Accounting and Finance
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").

 
International Financial Reporting Standards ("IFRS")

The International Financial Reporting Standards (the “IFRS”) used to be known as International Accounting Standards (the “IAS”) has been issued by the IASB. In 2003, IASB issued a standard on transition to IFRS. Standards after this period will have the designation of IFRS instead of IAS. Previously released IAS standards will maintain their original designation.

 
Useful lifespan applying to assets for tax purpose

Decision 206/2003/QD-BTC dated December 12, 2003 states the criteria to recognize the fixed assets and also a range of depreciation rate applying to fixed assets. The depreciation rate in the Decision 206 is applicable to all state owned enterprises. For other types of enterprises (i.e. foreign invested enterprises, joint stock companies, limited companies and other enterprises), the depreciation rate is applied for tax calculation. The depreciation rate regulated in the Decision is presented below:

 
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