Problems of shifting from VAS to IFRS in Vietnam

As Vietnam is deeply integrating into the global economy, it is necessary for the countrys accounting – audit system to be gradually improved in line with international practices. This is an important premise and motivation to raise the level of accounting and auditing activities in Vietnam and improve the efficiency and transparency of Vietnams economy. However, Vietnam has only issued 26 Vietnam Accounting Standards (VAS) and some of these standards have not been revised for a long time, making the VAS not reflect all economic transactions. This paper presents the necessity of shifting from VAS to IFRS, and points out remaining problems and solutions for the conversion.