Only a few months left (at the beginning of 2022) is until the time of voluntary financial statements according to international standards (IFRS). Financial professionals say that businesses should take advantage of voluntary application to deploy early to take advantage of the previous person. Dong Tran Hong Kien - Deputy General Director of Auditing Services and Accounting Consultants , PWC Vietnam, has an exchange with TBTCO reporter on this issue. * Reporter: Through direct contact of PWC with businesses, how do businesses receive IFRS? - Mr. Tran Hong Kien: In general, businesses have positive thinking and supporting the transformation of IFRS, as this is an inevitable trend of the economies, in order to protect information transparency, joint support Industry is deeper into the regional and world financial market
. However, most businesses only stop at awareness, but have not turned into specific actions with strategic steps to achieve Best benefits from conversion. * Reporter: In corporate groups, which business groups are to receive the most active IFRS, sir? - Mr. Tran Hong Kien: Block C Evil enterprises with foreign-invested enterprises are familiar with IFRS when preparing to report their parent group, so they are expected to apply voluntary voluntaries IFRs according to the Ministry of Finance's route
Early application will help them reduce compliance costs when there is no need to prepare two different reports for Vietnam and for Mother Group. With the block of private enterprises, large enterprises have houses Foreign strategic investment or businesses that are in the process of finding foreign investment capital, there are also active attitudes to actively carry out the conversion. For these businesses, the transition is associated with the process of changing strategies in the capital structure. The remaining enterprises only stop at the grasp the conversion path of the Ministry of Finance without starting too much Program on implementation. The reason these businesses are considering the application of IFRS is just a compliance process, instead of considering this as an opportunity to change awareness about the transparency of financial information, complete the management process and improve the value of enterprises for shareholders and investors. * PV: However, the fact that the application of IFRS will make businesses to expose more information on themselves finance. Does this be a contradiction in the conversion motivation to IFRS? - Mr. Tran Hong Kien: The request for the corporate financial system is to enhance transparent publicity, which relates to benefits Useful of many stakeholders. For management agencies, more publicity information will help managers grasp more clearly than the financial situation of the enterprise, thereby ensuring better state management. Creditors, The bank
.. lending is also very needed to be clear about the business as possible to ensure their loan management is effective. In addition to public companies, shareholders and potential investors when investing in enterprises is also very need to capture the maximum financial information about the business. That, the purpose of IFRS towards Is associated with the legitimate benefits of those who want to transparent information as above. On the business side, we also have to understand who "businesses" here in particular? Enterprise owners (represented by the Board of Directors) are different from the Board of Directors and the Accounting Department of that enterprise. The problem here is in some businesses that have not clearly identified the management role and the role of operating in the enterprise. The financial statements are the work of the Executive Board and publicly relieved psychology (if any ) Mostly associated with concerns and concerns from the executive department, rarely from the "enterprise" with the main entity as a shareholder represented by the Board of Directors. Enterprises and shareholders, if there are concerns, it is mainly from the expenses that will be corresponding to the benefits due to the transition. * PV: So the benefits of businesses and boards WHAT IFRS WHAT IFRS IFRS? - Mr. Tran Hong Kien: Converting to IFRS should not be seen as a simple accounting standard process, but a chance to help joint Industry changes in management processes, analyzing existing performance, and accessing the best practices. The conversion may not yet create a more positive financial picture in the short term, but the implementation of early conversion steps will help businesses have longer time to overcome weaknesses and focus more on work Clarifying the strengths. Monday, the enterprise with an early conversion step can attract high quality personnel and have expertise on IFRS, because experts in this area in Vietnam are not much. Therefore, attracting highly qualified and professional personnel forces is an advantage that is not small for businesses, helping businesses quickly re-rely the whole system . Dịch vụ:
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