IFRS Transition: More Than a Conversion, A Comprehensive Business Transformation
For companies in Vietnam, the move to International Financial Reporting Standards (IFRS) has become a pressing strategic decision.
With Vietnam's Ministry of Finance planning to issue VFRS standards between 2025 and 2029, and mandatory IFRS implementation beginning January 1, 2027, the transition represents far more than an accounting update – it's a comprehensive business transformation that impacts governance, performance, and cross-border credibility.
While Vietnam's current 26-standard VAS framework has not kept pace with modern business complexity, IFRS adoption unlocks substantial benefits: enhanced transparency, improved decision-making, global comparability, and greater access to capital. Yet success depends not on technical accounting skills alone, but on clear structure, cross-functional involvement, and disciplined execution.
This article examines:
- Beyond accounting: A strategic opportunity – How IFRS overcomes VAS limitations and drives competitive advantage
- What determines the success of an IFRS conversion – Five proven practices that distinguish successful transitions
- The IFRS journey: From diagnosis to daily discipline – Gap Analysis, Implementation, and Training & Monitoring
- Why this transition matters – Strategic benefits for Vietnamese enterprises positioning for global growth
📄 Please download the full document below to discover more.
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Van Nguyen Director, Outsourcing - Ho Chi Minh City
IFRS Transition
For companies in Vietnam, the move to International Financial Reporting Standards (IFRS) has become a pressing strategic decision.
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