Experiences of some countries around the world in accounting for provisions and lessons learned for Vietnam’s accounting

To integrate with the region and the world, Vietnam needs to have economic management tools that are unified, appropriate, and integrated with the region and the world. Among economic management tools, the accounting system is an important one. For the accounting of provisions, major countries in the world, such as the US, France, and Canada, have introduced quite complete regulations on transaction identification, measurement, recording, presentation, and information disclosure. Using analysis and synthesis methods, historical methods, and comparison methods, this study presented a systematized overview of these regulations to draw lessons for provisions accounting in Vietnam, including the objective necessity of making provisions in accounting, the basis for completing accounting of provisions, Vietnam's accounting standards on provisions, instructions on how to handle problems arising in accounting standards for provisions, and the need for more detailed guidance on accounting for provisions to apply to the entire enterprise accounting system.