Introduction of Vietnamese Accounting Standards (VAS)

Written by |on 30 June, 2022

Twenty-six (26) Vietnamese Accounting Standards (VAS) are issued by the Ministry of Finance (MOF) following the Decision 149, 2001 (Batch 1 – four standards), Decision 165, 2002 (Batch 2 – six standards), Decision 234, 2003 (Batch 3 – six standards), Decision 12, 2005 (Batch 4 – six standards), Decision 100, 2005 (Batch 5 – four standards). These standards are prepared in accordance with the equivalent International Accounting Standards (IAS) at the time of preparation. Many standards have not been updated following the revision of IAS.

Accompanying with accounting standards published, MOF has issued circulars (Circular 161, 2007, Circular 20, 2006, and Circular 21, 2006) to provide additional guidance for a particular standard – VAS interpretations. The standard will not be effective once the circular has not been issued.

Below are details of VAS issued by sequential number:

  1. VAS 1: Framework
  2. VAS 2: Inventory
  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 by associates
  8. VAS 8: Financial reporting of interests in joint ventures
  9. VAS 10: Effects of changes in foreign exchange rate
  10. VAS 11: Business combination
  11. VAS 14: Revenue and other income
  12. VAS 15: Construction contracts
  13. VAS 16: Borrowing costs
  14. VAS 17: Income taxes
  15. VAS 18: Provision, contingent liabilities and contingent assets
  16. VAS 19: Insurance contract
  17. VAS 21: Presentation of financial statements
  18. VAS 22: Disclosures in the financial statements for banks and similar financial institutions
  19. VAS 23: Events after 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: Net profit or loss for the period, fundamental errors and changes in accounting policies
  26. VAS 30: Earning per share

Law and regulations reference

Decision 149, 2001 – Decision 149/2001/QĐ-BTC dated 31 December 2001 publishing 4 accounting standards (Batch 1)

Decision 165, 2002 – Decision 165/2002/QĐ-BTC dated 31 December 2002 publishing 6 accounting standards (Batch 2)

Decision 234, 2003 – Decision 234/2003/QĐ-BTC dated 30 December 2003 publishing 6 accounting standards (Batch 3)

Decision 12, 2005 – Decision 12/2005/QĐ-BTC dated 15 February 2005 publishing 6 accounting standards (Batch 4)

Decision 100, 2005 – Decision 100/2005/QĐ-BTC dated 28 December 2005 publishing 4 accounting standards (Batch 5)

Circular 20, 2006 – Circular 20/2006/TT-BTC dated 20 March 2006 guiding the implementation of Decision 12, 2005

Circular 21, 2006 – Circular 21/2006/TT-BTC dated 20 March 2006 guiding the implementation of Decision 100, 2005 Circular 161, 2007 – Circular 161/2007/TT-BTC dated 31 December 2007 guiding the implementation of Decision 149, 2001 and Decision 165, 2001 and Decision 234, 2003