Launch of ACCA diploma: develop finance professionals’ knowledge of IFRS

Launch of ACCA diploma: develop finance professionals’ knowledge of IFRS 26/01/2015 07:25:00 949

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As the Ministry of Finance makes great progress in developing Vietnamese Accounting Standards in line with International Financial Reporting Standards (IFRS), finance professionals here can now gain a greater understanding of the global standards with the launch in Vietnam of a Diploma course by ACCA (the Association of Chartered Certified Accountants).

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The ACCA Diploma in International Financial Reporting (DipIFR), launched in Ho Chi Minh City on 21 January and today in Hanoi, is designed to develop finance professionals’ knowledge of IFRS - providing an understanding of the concepts and principles which underpin them, and their application in the international marketplace.

The launch comes at a time when there is a growing need for financial reports to be produced to IFRS with around 10,000 foreign direct investment enterprises in Vietnam - all of which require reports written to global standards.

ACCA, which was the first professional body to embed IFRS into its qualification, believes that global standards are important for economic growth because they are designed to deliver global comparability and transparency. This means that investors, who are looking at investments on an international basis, benefit from greater transparency and comparability and business do not have have to pay the costs to comply with a wide range of different financial reporting rules.Having an understanding of global standards also helps finance professionals who may wish to work in different countries or for different companies.

Speaking at the launch of DipIFR in Vietnam, Lucia Real Martin, Director, Emerging Markets with ACCA said: “ The course we have developed is designed to develop finance professionals’ knowledge and understanding of International Financial Reporting Standards, and will enable them to apply the standards as well as the concepts and principles which underpin them, as well as being able to apply relevant financial reporting standards to key elements of financial reports; identify and apply disclosure requirements for companies in financial reports and notes and prepare group.”

Ms. Truc Nguyen, CFO, HSBC Vietnam, says: "We have seen various organizations are taking actions to rationalize their investments and redeploy capital to more profitable areas.  The financial statements that is relevant, comparable and truly reflect the financial positions of the organisations is what investors are looking for in making their investment decision. IFRS would ensure a global consistency of financial reporting standards applied for organizations across various jurisdictions in terms of measurement, disclosure and transparency. By converging into IFRS, companies in Vietnam would be able to benefit from economic integration e.g access to capital, remain competitive and grow sustainably. This strengthens the stability of Viet Nam's economy. We believe it will play a significant role in Vietnam’s convergence with IFRS and we look forward to working with our partners in this great country to continue to make a contribution to its ongoing economic growth and development,” said Lucia Real Martin.

PV