Background:
The Accounting Law provides the legal framework for accounting, auditing, and corporate reporting in Vietnam. Under the Accounting Law, all companies
are required to prepare and present legal entity financial statements in accordance with Vietnamese Accounting Standards (VAS). The MOF is the accounting
and auditing standard setting body.
The MOF has full powers to manage the public accounting sector as well as to promulgate any public accounting standards under the guidance of the
Government. There are currently no plans in place to implement convergence with IPSAS.