Summary of PhD thesis: Transition of financial statements from Vietnamese accounting standard to international financial reporting standard - Experiental study for Vietnamese companies

The general objective of this thesis is to develop a framework for transition of financial statements from Vietnamese Accounting Standard (VAS) to Intrenational Financial Reporting Standard (IFRS) for Vietnamese companies. It is necessary to identify and measure factors that affect in transition of IFRS financial statements in the conditions of economic, political, cultural and social of Vietnam.

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HO CHI MINH CITY -By NGUYEN NGOC HIEP TRANSITION OF FINANCIAL STATEMENTS FROM VIETNAMESE ACCOUNTING STANDARD TO INTERNATIONAL FINANCIAL REPORTING STANDARD _ EXPERIENTAL STUDY FOR VIETNAMESE COMPANIES Major: Accounting Code : 8340301 SUMMARY OF PHD THESIS HO CHI MINH CITY– 2018 Thesis is prepared at: University of Economics Ho Chi Minh City Professional advisor: Asso.Prof., PhD Ha Xuan Thach Asso.Prof., PhD Bui Van Duong Critic 1: Critic 2: Critic 3: The thesis will be presented to the Thesis committee at At …, the day month year The thesis can be found in Library INTRODUCTION Reseach ideal Vietnam has become an official member of the World Trade Organization (WTO) Investment and capital activities in the capital market and securities market attract more and more foreign investors To attract capital from foreign investors, Vietnamese companies will list their stocks on the International stock exchange One of conditions for listing stocks on the International stock exchange is to prepare financial statements in accordance with International Financial Reporting Standard (IFRS) In addition, with the progress of International economic integration, the level of competition among companies is increasing, more and more Vietnamese companies seek to increase exporting and set up their operations abroad Therefore, their financial statements must be prepared in accordance with the IFRS Accompanying with the process of International accounting convergence in 2020 and the vision 2030 in Vietnam, Vietnamese companies will need to transit their financial statements from Vietnamese Accounting Standard (VAS) to IFRS to meet the requirements of this convergence Derived from the need of economic integration, from the trend of convergence of International accounting in Vietnam and from difficulties and challenges faced by Vietnamese companies in transition of financial statements from VAS to IFRS and to help Vietnamese companies have more favorable in transition of financial statements to IFRS The topic of this thesis is “Transition of financial statements from Vietnamese Accounting Standard to International Financial Reporting Standard_Experimental study of Vietnamese companies” 2 Reseach objectives The general objective of this thesis is to develop a framework for transition of financial statements from Vietnamese Accounting Standard (VAS) to Intrenational Financial Reporting Standard (IFRS) for Vietnamese companies It is necessary to identify and measure factors that affect in transition of IFRS financial statements in the conditions of economic, political, cultural and social of Vietnam This will help to find out difficulties, challenges in transition of financial statements to IFRS In order to solve the general objective, the thesis needs to address two main objectives: 1/ Develop a framework for transition of financial statements from VAS to IFRS 2/ Identify and measure factors that affect transitions of IFRS financial statements Research questions There are four questions to resolve the two main research objectives: (1) What are key differences of each items on financial statements between VAS / Vietnamese Circulars and IAS/IFRS?; (2) What are methods of transition financial statements to IFRS in Vietnam, currently? What are difficulities and challenges of IFRS transition?; (3) What are factors that affect of transition financial statements from VAS to IFRS? (4) How does each factor affect transition of financial statements form VAS to IFRS? Research subjects and scopes  Reseach subjects: The key differences of each item on financial statements between VAS / Vietnamese Circulars and IAS/IFRS Status of transition financial statements from VAS to IFRS of Vietnames companies Factors that affect transition of financial statements from VAS to IFRS  Reseach scopes: Vietnamese companies are transitioning and preparing to transit their financial statements from VAS to IFRS Financial statements of Vietnamese companies (included transited IFRS financial statements) of the period 2010 to 2015 Reseach methodology The author uses mixture of qualitative and quantitative methods in this thesis The research process of thesis as below Research problems - Trasition of financial statements from VAS to IFRS - Research objectives Developing a framework for transition of financial statements from VAS to IFRS Identify and measure factors that affect transition of financial statements from VAS to IFRS Theoretical basis - VAS, Vietnmaese Circulars, Vietnamese accounting laws; IAS / IFRS and published reseachs Qualitative research - Collecting data regarding research objectives, financial statements; case study research and in-depth interviews - Analyze, discuss the results and compare to theoretical basis - Identify factors that affect transition of financial statements form VAS to IFRS, based on the results for quantitative research Comparative Case study In-depth research research Interview Comparison of significant differences Status of that variable affect (ii) Develop questionnaries of Vietnamese transition each item on companies, financial (iii) Collect data financial Transition statements from (iv) Process data statement methods, VAS to IFRS (v) Analyze data between VAS / difficulities and Vietnamse challenges (Q2) circulars of Scale building and descreptions the observed Idnetify factors transition to IFRS of Quantitative research (i) measure the affect of each (Q3) factor on transition of financial statements from VAS to IFRS and (Q4) IAS/IFRS (Q1) Developing a framework for transition of Financial Identify and measure factors that affect transition of financial statements from VAS to IFRS (Objective 1) statements from VAS to IFRS (Objective 2) Recommendation Based on the results of qualitative and quantitative research to recommend policies that impact and support by the Vietnamese Government, companies, training institutions to help Vietnamese companies have more favorable in transition of financial statements from VAS to IFRS Reseach Processes of Thesis New contributes of thesis Theoretical implications:  Developing a framework for transition of financial statements from Vietnamese Accounting Standard to International Financial Reporting Standard with general principles that are scientifically based, helping all types of Vietnamese companies can apply  Building a model by factors that affect transition financial statements to IFRS of Vietnamese companies in the conditions of economic, political, cultural and social of Vietnam and contribute to International theoretical system on factors that affect of transition financial statements from national accounting standards to International financial reporting standard Empirical implications:  Based on the results of thesis, The Vietnamese Ministry of Finance and the State Securities Commission can orient to develop a framework for transition of financial statements from Vietnamese Accounting Standard to International Financial Reporting Standard, to develop guidance on transition financial statements to IFRS; Vietnamese companies rely on the framework of transition financial statement to IFRS of this thesis to plan for their transition of financial statements from VAS to IFRS at their companies; Training institutions and Vietnamese Universities develop training programs on transition of financial statements to IFRS in order to improve IFRS knowledges for accountants in Vietnam, helping Vietnamese companies have more favorable in transition of financial statement sfrom VAS to IFRS  Based on the results of identify and measurable five factors(Economic integration, Legal system, Cultural environment, Support of company’s Manager and Educational of accountant) that affect in transition of financial statement from VAS to IFRS, author recommends policies that impact and support by Ministry of Finance, State Securities Commission, training institutions as well as management implications of Vietnamese companies, these will help more favorable in transition of financial statements from VAS to IFRS for Vietnamese companies Thesis structure The thesis is divided in five chapters Introduction; Chapter 1– Literature review; Chapter 2–Theoretical basis; Chapter 3–Reseach method, Results and discussion on developing a framework for transition of financial statements from VAS to IFRS; Chapter 4– Research method, Results and discussion on indentification and measurable factors that affect transition of financial statements from VAS to IFRS; Chapter 5–Conclusion and Recommendation CHAPTER LITERATURE REVIEW 1.1 Reseaches in the world 1.1.1 Reseaches on transition of financial statements from National accounting standards to IFRS 1.1.1.1 Reseaches on differences between national accounting standards and IFRS Reseached in this field in countries of the EU by Danuta Krzywda & Marek Schroeder (2007); Devalle & ctg (2010); Struharo & Katerina (2010); Beuselinck & Ctg (2010); Stamatios Dritsas & ctg (2014); Michael E Bradbury & ctg (2017) The result of these showed that there are differences between national accounting standards and IFRS 1.1.1.2 Reseaches on the first time adopt IFRS and IFRS’s regulations The differences between national accounting standards and IFRS are affected to the first time adopt IFRS, companies must abide IFRS’s regulations and rules (Eva K Jermakowicz & ctg, 2007), Demaria & Dominique (2008) in France; Soderstrom & Sun (2013) Saidu & Dauda (2014) in Nigeria; Eva K Jermakowicz & ctg (2014) in United States 1.1.1.3 Reseaches on affecting financial statements of transition and adopt IFRS Reseaches in countries of the EU by Sally Aisbitt (2006); Susana Callao Gaston & ctg (2010); Achilleas Psaroulis (2011); Ioannis Tsalavoutas & ctg (2012); Vera Palea (2012); Irina-Doinaba (2012); Michela Cordazzo (2013); Helena Vojakova (2015) ChungHao Hsu & ctg (2013) in Taiwan; (Shu-hsing Wu, 2014; Johanna Forsberg & Johanna Ojala, 2014) in China; Bhanu Sireesha (2015) in India; Sylwia Gornik-Tomaszewski (2014) in the United States; Muhammad Nurul Houqe & ctg (2017) in Newzealand The results showed that IFRS transition affected companies’s financial statements results 1.1.1.4 Reseaches on benefits and challenges in transition and adopt IFRS Beside the benefits of IFRS transition, there are many difficulties and challenges for oprations of companies in transition and adopt IFRS, Jermakowicz (2004) in Belgium; (Weienberger & ctg, 2004; Mary E Barth, 2008); Ormrod & Taylor (2004) in England; Costin A Istrate (2015) in Romania; Kavitha (2014) in India; (Hlaciuc Elena & ctg, 2009; Murphy Smith, 2015) in United States 1.1.2 Reseaches on factors that affect transition and adopt IFRS 1.1.2.1  External factors Economic intergration Reseached by (Young & Guenther, 2003; Spyros Baralexis, 2004) in Greek; Philip Brown & Ann Tarca (2005) in France , Germany & England ; Murphy & Bruce (2007); Leuz & Hail (2006); Christopher S.Armstrong & ctg (2008); Francis & Hannah (2010); Chen Huifa & ctg (2010) 15 countries of the EU; Abdulkadir Madawaki (2012) in developing countries, Nigeria; Irvine & Lucas (2006) in Middle East; Aggarwal & ctg (2004) in United States; Kim M Shima & David C Yang (2012); Michael Neel & ctg (2017) countries adopted IFRS  Legal system Reseached by Adhikari & Tondkar (1992); Lei Cai & ctg (2009); Doupnik & Salter (1995); Jaggi & Low (2000); Christopher Nobes & Robert Parker (1995); Danuta Krzywda & ctg (2007); Elisavet Mantzari & ctg (2017) in countries of the EU (Abdulkadir Madawaki, 2012; Mohamed Abulgasem Zakari, 2014; Shigufta Hena Uzma & ctg (2016) in developing countries; in many countries adopted IFRS by Kim M.Shima & ctg (2012) 16 financial statements from VAS to IFRS, running parallel two financing reporting systems (VAS & IFRS) IFRS financial statements are prepared to provide for its foreign lender, regarding its loan agreements IFRS reports are not published disclosed, the Board and Chief Finance officer of tow companies required the author not to disclose specific name of them in this thesis The results of case studies showed that Vietnamese companies transit their financial statements from VAS to IFRS in two main transition methods: Manual and Automatic transition The case studies also showed the difficulties and challenges faced by Vietnamese companies in the IFRS transition as there are significant differences between VAS and IAS / IFRS; lack of IFRS knowledge of accountants; IFRS’s forms, rules differ from VAS’s; Cost of preparing IFRS may exceed the benefits Based on the results of the case studies, author expects that economic integration (IFRS financial statements are required by foreign investors, foreign lenders…), The legal system (differences in each item on the financial statement between VAS / Circular 2002014 / TT-BTC / Circular 210/2014 / TT-BTC / Circular 49/2014 / TT-NHNN and IAS / IFRS); Education of accountant (lacking of IFRS knowledge of accountants in Vietnamese companies) and Support of company’s manager (management decision and support in human resources and finance for IFRS, costs of IFRS transition ) are the factors that affect the IFRS transition 3.3 Developing a framework for transition of financial statements from VAS to IFRS 17 3.3.1 Overview the framework for transition of financial statements from VAS to IFRS Overview framework for transition of financial statements from VAS to IFRS (from preparation plan to the specific contents of transition procedures) including steps Chart 3.3 below and Appendix 3.20 of the thesis: Details of transition financial statements from VAS to IFRS 18 Prepare transition conversion 1.Prepare Transition - Reasons for transition - Time for pre-transit Assess impacts of transition Establish a transition Transition plan project Transition Monitor and Implement sustain Implemen t Opportunities and challenges of transition Accounting, tax and reporting 2.Assess IT System Conversio impacts of Business processes transition Peoples and changes n Implemen tConversi Objective Overview: set up a steering committee; structure of members of project; roles and 3.Establish a transition on responsibilities Technical team; conversion team, managed team; IFRS advisors project - Stage 1: objective/plan - Stage 2: Design/ build - Stage 3: Implement/ review Implemen t Transition plan  Stage 1: Objective/ Plan Objectives: analyze transition impacts and discloses; Analyze transition impacts on reporting ‘s requires ; Analyze transition impacts on tax; Assess transition impacts on systems and procedures ; Analyze transition impacts on peoples and changes ; Assess company readiness for transition project ; Reporting transition impacts on people and changes ; Reporting transition impacts on company ’s businesses; transition plan Transition Implement  Stage 2: Design /Build: Objectives; Job details ; Base on timeframe and progress made under plans (stage 1), collect and completion status of step “ assess”; Define first date of transition; Select accounting and reporting (considering various transition methods of opening balances on the financial position statement); Draft accounting policies , accounting books and manual accounting; Assess and identify requirements for systems and processes; Consider effects of tax and tax strategies ; Opportunity for integrating external and internal reporting processes; Design change system, training and development implement plan 6.Monitor and sustain  Stage 3: Implement/ Review: Objectives ; Job details; Assumption/Build/,testing and process ; Test IT solutions; Implement solutions and training ; Data collection sand processes; Prepare beginning statements of financial position statement and comparable; Prepare IFRS financial statements Monitor and sustain post implementation stage of conversion 19 3.3.2 Manual transition method of financial statements from VAS to IFRS: steps Step 1: Identify differences in measurement and presentation of financial statements Step 2: Determine the first year of transition, identifying the years of comparative data required by IFRS1 Recalculate the beginning of the period at IFRS Step 3: Preparing adjustment entries of difference in impact measurement in the statement of Balance Sheet and statement of Profit and loss Step 4: Combination / Split accounts to present in the Balance Sheet Step 5: Combination / Split revenues / expenses to present in the Profit and loss Step 6: Transition statement of cashflows Step 7: Adjusting, supplement the note of financial statements Step 8: Preparing statement of change owner equity 3.3.3 Automatic transition of financial statements from VAS to IFRS Business activities Chart 3.4: Overview of information system Centralized accounting (Principles, tools, Financial data warehouse General ledgers Financial statements (BS,P&L) Other reports ( Trial Balance, ) Reports from system Management reports VAS & IFRS Financial reports State reports (Tax dept ) 20 Chart 3.5: Overview of accounting data center GL Recording principles warehouse Centralized accounting GL & Consolidatio n Business activities Accounting entries Balancing storages Post to GL Chart 3.6: Method uses accounting system and general ledger system Treatment method for chart of account IFRS accounts General ledger method VAS accounts Ghi nhận giá trị theo VAS xxxxx 11 xxxxx 22 xxxxx Shared accounts (*) Recording transactions IFRS Accounts xxxxx Statement of financial position-IFRS (*) Shared accounts are not differences in recording between IFRS & VAS Statement of financial position - VAS 21 3.4 Conclucion chapter CHAPTER RESEARCH METHOD, RESULT AND DISCUSSION ON INDIFICATION AND MEASUREMENT FACTORS THAT AFFECT TRANSITION OF FINANCIAL STATEMENTS STANDARD FROM TO VIETNAMESE INTERNATIONAL ACOCUNTING FINANCIAL REPORTING STADARD 4.1 In-depth interview research, results and discussions Research model proposal Figure 4.1 : Research model Economic intergation (HNKT) Legal system (HTPL) H1 H2 Transition of financial H3 Cultural enviroment (MTVH) statements from VAS to IFRS (CDBC) H4 Support of company’s manager (HTQT) H5 Education of accountant (NVKT) Develop research hypotheses H1: International economic integration has positive affect in transition of financial statement from VAS to IFRS H2: Legal system clearly and sufficiency will facilitate transition of financial statement from VAS to IFRS 22 H3: Cultural environment has affected transition of financial statement from VAS to IFRS H4: Supporting by company’s Manager has positive affect in transition of financial statement from VAS to IFRS H5: Accountant with good knowledge in IFRS has positive affect in transition of financial statement from VAS to IFRS CDBC: Transition of financial statement from VAS to IFRS (Dependend variance) The result of In-depth interview research showed that the second expert of 12 experts interviewed gave a new factor that affect in IFRS transition, Information system However, this new factor just mentioned by one expert only, furthermore the result of case study research showed that information system supports for the IFRS project only, so that this factor is enough to develop in the question of the quatitative research Based on the statistical results of author, all 12 experts agreed the five factors in the proposed research model of this thesis are Economic integration, Legal system, Cultural environment, Support of company’s manager and Education of accountant 4.2 Quatitative research, results and discussions 4.2.1 The suitable of qutitative research 4.2.2 Research procedures Respondents: 1/ Chief financial officers / Chief accountants / Accountants / Senior managers of some Vienamese companies that transition or preparing to transit their financial statements from VAS to IFRS and; 2/ Diretors / Senior manager auditors of the Big four 23 audit firms who directly transit or manage the transition IFRS financial statements for Vietnamese companies Survey method: Option1: Sending the questionnaires directly to the survey subject then collected after their completed; Option 2: Sending the questionnaires by email Author sent out 300 observations for the official survey in Y2017, collected 239 observations (79.67%), after cleaning, 11 unsatisfactory and rejected, 228 valid observations were used for the analysis 4.2.3 Analysis and disucssion results 4.2.3.1 Results of pilot testing The result analyzed by the Cronbach Alpha, after eliminating some unsatisfactory variables, the remained 27 variables will be used for the official survey 4.2.3.2 Result of official survey 4.2.3.2.1 Description the research data With the 228 valid observations, the result from the description the research data showed that 104 accoutants (45,6%) 20 Chief accounts (8,8 %), 106 Auditors (46,5 %), 18 company’s managers (7,9 % ) 4.2.3.2.2 Testing reliability of the variables in the data set The results of the Cronbach Alpha coefficient showed that it’s above the recommended 0.6 This showed that the research variables are relevant and reliable At the same time, all observations for variables in the model, including both independent variables and dependent variables, the Correlation coefficient of total variables 24 above the recommended 0.3 (Nguyen Dinh Tho, 2011, Nunnally & Bernstein, 1994) Analysis the results of composite reliability and extraction deviation showed that the confidence coefficients are above the recommended 0.7 and the variance deviation of all factors is above the recommended 0.5, it means that the confidence scales necessary Thus, all 27 observations in the model are consistent and qualified for further analysis steps 4.2.3.2.3 Exploratory factor analysis Table 4.3: Result of KMO and Bartlett’s test KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy Approx ChiBartlett's Test of Sphericity Square 0,852 2363,393 Df 253 Sig .000 The result of KMO and Bartlett’s test , Table 4.3 showed that KMO coefficients was 0.852 is between 0.5 & 1.0, indicating that the factors analysis is appropriate and significance levels sig is 000 less than 0.05 is satisfactory statistical significance (Hair & ctg, 2006) 4.2.3.2.4 Regression analysis  Correclation coefficient test The result of correlation coefficient between “Transition of financial statement from VAS to IFRS” is highest by “Economic integration (HNKT)” (Pearson = 0.567) then “Education of 25 accountant (NVKT)” (Pearson = 0.447); “Support of company’s manager (HTQT)” (Pearson = 0.406); “Legal system (HTPL)” (Pearson = 0.455) and “Cultural environment (MTVH) ” (Pearson = 0.462) Therefore, it’s possible to conclude that independent variables can be included in the model to account for transition of financial statements from VAS to IFRS with five independent variables: economic integration; legal system, cultural environment; support of company’s manager and education of accountant  Regression analysis The result of regression model given final standard regression equation of relationship between variables: CDBC = 0,259*HNKT + 0,251*NVKT + 0,182*HTQT + 0,188*HTPL + 0,169*MTVH CDBC- Dependent variable “Transition of financial statements from VAS to IFRS”; HNKT–“Economic intergation”; HTPL– “Legal system”; MTVH–“Cultural enviroment”; HTQT– “Support by company’s manager”; NVKT– “ Education of accountant” 4.2.4 Discussion the results of quatitative research 4.2.4.1 The results of Exploratory Factor Analysis (EFA) The results of the EFA, five factors with the eigenevalue factor greater than one, were extracted from the 23 factors introduced into the model and the percentages accumulation of these five factors reached 64.12%, reaching the requirement of more than 50% Thus, from the results of factor analysis, none of the variables had a factor load factor less than 0.5 (Hair & ctg, 2006), so that all 23 variables included in the analysis 26 4.2.4.2 The results of regression analysis The results of regression analysis, R=0.497, means that regression model was constructed in accordance with the data set researching 49.7% The result of regression analysis also show that the Variance Inflation Factor (VIF) of the independent factors in the model are low and less than 2.2 (from 1.201 to 1.552) In addition, the Sig value of the coefficients of the independent factors in the model < 0.05 As a result, the transition of financial statements form VAS to IFRS has the most affecting by Economic integration, second is the Education of accountant and is also affected by Legal system, Support of company’s manager and Cultural Environment 4.2.4.3 4.3 Discussion the results of each factor Conclucion chapter CHƯƠNG CONCLUSION AND RECOMMENDATION 5.1 5.1.1 Conclusion Developing a framework for transition of financial statements from VAS to IFRS From the results of comparative research and case study research of this thesis The thesis suggest to develop a framework for transition of financial statements from VAS to IFRS with general principles that are scientifically based, helping all types of Vietnamese companies can apply The framework consists by main steps and details of Manual and Automatic transition method 5.1.2 The factors that affect transition of financial statements from VAS to IFRS 27 The result of hypothesis testing: there are five factors that affect transition of financial ststements from VAS to IFRS, included three external factors: Economic integration, Legal system, Cultural environment and two internal factors: Support of company’s manager and Eduction of accountant Regression analysis: the results of the standardized regression model show that the five independent variables of the model have the same affect on the transition of financial statements from VAS to IFRS Among them, the external factor is the most affecting by Economic integration Internal factor, the Education of accountant is the second affecting.Then the Legal system, Support of company’s manager support and finally, the Cultural environment 5.2 5.2.1 Recommendation Regarding developing the framework for transition of financial statements from VAS to IFRS  For the Ministry of finance, State Securities Commission Ministry of Finance (MoF): based on the framework of IFRS transition, The MoF can develop guidance on transition financial statements to IFRS, included: evaluate the overall impact of the transition and provide specific guidance on how to transit each item on the financial statements State Securities Commission (SSC): Based on the framework of this thesis, the SSC consulted and developed training manual on transition of financial statements from VAS to IFRS, providing solutions to help more favorable in IFRS transition 28  For Vietnamese companies Based on the framework to plan transition of financial statements from VAS to IFRS in their companies  For training institutions Accounting & auditing training institutions and universities based on the IFRS transition framework to develop the IFRS training program, training transition methods to supplement human resources have IFRS knowledge for Vietnamese companies 5.2.2 Regarding the factors affect transition of financial statements from VAS to IFRS Based on the results of thesis on identify and measurement five factors that affect in transition of financial statement from VAS to IFRS, the thesis recommends policies that impact and support by MoF / SSC, training institutions as well as management implications of Vietnamese companies, these will help more favorable in transition of financial statements from VAS to IFRS 5.2.2.1 Economic intergation 5.2.2.2 Education of accountant 5.2.2.3 Legal system 5.2.2.4 Support of company’s manager 5.2.2.5 Cultural enviroment 5.3 Further research directions The newly developed research model of the thesis confirms that two main groups of factors (external and internal), including the five factors that affect transition of financial statements from VAS to 29 IFRS Further researches, it’s needed to add new scales to these two groups of factors to increase value of the research model Regarding transition method, author given two companies that transited their financial statements from VAS to IFRS, so the next researches will analyze more companies running parallel VAS and IFRS financial statements Moreover, access more types of companies to understand clearly transition situation, analyze more difficulties and challenges of companies in IFRS transition In addition, the next research, author will measure the relationship between knowledge, attitudes and concerns of MoF, SSC, trainning insititutions, Vietnamese companies in transition of financial statements from VAS to IFRS to find the difficulty, ability and trend of trasition of financial statements from VAS to IFRS in the future GENERAL CONCLUSION LIST OF PUBLISHED RESEACHES OF AUTHOR RELATED THE THESIS Ha Xuan Thach, Bui Van Duong & Nguyen Ngoc Hiep, 2014 Building case studies in advanced financial accounting subject, Secientific research at university level, University of Hochiminh Economics, 12/2014 Nguyen Ngoc Hiep, 2014 Strengthening teaching of international accounting standards in Universities to meet the need for human resources in integration, 2014 Scientific seminar: Financial accounting, changes and directions for development in the integration process, University of Hochiminh Economics, 12/2014 Nguyen Ngoc Hiep & Ha Xuan Thach, 2017 Transition of financial statement from Vietnam’s accounting standard (VAS) to International financial reporting standard (IFRS) - Factors that affect transition to IFRS of Vietnamese companies, 2017 International Journal of Economic Research, Scopus Index Journal, Vol.14, No.20: 135-149, 12/2017, ISSN: 0972-9380 Nguyen Ngoc Hiep & Ha Xuan Thach, 2018 Factors that affect transition of financial statement from Vietnamese accounting Standard to International Financial Reporting Standard Journal of Foreign Economic, No.102/2018: 76-95, 01/2018, ISSN: 18594050 Nguyen Ngoc Hiep & Ha Xuan Thach, 2018 Transition of financial statement from Vietnamese accounting Standard to International Financial Reporting Standard_ Experiental study for Vietnamese companies Journal of Accounting and auditing, No.174: 10-12, 03/2018, ISSN: 1859-1914 ... Thach, 2018 Transition of financial statement from Vietnamese accounting Standard to International Financial Reporting Standard_ Experiental study for Vietnamese companies Journal of Accounting. .. of this thesis is to develop a framework for transition of financial statements from Vietnamese Accounting Standard (VAS) to Intrenational Financial Reporting Standard (IFRS) for Vietnamese companies. .. 2017 Transition of financial statement from Vietnam’s accounting standard (VAS) to International financial reporting standard (IFRS) - Factors that affect transition to IFRS of Vietnamese companies,