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IFRS enables improvement of business environments as well as business management capacities. Photo: Internet

IFRS is being applied in more than 100 countries worldwide. In Vietnam, the listed companies on the stock market are the first ones required to apply IFRS as required under the IFRS roadmap framework of the Ministry of Finance until 2020.

According to Mr. Andrew Holt, first secretary of the British Embassy in Vietnam,the application of IFRSin Vietnam will benefit the business environment towards more transparency;enhance competitiveness and corporate governance and support financial reforms and international start-ups as well. However, the instantly updated and innovativecharacteristics of IFRS requirepeople in charge to frequently update their knowledge.

Besides, Mr. Trinh DucVinh, Deputy Director of Accounting Regime and audit, the Ministry of Finance emphasized that it is not easy to acquire and operate IFRS correctly soit requires such senior expertsthat such developing countries like Vietnam are not always able to meet.

In order to address this challenge, the Institute of Chartered Accountants of England and Wales (ICAEW) in Vietnam with capital granted from the British government’s bilateral fund has recently cooperated with the Ministry of Finance and the State Securities Commission to implement training for more than 100 core staff.

The course is designed in accordance with accounting and financial officers, , investors and managers of portfolio, management agencies and drafting standards bodies with the basic content of the core principles of IFRS, the financial report presentations ... as well as specific issues in each of the accounting standards with illustrated situations for related issues.

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Besides, in order to universalize IFRS, ICAEW are offering online programs on IFRS Certificate whichenables students to understand in detailthe principles of IFRS and how to apply it in practice, the stages of the application of IFRS globally, the latest changes of IFRS standards as well as global experiences, challenges and strategies to overcome challenges in the application of IFRS

Moreover, this is a global program which enables self-learners to access easily anywhere and anytime. Moreover, the program can evaluate the learner’s proficiency through an exam and qualified students will be granted a certificate from the ICAEW.

By Huong Diu / Thu Phuong