Survey Report: Readiness assessment on IFRS adoption

The COVID-19 pandemic made 2020 a volatile year for economies worldwide which has resulted in tremendous adversities, including disruption to global supply chain, limited international travelling, geographical and poliltical tensions. With prompt and drastic measures, Vietnam has successfully controlled and minimized negative effects of the pandemic. Despite the challenging environment, Vietnam is becoming a potential destination for the new wave of global investmet and commerce.

Preparation towards International Financial Reporting Standards (IFRS) adoption among Vietnamese firms is one of the most crucial step to grasp this opportunity strengthening and pushing economic growth. Not only does satisfying international finance organizations' requirement for Vietnam but IFRS also serves current business market's requirement.

On 16 March 2020, Minister of Finance signed Decision 345/QD-BTC approving “Scheme for application for financial reporting standards in Vietnam”, aiming to increase transparency, the effectiveness of financial information, and accountability of enterprises on the disclosures.

In order to have an overview of the readiness and challenges the enterprises are facing on their journey to adopt IFRS following Decision 345/QD-BTC, Ho Chi Minh City Stock Exchange (HOSE) with the support of Deloitte Vietnam co-conduct the Readiness assessment on IFRS adoption survey, designed exclusively for the C-Suite level of enterprises in Vietnam.

The feedback from firms in this survey serve as the first significant insight. Hence, the state and market supervisory authorities can attain necessary information which facilitate more practical and effective policy making, IFRS adoption process support and promotion.