Publication:
Preparation of Financial Statements of Enterprises According to IFRS: An Empirical Study from Vietnam
Preparation of Financial Statements of Enterprises According to IFRS: An Empirical Study from Vietnam
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Date
2022
Authors
Nguyễn Duy Thục
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Research Projects
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Abstract
The purpose of this study was to find out what factors influence the preparation of financial statements in accordance with the International
Financial Reporting Standards (IFRS) for Vietnamese businesses. The survey included 150 enterprises, including parent companies of
state-owned economic groups, parent companies that are listed companies, large-scale public companies that are unlisted parent companies,
and enterprises with 100 percent foreign direct investment, that will apply IFRS voluntarily from the year 2022 and switch to the mandatory
application from the year 2025 (Ministry of Finance, 2016). The survey was carried out with the help of the Google Form tool, and the data
was processed using EFA and regression analysis methods on the SPSS 22.0 software. The findings show, for enterprises in Vietnam, that six
factors influence the preparation of financial statements in accordance with IFRS, ranked in order of influence from high to low: (i) Related
party requirements; (ii) Professional qualifications of accountants; (iii) Roles of enterprise managers; (iv) Forms of capital ownership in
enterprises, (v) Institutional regulations, and (vi) Operational characteristics of the enterprise. In addition, the study also shows that, for
enterprises in Vietnam, the requirements of related parties are an important factor to promote the preparation of the financial statements of
enterprises according to IFRS.
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Keywords
Accounting,
Enterprises,
IFRS,
Financial Statements,
Vietnam