CONVERTING FINANCIAL STATEMENTS FROM VIET NAMACCOUNTING STANDARDS TO INTERNATIONAL FINANCIAL REPORTING TANDARDS AT CENTRAL POWER CORPORATION

Abstract

Today, preparing of financial statements with Financial Reporting Standards International (IFRS) is receiving increasing support from countries and regions around the world. According to statistics, there are about 131 countries and territories allow IFRS when preparing financial statements of listed companies in the country. In Vietnam, the Vietnam Accounting Standards (VAS) consisting of 26 standards, which are based on international accounting standards (IAS) on the principle of matching characteristics of the economy and the situation of the business Industry in Vietnam. Now, the financial statements in accordance with IAS (IFRS) are becoming more and more popular at the request of the parent group, the lenders as well as arising from the participation of large corporations in international capital markets. It was found that the application of international accounting standards in preparing financial statements (FS) to enhance openness and transparency in corporate financial statements, especially in the listed companies. Converting financial statements from VAS to IAS (IFRS) should be conducted:
First, Identify, classify differences in measurement and presentation to be converted;
Second, Making the adjustments for differences in measurement test on balance sheet (Trial balance ) ;

Third, Merge accounts for presentation on the financial statements ;

Fourth, adjustment and supplementation of Notes to Financial Statement.

In this article,the authors looked at and examined at Power Corporation Central made conversion of financial statements of VAS to IAS (IFRS)
Keywords: Converting, VAS to IAS (IFRS)