Vietnamese Accounting Standards ("VAS")

Vietnamese Accounting Standards ("VAS")

The Ministry of Finance of Vietnam ("MoF"), through the Accounting and Auditing Policy Department, implemented the Vietnamese Accounting Standards ("VAS"). These standards are based on International Financial Reporting Standards ("IFRS").

So far,Batch 1, 2, 3, 4 and 5 of the Standards have been published:

Batch1, Four Standards, Decision 149/2001/QD-BTC, December 31, 2001,

Batch2, Six Standards, Decision 165/2002/QD-BTC, December 31, 2002

Batch3, Six Standards, Decision 234/2003/QD-BTC, December 30, 2003

Batch 4, Six Standards, Decision 12/2005/QD-BTC, February 15, 2005. Batch5, Four Standards, Decision 100/2005/QD-BTC,December 28, 2005. Standards are drafted and commented on by standards setting groups while the final issuance of these standards is through MoF. Below are the twenty-six issued Vietnamese Accounting Standards.

1. VAS 1: Framework

2.VAS 2: Inventories

3. VAS 3: Tangible Assets

4.VAS 4: Intangible Assets

5.VAS 5: Investment Property

6. VAS 6: Leases

7.VAS 7: Accounting for Investments in Associates

8. VAS 8: Financial Reporting of Interests in Joint Ventures

9. VAS 10: The Effects of Changes in Foreign Exchange Rates

10.VAS 11: Business Combination

11.VAS 14: Revenues and other Incomes

12. VAS 15: Construction Contracts

13.VAS 16: Borrowing Costs

14. VAS 17: Income Taxes

15. VAS 18: Provision, Contingent assets, Contingent Liabilities

16. VAS 19: Insurance Contract

17.VAS 21: Presentation of Financial Statements

18. VAS 22: Disclosures in the Financial Statements of Banks and Similar Financial Institutions

19. VAS 23: Events After the Balance Sheet Date

20. VAS 24: Cash Flow Statements

21. VAS 25: Consolidated financial statements and accounting for investments in subsidiaries

22. VAS 26: Related Parties Disclosures

23.VAS 27: Interim Financial Reporting

24. VAS 28: Segment Reporting

25. VAS 29: Changes in Accounting Policies, Accounting Estimates and Errors
26. VAS 30: Earning per share