IFRS Standards and Vietnam - WordPress.com · •ASEAN 10-year objective: “ASEAN aims to enhance...

The views expressed in this presentation are those of the presenter,

not necessarily those of the IASB or IFRS Foundation.

International Financial Reporting Standards

IFRS Standards and Vietnam

© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Hanoi, Vietnam

March 2016

Hans Hoogervorst

Chairman, International Accounting Standards Board

IFRS


2

Comprehensive set of Standards,

for use by listed companies and banks

Simplified Standard for use by

smaller, non-listed companies

Afghanistan Chile Hungary Mongolia Slovenia

Albania China Iceland Montserrat South Africa

Angola Colombia India Myanmar Spain

Anguilla Costa Rica Indonesia Nepal Sri Lanka

Antigua and Barbuda Croatia Iraq Netherlands St Kitts and Nevis

Argentina Cyprus Ireland New Zealand St Vincent and the Grenadines

Armenia Czech Republic Israel Nicaragua Suriname

Australia Denmark Italy Niger Swaziland

Austria Dominica Jamaica Nigeria Sweden

Azerbaijan Dominican Republic Japan Norway Switzerland

Bahamas Ecuador Jordan Oman Syria

Bahrain Egypt Kenya Pakistan Taiwan

Bangladesh El Salvador Korea (South) Palestine Tanzania

Barbados Estonia Kosovo Panama Thailand

Belgium European Union Latvia Paraguay Trinidad & Tobago

Belarus Fiji Lesotho Peru Turkey

Belize Finland Liechtenstein Philippines Uganda

Bermuda France Lithuania Poland Ukraine

Bhutan Georgia Luxembourg Portugal United Arab Emirates

Bolivia Germany Macao Romania United Kingdom

Bosnia and Herzegovina Ghana Macedonia Russia United States

Botswana Greece Madagascar Rwanda Uruguay

Brazil Grenada Malaysia Saint Lucia Uzbekistan

Brunei Guatemala Maldives Saudi Arabia Venezuela

Bulgaria Guinea-Bissau Malta Serbia Vietnam

Cambodia Guyana Mauritius Sierra Leone Yemen

Canada Honduras Mexico Singapore Zambia

Cayman Is. Hong Kong Moldova Slovakia Zimbabwe

Countries that require IFRS Standards 3

Red = countries that require the use of IFRS Standards for all or most publicly listed

companies, based on a survey of 140 countries, representing 97 per cent of worldwide GDP

Mission


4

To develop IFRS Standards that bring

transparency, accountability and efficiency to

financial markets around the world.

Our work serves the public interest by

fostering trust, growth and long-term financial

stability in the global economy. ”

“

• Supporting Vietnam’s continued economic

development

• Unlocking future potential

• An attractive place for foreign investment

The benefits to Vietnam


5

ASEAN GDP vs. Market Capitalisation


6

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Indonesia Thailand Malaysia Philippines Singapore Vietnam

GDP Mkt Capitalisation

Data correct as of 31 December 2014. GDP source: World Bank. Market cap source: WFE

$ billion

• Attracts long-term international capital

• Removes major obstacle for inward investment

• Reductions in the cost of capital

• Passport to raise capital internationally

• Internationally recognised skill set

The benefits of IFRS Standards


7


8 ‘Vietnam 2035’


9

• Economics

• Simplicity

• Capacity building

Adopt or adapt?


10

Domestic use of IFRS Standards by region


11

Region Jurisdictions

in region

IFRS

required

% of region

that requires

IFRS

Permit use of

IFRS

IFRS not

permitted for

use

Europe 43 42 98% 1 0

Africa 19 15 79% 1 3

Middle East 9 8 89% 1 0

Asia-Oceania 32 24 75% 3 5

Americas 37 27 73% 8 2

Totals 140 116 83% 14 10

As % of 140 100% 83% 10% 7%

12 Japan


In Japan, the IFRS adopters and their market

capitalisation are growing rapidly.

13 India


14 China


• ASEAN 10-year objective: “ASEAN aims to enhance further its

attractiveness as an investment destination globally through the

establishment of an open, transparent and predictable investment regime in

the region.”

2025 ASEAN Blueprint

• EU 10-year experience: “European IFRS was successful in creating a

common accounting language for capital markets. Investors and

companies supported IFRS for improving the transparency and

comparability of financial statements.”

European evaluation of ‘10 years of IFRS’

IFRS Standards & creation of a single market


15

International Financial Reporting Standards

The views expressed in this presentation are those of the presenter,

not necessarily those of the IASB or IFRS Foundation

Support for emerging economies


AOSSG membership

• Australia

• Brunei

• Cambodia

• China

• Dubai

• Hong Kong

• India

• Indonesia

• Iraq

• Japan

• Kazakhstan

• Korea

• Macao

• Malaysia

• Mongolia

• Nepal

• New Zealand

• Pakistan

• Philippines

• Saudi Arabia

• Singapore

• Sri Lanka

• Syria

• Thailand

• Uzbekistan

• Vietnam

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• G20 encourages deeper co-operation between

International Accounting Standards Board and

emerging economies

• Board responds by forming Emerging Economies Group

– Meets twice a year

– Deep dive into issues related to emerging economies

– Directly led to changes in IFRS Standards and IFRIC

Interpretations

Interaction with emerging economies


18

• 250 pages long

• For smaller, non-listed

companies

• Currently required or

permitted by 78 countries

• Used by tens of millions of

companies worldwide

IFRS for SMEs Standard


19

Thank you 20

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

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