WB Director in Vietnam Ousmane Dione speaks in the launch of the Reports on the Observance of Standards and Codes in accounting and auditing in Hanoi on December 14. (Photo: VNA)Hanoi(VNA) – The World Bank, in partnership with the Ministry of Finance (MoF),launched the Reports on the Observance of Standards and Codes (ROSC) in accountingand auditing in a ceremony in Hanoi on December 14.
The report aims toassist the development of a sound financial reporting institutional frameworkby improving understanding of the importance of a high-quality system forcorporate financial reporting and auditing.
It is a joint WorldBank and International Monetary Fund (IMF) initiative that helps membercountries strengthen their financial system by enhancing compliance withinternationally recognised standards and codes.
The reportrecommends Vietnam to simplify the Accounting Law and the Law on IndependentAudit towards more on principles rather than detailed requirements, and to fullyadopt International Financial Reporting Standards (IFRS) and the relatedInternational Financial Reporting Interpretations Committee (IFRIC)interpretations in full for public interest entities (PIEs).
[Vietnam to adopt IFRS by 2025]
It also suggestedgeneral-purpose financial statements should be prepared in full compliance withVietnamese Accounting Standards (VAS) developed in line with IFRS. Vietnamshould minimize the instances in which instructions and regulations overrideVAS in the short to medium term while developing a strong and independentvaluation profession to support the implementation of the Vietnam FinancialReporting Standards, it said.
Opening theceremony, Director of the MoF’s Accounting and Auditing Policies Department VuDuc Chinh thanked the World Bank in Vietnam and relevant agencies for surveyingthe current context of accounting and audit in the country and make recommendations.Vietnam is making efforts to improve its legal basis for accounting andauditing and increase the transparency and honesty of financial statements inVietnam, he added.
WB Director inVietnam Ousmane Dione, for his part, said as part of the World Bank Group’ssupport for Vietnam’s vision towards 2030, the Reports on the ROSC inaccounting and auditing will contribute to the successful implementation of thecountry’s Everyone’s Involved – Sustainable Development Strategy.-VNA
VNA
