in the official implementation plan since 2025. The group of enterprises prioritized for initial application includes large-scale companies that are listed on the stock exchange or have foreign investment participation. Unlike many national accounting systems that lean towards rigid regulations, IFRS focuses more on principles and interpretations rather than providing specific rules for each industry. Therefore, IFRS is highly flexible and suitable for many types of businesses.
IFRS is considered a 'common language' in the field of accounting and finance on an international scale. Through the application of IFRS, regulatory agencies, auditors, accountants, and businesses in Vietnam can easily access, understand, and compare financial information with international organizations more accurately and efficiently. This not only enhances compatibility in financial communication but also contributes to promoting the deep integration into the global market.
The application of IFRS contributes to the formation of a synchronized, modern legal accounting system that is in line with international practices. This is a prerequisite for Vietnamese companies to be able to list on international stock exchanges as well as to meet the financial transparency requirements from large organizations such as the World Bank (WB) and the International Monetary Fund (IMF). Consequently, it opens up opportunities for accessing capital, facilitating international cooperation and support.Enhancing transparency and integrity in financial reporting:IFRS requires that items on financial statements be recognized and presented based on their economic nature rather than legal form. This helps to limit practices of inflating figures, while also increasing the reliability, transparency, and comparability of financial information between Vietnamese enterprises and international companies. As a result, businesses not only enhance their reputation but also build trust with investors, shareholders, and other stakeholders.