Audit & Assurance Services

Basic of financial instruments

13 January 2021
What are the basics with regards to financial instruments? A financial instrument is defined as any contract that gives rise to: A financial asset of one entity and A financial liability or equity instrument of another entity Please follow the link below to download our full newsletter.

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.

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.

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.

The influence of COVID-19 on the preparation, presentation and approval of FS

11 August 2020
The spread of COVID-19 epidemic in the world is still complicated, causing severe difficulties and challenges for businesses in many fields. This has led to some notable issues in preparing, presenting and approving the financial statements. Please follow the link below to download our full newsletter.

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.

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.

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.

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.

IAS 36 Impairment of assets

2 January 2020
The objective of IAS 36 Impairment of assets is to make sure that entity’s assets are carried at no more than their recoverable amount.

IAS 41 Agriculture

20 November 2019
Agriculture is an important economic sector in Vietnam, though, so far, Vietnam has not had an Accounting Standard that defines basic accounting concepts in specific agriculture, such as cultivation, guidelines related to agriculture accounting are few and not specific.

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.

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.