Difficulties and Challenges to the Implementation of Fair Value in the Accounting Work of Vietnamese Enterprises

The application of fair value, in accordance with Law No. 88/2015/QH13 dated November 20, 2015 on accounting, is an important step in improving Vietnam’s accounting standards system to integrate with international accounting practices and standards. However, the application of fair value in accounting also poses many challenges, both in terms of developing guiding regulations and practically applying them in businesses. It is necessary for Vietnam to research and promulgate accounting standards, including fair value accounting standards, to guide the implementation of the Law on Accounting’s Article 28. This paper pointed out that it is important for Vietnam to develop a plan for implementing International Financial Reporting Standards (IFRS), especially the IFRS 13 Fair Value Measurement in Vietnam, and to update, amend, and promulgate new Vietnam Accounting Standards (VAS) and Vietnamese Financial Reporting Standards(VFRS).