IFRS news

“Obstacles” when applying IFRS in Vietnam

23 July 2021
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Must-know IFRS regulations

28 May 2021
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How to account for repurchase agreement under IFRS 15

16 April 2021
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Classification of Liabilities as Current or Non-current (Amendments to IAS 1)

10 November 2020
On 23th January 2020, IASB issued Amendments to IAS 1 – Classification of Liabilities as Current or Non-current in order to modify and clearly define Current and Non-current Liabilities to correspond to reality. The amendments will be effective on or after 01 January 2023.
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Determining lessee’s incremental borrowing rate under IFRS 16

13 October 2020
At the commencement date, a lessee shall measure the lease liability at the present value of the lease payments that are not paid at that date. The lease payments shall be discounted using the interest rate implicit in the lease, if that rate can be readily determined.
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Making materiality judgements when preparing financial statements

18 September 2020
Materiality plays an important role in preparing and presenting Financial Statements (FS), so inappropriate applications will lead to present non-material information.
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IFRS News - July 2020

10 July 2020
Assessing whether a change in payments due to COVID-19 is a lease modification. We have been made aware of changes in lease payments that have occurred or are expected to occur, as a result of the COVID-19 pandemic so the lease contract and accounting may be modified. Please follow the link below to download our full newsletter.
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Overview of other comprehensive income (OCI)

1 June 2020
Under definition of IAS 01: Incomes and expenses (include adjustments due to reclassify) are not allowed to record in profit and loss report as prescribed or allowed by other IFRS. Please follow the link below to download our full newsletter.
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Fair value measurement

8 May 2020
International Financial Reporting Standard 13 (IFRS 13) Effective date: 01 January 2013 Ministry of Finance officially approved the project "Application of international financial reporting standards in Vietnam" dated 16 March 2020, showing the deep integration process, especially in the field of accounting.
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IFRS illustrative financial statements

3 February 2020
RSM’s IFRS illustrative financial statements provide the consolidated financial statements of several entities across a range of structures. The financial statements are prepared in accordance with International Financial Reporting Standards. They are an invaluable resource for anyone involved in the preparation or audit of a financial report under IFRS.
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IFRS News - September 2019

30 September 2019
IFRS 15 – Accounting for vouchers in retail industry & Compare with IAS 18 and Circular 200/2014/TT-BTC IFRS 15 guides accounting and allocating for transaction price in retail industry more reasonable than previous instruction as well as Circular 200/2014/ TT-BTC.
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IFRS News - August 2019

30 August 2019
IFRS 15 REVENUE FROM CONTRACTS WITH CUSTOMERS - DIFFERENCES BETWEEN IFRS 15 AND IAS 18 IFRS 15 was greater room for judgment when identifying the goods and services within a contract and then allocating the revenue to those goods and services identified.
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IFRS News - July 2019

23 July 2019
IFRS 16 lease changing compared with IAS 17 The IASB (International Accounting Standards Board) issued IFRS 16 (Leases) in January 2016 with an effective day of 1 January 2019. It has a major impact on the lessees have a great value and large volume of operating leases. Lessor accounting will not change.
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Audit newsletter - 1st edition

25 June 2019
This is a summary of road map to IFRSs adoption and recording shipping expenses of merchandise from supplier to customer in Vietnam. Please read on for an overview of some trending issues in Vietnam and how they may impact your business.
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