Introduction of Vietnamese Accounting Standards (VAS)
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:
- VAS 1: Framework
- VAS 2: Inventory
- VAS 3: Tangible assets
- VAS 4: Intangible assets
- VAS 5: Investment Property
- VAS 6: Leases
- VAS 7: Accounting for investments by associates
- VAS 8: Financial reporting of interests in joint ventures
- VAS 10: Effects of changes in foreign exchange rate
- VAS 11: Business combination
- VAS 14: Revenue and other income
- VAS 15: Construction contracts
- VAS 16: Borrowing costs
- VAS 17: Income taxes
- VAS 18: Provision, contingent liabilities and contingent assets
- VAS 19: Insurance contract
- VAS 21: Presentation of financial statements
- VAS 22: Disclosures in the financial statements for banks and similar financial institutions
- VAS 23: Events after balance sheet date
- VAS 24: Cash flow statements
- VAS 25: Consolidated financial statements and accounting for investments in subsidiaries
- VAS 26: Related parties disclosures
- VAS 27: Interim financial reporting
- VAS 28: Segment reporting
- VAS 29: Net profit or loss for the period, fundamental errors and changes in accounting policies
- 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