1. Vietnamese Accounting Standards
Vietnamese Accounting Standards (“VAS) and related regulations issued by the Ministry of Finance have been used for accounting recognition and financial statements preparation and presentation. There are total 26 VAS were issued from 2001 to 2005 and not been updated to be suitable with the current International Accounting Standards, therefore, some new accounting standards such as IFRS 9 Financial Instruments, IFRS 15 Revenue, IFRS 16 Lease, … have not been applied yet in Vietnam.
2. Accounting Law
Accounting law offers for contents of accounting works, accounting apparatus, accountants, accounting services, accounting management by regulatory bodies, and accounting associations. In addition, there is applicable implementation guidance.
3. Financial statements
The basic set of financial statements prepared under VAS and Circular 200/2014/TT-BTC is comprised of the following: