IFRS

General Description of the Service

With this service, Crowe Vietnam partners with enterprises to build internal capacity and systems, enabling them to self-convert Financial Statements (FS) from VAS to IFRS in a timely and effective manner.

Enterprises will receive the following:

• Gap Analysis Report: A detailed analysis of differences between VAS and IFRS in the enterprise’s financial statements, clarifying related impacts and the extent of changes required during conversion.

• Specialized Training: Training sessions designed to equip the finance and accounting team with essential IFRS knowledge and experience, empowering the enterprise to confidently master the IFRS conversion process and systems.
• IFRS Accounting Policies: A set of accounting policies under IFRS (tailored to the industry, scale, and context of the enterprise) for review and adoption.
• Implementation Advisory Report: Recommendations on activities and content required to implement IFRS policies (e.g., regarding accounting vouchers, contracts, business processes, information systems, personnel, etc.).
• Conversion Templates: A full set of IFRS Financial Statement templates and a schedule of sample conversion journal entries.
• Process Roadmap: A timeline and step-by-step procedure to assist in identifying adjusting entries and preparing converted IFRS Financial Statements.
• First-Year Support: Hands-on assistance in executing the transition from VAS to IFRS during the initial conversion year.
• Ongoing Supervision: Continued monitoring and support for the enterprise’s team in subsequent years until they achieve full autonomy in the conversion process.

Service Usage Context

This service is designed for clients currently reporting under VAS who wish to establish the internal capacity and systems necessary to self-convert financial statements from VAS to IFRS efficiently, serving internal management purposes and/or reporting requirements for stakeholders.

Service Process

Step 1: Current State Assessment

• Analyze the current accounting system and the financial statement preparation process under VAS.
• Identify gaps between VAS and IFRS (Gap Analysis).

Step 2: Conversion Planning

• Develop a detailed roadmap tailored to the enterprise’s specific characteristics.
• Define necessary resources, scope, and implementation timeline.
• Establish the IFRS Accounting Policy set, reporting templates, and reporting processes.
• Advise on adjustments to information systems and business processes to meet data requirements.

Step 3: Training & Guidance

• Train the finance and accounting team on relevant IFRS standards.
• Provide detailed guidance on practical application.

Step 4: Conversion Implementation

• Support calculations and the execution of adjusting entries from VAS to IFRS.
• Prepare and finalize the full set of IFRS Financial Statements for the initial conversion year.

Step 5: Monitoring & Handover

• Monitor and review the enterprise’s self-conversion process in subsequent years.
• Provide continuous support until the internal team has fully mastered the process.

Timeline for Service Delivery

The timeline for Crowe Vietnam’s “Advisory on Building IFRS Conversion Capabilities” service is flexibly designed to suit the specific characteristics of each enterprise. Given the in-depth nature of this service, we provide continuous partnership, adjusting progress according to the scope, scale, and complexity of the business to ensure accuracy, transparency, and strict adherence to IFRS standards.

General Description of the Service

With this service, Crowe Vietnam provides a comprehensive review solution, assisting enterprises in standardizing their financial statements from VAS to IFRS with high accuracy and transparency, ensuring compliance with the stringent requirements of capital markets.

Enterprises will receive the following:

• Findings Report: A report presenting findings regarding the accuracy and completeness of conversion journal entries and the post-conversion Financial Statements.
• System & Capacity Assessment: An evaluation of the suitability and effectiveness of the enterprise’s internal capacity and conversion systems, accompanied by strategic recommendations for improvement.
• Supplementary Training: Training sessions aimed at reinforcing essential IFRS knowledge and practical experience for the finance and accounting team.

Service Usage Context

This service is designed for clients who are capable of self-converting from VAS to IFRS but seek an independent expert review. This ensures assurance regarding the accuracy and reasonableness of the converted statements while helping to refine and improve their internal systems.

Service Process

Step 1: Initiation & Review Planning

• Agree on the scope, timeline, and work plan.
• Receive the draft converted Financial Statements and related data from the enterprise.

Step 2: Technical Review (Data & Journal Entries)

• Verify the accuracy and completeness of adjusting entries from VAS to IFRS.
• Review the presentation and disclosures on the Financial Statements to ensure strict compliance with international standards.

Step 3: Capacity & System Assessment

• Observe and evaluate the client’s internal conversion process.
• Identify weaknesses in the current control system and personnel capabilities.

Step 4: Training & Bridging Knowledge Gaps

• Organize targeted training sessions based on errors or issues detected in Steps 2 & 3.
• Supplement the finance and accounting team with essential practical knowledge and experience.

Step 5: Reporting & Recommendations

• Issue a Findings Report regarding the accuracy of figures and the Financial Statements.
• Issue a System Assessment Report, accompanied by recommendations and solutions for long-term process improvement.

Timeline for Service Delivery

The timeline is flexibly structured depending on the scale and complexity of each enterprise. The total duration typically ranges from 1 to 3 months, contingent upon the scope of work and the readiness of the enterprise’s accounting system.

Throughout the process, Crowe Vietnam ensures continuous partnership, adjusting the schedule promptly to meet IFRS reporting deadlines while guaranteeing accuracy, transparency, and international compliance.

General Description of the Service

With this service, Crowe Vietnam partners with enterprises through specialized IFRS training programs, custom-designed to fit the specific operations, needs, and proficiency levels of the participants.

Enterprises will receive the following:

• Competency Assessment Report: An evaluation of the current IFRS capabilities of the enterprise’s personnel, benchmarked against the necessary requirements to ensure job performance.
• Gap-Filling Training: Training courses designed to bridge existing gaps in IFRS knowledge and practical experience.
• Periodic Updates: Regular updates regarding changes and amendments to IFRS standards.

Additionally, Crowe Vietnam provides support tools, direct advisory, and timely updates on IFRS changes, enabling enterprises to proactively adapt to new requirements.

Service Usage Context

This service is designed for clients who wish to equip their accounting personnel with appropriate IFRS knowledge and experience, while ensuring they are kept up-to-date with the latest changes in international standards.

Service Process

Step 1: Survey & Competency Assessment

• Survey the current proficiency levels of personnel and actual job requirements.
• Prepare a Competency Assessment Report, identifying “knowledge gaps” that need to be addressed.

Step 2: Specialized Program Design

• Develop training content based on survey results and the specific industry characteristics of the enterprise.
• Select the training format (in-person/online) and a flexible schedule that suits the client.

Step 3: Implementation of In-depth Training

• Conduct courses focused on technical knowledge and practical experience.
• Equip personnel with skills to handle specific real-world IFRS scenarios.

Step 4: Post-Training Application Support

• Partner with the client to provide advisory and answer queries after the course.
• Provide support tools to help trainees apply learned knowledge to their actual work.

Step 5: Periodic Knowledge Updates

• Notify and advise on the latest changes to IFRS standards.
• Organize periodic update sessions to help the enterprise remain compliant and adapt timely to new requirements.

Timeline for Service Delivery

The implementation timeline for Crowe Vietnam’s “Customized IFRS Training & Updates” service is designed with flexibility to meet the needs of each business. Training programs typically last from 2 to 5 days, conducted either on-site or online with adaptable schedules.

Following the training, Crowe Vietnam continues to provide advisory support and Q&A assistance for 1 to 3 months, helping businesses effectively apply IFRS in practice. In addition, we can organize periodic update sessions to reflect IFRS changes, ensuring that financial reporting systems remain transparent and fully compliant with international standards.

General Description of the Service

With this service, Crowe Vietnam provides advisory and support to develop the internal capabilities and systems required for enterprises to perform accounting and prepare Financial Statements directly under IFRS.

Enterprises will receive the following:

• Gap Analysis Report: An analysis of the current state and the gap in capabilities and resources necessary to transition to direct IFRS accounting and reporting.
• Specialized Training: Training sessions designed to equip the finance and accounting team with essential IFRS knowledge and experience, empowering them to confidently master the processes and systems.
• IFRS Accounting Policies: A set of IFRS accounting policies (tailored to the industry, scale, and business context) for the enterprise to review and select.
• Implementation Advisory Report: Recommendations on activities and content required to implement IFRS policies (e.g., regarding accounting vouchers, contracts, business processes, information systems, personnel, etc.).
• System Templates: An IFRS Chart of Accounts, accounting ledger templates, and Financial Statement templates.
• Software Implementation Support: Advisory and support for configuring accounting software and related tools to facilitate direct IFRS accounting and reporting.
• Ongoing Supervision: Continued monitoring and support for the enterprise’s team to self-perform IFRS accounting and reporting until they achieve full autonomy.

Service Usage Context

This service is designed for clients currently accounting under VAS who wish to establish the internal capacity and systems to switch to direct IFRS accounting and reporting (as opposed to converting Financial Statements from VAS to IFRS only at the end of the fiscal year).

Service Process

Step 1: Current State & Resource Assessment

• Survey the current accounting system, IT infrastructure, and business processes.
• Analyze the gap between existing capabilities and the requirements necessary for direct IFRS accounting.

Step 2: Foundational Training

• Organize in-depth IFRS training for the staff.
• Equip the team with the necessary mindset and skills to operate the new accounting system.

Step 3: IFRS Accounting System Design

• Develop a set of IFRS Accounting Policies tailored to the enterprise’s characteristics.
• Establish the Chart of Accounts, accounting ledger templates, and standard IFRS Financial Statement forms.

Step 4: Technical & Technology Implementation

• Advise on adjusting business processes (vouchers, contracts, workflows, etc.).
• Support the installation/configuration of accounting software to facilitate the recording of transactions directly under IFRS.

Step 5: Operation, Monitoring & Handover

• Assist personnel in performing daily accounting and report preparation on the new system.
• Provide continuous monitoring and complete handover once the enterprise has achieved full autonomy over the process.

Timeline for Service Delivery

The timeline for Crowe Vietnam’s “Advisory on Building Capacity for Direct IFRS Accounting” service is flexibly designed to suit the specific characteristics of each enterprise. Given the in-depth nature of this service, we provide continuous partnership, adjusting progress according to the scope, scale, and complexity of the business to ensure accuracy, transparency, and strict adherence to IFRS standards.

General Description of the Service

With this service, Crowe Vietnam provides a flexible professional support channel, assisting enterprises in resolving all IFRS-related technical queries and challenges.

Enterprises will receive the following:

• 24/7 Support Tool: Implementation of a support tool available 24/7 to assist in answering technical questions related to IFRS.
• Expert Written Responses: Provision of written responses from our team of IFRS experts (upon request).

Service Usage Context

This service is designed for clients who wish to ensure their finance and accounting personnel have access to expert advisory and answers regarding technical IFRS matters.

Service Process

Step 1: Setup & Handover of 24/7 Quick Support Tool

• Deploy the IFRS Q&A support tool for the enterprise.
• Guide the staff on usage and how to submit queries.

Step 2: In-depth Advisory (Upon Request)

• For complex or unprecedented transactions, personnel submit specific requests to the Crowe expert team.
• Experts receive the request and analyze the enterprise’s specific situation.

Step 3: Provision of Written Advisory (If Required)

• Conduct a technical review and provide an official response in writing.
• Explain the technical basis, guide the accounting treatment, and advise on specific presentation within the Financial Statements.

IFRS (International Financial Reporting Standards) advisory services can help businesses effectively manage compliance with regulatory requirements, particularly as Vietnam integrates more deeply with international accounting standards. Specifically:

1. Compliance with Domestic Regulations

• Vietnam is on a roadmap toward IFRS adoption, requiring certain enterprises especially listed companies, foreign direct investment (FDI) enterprises, and financial institutions to transition from VAS (Vietnamese Accounting Standards) to IFRS.
• Advisory services help businesses proactively prepare to ensure compliance with the new regulations from the Ministry of Finance and the State Securities Commission.

2. Support in Transitioning from VAS to IFRS

• Analyzing gaps between VAS and IFRS to identify necessary changes.
• Providing guidance on adjustments to financial statements and accounting policies to align with IFRS.
• Training accounting staff on the procedures for preparing financial statements in accordance with IFRS.

3. Mitigation of Legal and Financial Risks

• Ensuring transparency in financial reporting to avoid violations related to information disclosure requirements.
• Minimizing issues related to audit and tax compliance when IFRS becomes mandatory.
• Better meeting regulatory requirements to reduce the risk of penalties.

4. Attracting Investors and Enhancing Corporate Reputation

• Applying IFRS helps financial statements become more transparent and reliable, aligning with international standards.
• Foreign investors often require IFRS-based financial statements for easier assessment of a company’s financial position.

5. Supporting Businesses in International Market Expansion

• Businesses can more easily engage with foreign partners, list on international stock exchanges, or attract funding from global investment funds.
• Helping businesses meet financial reporting requirements when expanding operations abroad.
• IFRS advisory services help businesses not only comply with regulatory requirements but also enhance their financial capabilities and strengthen their market position.