VAA launches training on international financial reporting standards

The signing ceremony was graced by the presence of Vu Duc Chinh, Director General of the Accounting and Auditing Supervisory Department under the Ministry of Finance, and Iain Frew, Ambassador of the United Kingdom and Northern Ireland to Vietnam.

Representatives of VAA, PwC Vietnam, and ICAEW Sign Cooperation Agreement

Starting October 2024, VAA will officially launch and implement its training program on International Financial Reporting Standards (IFRS), with consultation and support from ICAEW Vietnam and PwC Vietnam. This program marks a significant step in enhancing the capabilities of professionals working in auditing, accounting, finance, investment, analysis, and portfolio management. It aims to help Vietnamese enterprises prepare for the adoption of IFRS in alignment with the applicable scope, target groups, and implementation roadmap.

Mr. Vu Duc Chinh delivered congratulatory speech at the event

On March 16, 2020, the Minister of Finance issued Decision No. 345/QĐ-BTC, which approved the plan for adopting International Financial Reporting Standards (IFRS) in Vietnam. This plan outlines two phases: a voluntary adoption phase and a mandatory phase for certain groups of enterprises. In order to assist businesses and organizations with this transition, VAA launched its IFRS Training Program, as outlined in Decision No. 194/QĐ-HKT, dated July 23, 2024.

Mr. Ian Frew delivered congratulatory remarks at the event.

The IFRS training program, developed with the expertise of ICAEW Vietnam and PwC Vietnam, adopts a comprehensive approach that covers IFRS standards, guidelines, frameworks, current regulations, and their practical applications in Vietnam. The program is structured into four levels - Introduction, Basic, Advanced, and Expert, spanning a total of 80 hours. It is delivered by a team of experienced instructors from the Ministry of Finance, the Finance Academy, PwC Vietnam, ICAEW Vietnam, and other esteemed educational institutions.

Mr. Đoàn Xuân Tiên, Chairman of VAA, emphasized: "As the organizing body, VAA is dedicated to offering high-quality IFRS training programs that align with international standards while meeting the specific needs of the Vietnamese market. We believe that this training is a vital step in enhancing the skills of accountants and auditors in an increasingly globalized economy. Additionally, we are committed to supporting Vietnamese businesses in their transition to IFRS, helping them produce transparent and reliable financial reports”.

Beyond training, VAA also encourages research initiatives focused on IFRS, aiming to find practical solutions tailored to Vietnam's unique context. VAA recognizes that the adoption of IFRS is a meticulous process, integral to Vietnam's strategy for international economic integration. This move will not only enhance the country's global standing but also lay a strong foundation for the sustainable development of the accounting and auditing sectors in Vietnam, as Mr. Đoàn Xuân Tiên highlighted.

Mr. Đoàn Xuân Tiên, Chairman of the Vietnam Association of Accountants and Auditors (VAA), delivered a speech at the event

Ms. Đặng Thị Mai Trang, Head of the ICAEW Vietnam Representative Office, stated that Vietnam is progressing toward the adoption of IFRS. She emphasized, "I am confident that implementing IFRS in financial reporting will significantly enhance Vietnam's business environment by promoting transparency, improving competitiveness, and strengthening corporate governance, all of which will support financial reforms. ICAEW is proud and delighted to work alongside VAA and PwC in delivering this hands-on training program, which will provide professionals with the knowledge and skills necessary to apply IFRS effectively, not only for the current workforce but also for nurturing future talent”.

Ms. Đinh Thị Quỳnh Vân, Chairman of PwC Vietnam, remarked, "With our extensive experience in auditing and a team of top experts, PwC Vietnam is honored to collaborate with VAA and ICAEW in the IFRS Training Program. We will create training materials that integrate IFRS standards with practical applications in the Vietnamese context, and actively engage in teaching to ensure that participants fully grasp both the theoretical and practical aspects of IFRS. Having supported the growth of the independent auditing sector in Vietnam for over 30 years, PwC remains committed to enhancing the capabilities of Vietnam’s accounting and auditing professionals to meet international standards, helping businesses produce transparent and professional financial reports, and building trust with investors and partners".