SOLUTIONS FOR SUCCESSFULLY APPLYING THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) IN VIETNAM

This study analyzed the current application of Vietnamese Accounting Standards (VAS) and the impact of implementing the International Financial Reporting Standards (IFRS) on Vietnamese businesses and Vietnam's economy. By analyzing the implementation of IFRS in Vietnam, this study pointed out some advantages and disadvantages of using IFRS, such as language barriers, insufficient capital markets, the quality of the human resource, etc. Based on the study's findings, some solutions were proposed for the state, businesses, and universities to successfully apply IFRS in Vietnam.