A number of recommendations have been made to establish a sound financial reporting institutional framework and improve understanding of high quality corporate financial reporting and auditing.
The report entitled “Reports on the Observance of Standards and Codes (ROSC): Accounting and Auditing module” was recently jointly launched by World Bank (WB) and Vietnam’s Ministry of Finance.
This report is aimed at improving compliance with internationally recognized standards and codes. It also focuses on accounting and auditing standards and practices for public interest entities.
Linked to complementary reforms in the financial sector, WB recommends that Vietnam’s Accounting Law and the Law on Independent Audit could benefit from simplification during the next revision process.
WB also recommends specific policy measures regarding statutory frameworks, accounting standards, public oversight in order to promote transparency and investor confidence, mitigate risks of financial volatility.
Through these measures, WB wants to foster market effort efficiency and private sector led economic growth.
Ousmane Dione, World Bank Country Director for Vietnam hope that “this report will contribute to the successful implementation of Vietnam’s long term strategy for sustainable and inclusive development and it will support for Vietnam’s vision 2030.”
According to Vu Thi Mai, Vice Minister of Finance, the IFRS (International Financial Reporting Standards) adoption will promote the international recognition of Vietnam as a full economy market and eventually the foreign direct investment flow.
The ROSC is a joint initiative of World Bank and the International Monetary Fund in order to help member states strengthen their financial systems through strongly compling with internationally recognized standards and codes.
The ROSC Vietnam Report on Accounting and Auditing which was developed in cooperation with relevant ministries and agencies focuses on the assessment of accounting and auditing standards.
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