Review of Financial Statement Conversion to IFRS
Standards – Transparency – Accuracy – Efficiency
Services
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 delivery process and timeline
Service process
- Agree on the scope, timeline, and work plan.
- Receive the draft converted Financial Statements and related data from the enterprise.
- 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.
- Observe and evaluate the client’s internal conversion process.
- Identify weaknesses in the current control system and personnel capabilities.
- 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.
- 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.
IFRS library
A collection of in-depth insights on International Financial Reporting Standards (IFRS), developed by Crowe Vietnam’s team of professionals, featuring publications, guidance, and practical information to help businesses stay informed of key developments, strengthen their understanding, and apply IFRS effectively in practice.
Explore the latest IFRS publications and resources from Crowe Vietnam:
Quotation process and service fees
To prepare and send you a tailored quotation, we kindly request that you provide relevant information via our form and/or through an in-depth discussion. Based on the information collected, we will analyze your needs and specific requirements in order to:
- Assess the feasibility of service delivery: Determine whether we can provide the requested service appropriately and at a guaranteed quality level.
- Advise on optimal solutions: Recommend alternative solutions (if any) to help optimize efficiency and cost-effectiveness for your organization.
If we are able to support you, we will propose a reasonable fee based on:
- An estimated workload of the engagement;
- The level of professional expertise required from our team.
Estimated response time: The quotation process will be completed within 12 to 24 hours upon receiving your request.
Frequently asked questions
1. Is my business required to adopt IFRS?
Currently, the adoption of IFRS is not mandatory for all businesses in Vietnam. However, the Ministry of Finance is gradually implementing a roadmap to apply IFRS for specific entities. Proactively transitioning to IFRS will help businesses prepare for future legal requirements and facilitate smoother international cooperation.
2. How can IFRS advisory services help businesses comply with regulatory requirements?
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.
3. What does Crowe Vietnam's International Accounting (IFRS) service include?
We provide services such as developing an IFRS adoption roadmap, supporting financial statement conversion, advising on IFRS-compliant accounting systems, personnel training, and assisting in the consolidation of financial statements according to parent company requirements.
4. Can small businesses adopt IFRS?
Absolutely. Depending on their goals and development orientation, many small and medium-sized enterprises still choose to adopt IFRS to enhance transparency, gain an advantage in fundraising, or expand international cooperation.
5. After converting to IFRS, what does a business need to maintain?
Businesses need to ensure that their accounting systems, software, accounting policies, and personnel are consistently updated in line with changes in IFRS to maintain long-term compliance and operational efficiency.
Brand commitment
Crowe Vietnam is committed to building and delivering on its brand personality, with the goal of fostering trust and providing an exceptional experience throughout our journey with clients and partners.
High professional quality at a reasonable cost
Crowe Vietnam is committed to delivering high quality solutions and services at reasonable costs, ensuring an exceptional client experience. We consistently strive for differentiation and continuously enhance the professional capabilities of our team to best meet the evolving needs of our clients.
Client and Partner Profiles
We aspire to collaborate with clients and partners who are committed to:
IFRS Insights
News
Overview of Crowe Vietnam
Top 9
International brand in Audit, Accounting, Tax, and Business Advisory
Top 9
Audit service provider for FDI enterprises in Vietnam
Top 15
Audit and Advisory service providers in Vietnam
18+
Years of operation (since 2008)
180+
Personnel (350+ including personnel of Crowe’s business associates in Vietnam)
4
Offices
1000+
Clients (1500+ including clients of Crowe’s business associates in Vietnam)
Overview video of Crowe Vietnam
Why choose us for this service?
Choosing the right service partner is a key factor in ensuring both effectiveness and peace of mind. Here’s why Crowe Vietnam is the trusted choice for you.
International Brand
Crowe Vietnam is a full member of Crowe Global, a top 10 global network of audit, accounting, tax and advisory firms operating in 150 countries. Our international brand enables us to deliver high-quality IFRS services in accordance with international standards.
Assured Expertise
With a team of experienced professionals holding internationally recognised qualifications such as ACCA, CPA, ICAEW and CA ANZ, Crowe Vietnam is committed to delivering IFRS services of high professional quality, fully aligned with both international and Vietnamese auditing standards.
Professional Services
Our clients regularly receive useful newsletters and publications, have opportunities to participate in professional seminars with experienced specialists, and gain access to a range of modern and practical support tools developed and continuously enhanced by Crowe Vietnam.
Strict Confidentiality
We place the highest priority on confidentiality and compliance, applying rigorous control measures to protect client information and prevent data security risks, thereby ensuring maximum transparency and security throughout the IFRS engagement.
Global Support
Through our extensive connection with the Crowe Global network, Crowe Vietnam is always ready to help clients access international professionals and seconded personnel, providing comprehensive advisory and support to address complex issues in today’s global business environment.
Reasonable Fees
Crowe Vietnam is committed to delivering high-quality IFRS services at reasonable fees, helping clients optimise costs. We continuously strive to improve and enhance operational efficiency, enabling clients to achieve maximum value within an appropriate budget.
Senior Personnel
Nam Nguyen
Chairman & Managing PartnerFCPA, CTA, FCCA
Lam Vu
General Director & Audit DirectorCPA VN, CPA AU, CTA, MA
Phat Tran
Partner, Audit & AssuranceFCCA, CIA, CPA VN, CTA
Nga Le
Audit Associate PartnerCPA VN, CTA
Dung Nguyen
Audit Associate PartnerCPA AU, CPA VN, CTA
Ngoc Tran
Audit Associate PartnerCMA (U.S.), CPA VN, CTA
Thiem Vu
Audit Associate PartnerCPA VN, CTA
Pham Vo Quang Dai
Director of IFRS DivisionACCA, CPA VN, CTA VN