Convergence Strategy VAS with IAS/IFRS to Fit International Business and Economy

Vietnam has been taking active steps and is also in the process of international economic integration requiring our country to have a set of high quality accounting standards consistent with the International Financial Reporting Standards (IFRS), which means to shorten the gap between Vietnamese Accounting Standards (VAS) and International Accounting Standards (IAS). The shortening of the gap will make Vietnamese businesses enhance their financial transparencies and boost their financial risk managements in order to manage their assets more effectively. However, in the current context of Vietnam, the convergence of Vietnamese Accounting Standards and International Financial Reporting Standards is not easy and faces many difficulties. Therefore, Vietnam needs a convergence strategy as well as an appropriate guideline that will bridge the gap between VAS and IFRS to gradually improve the national image on the international stage.