Abstract

After implement “Doi Moi” process in 1986, the Vietnamese accounting system has reformed significantly. To date, the structure of Vietnamese accounting system includes four levels, namely, (1) accounting law, (2) decrees, (3) decisions and Vietnamese Accounting Standards (VASs) and (4) circulars. Particularly, Vietnamese National Assembly promulgated accounting laws in 2003 and 2015. The VASs were promulgated based on the first version of International Accounting Standards (IASs), however until now, the VASs have been not yet amended. Meanwhile IASs have been adjusted regularly and upgraded to IFRSs by International Accounting Standards Board (IASB) since 2001. Moreover, in terms of quantity, Vietnam only promulgated 26 VASs, whereas IASB issued 43 IASs/IFRSs (consist of 27 IASs and 16 IFRSs). Actually, Vietnam became a member of Association of South East Asian Nations (ASEAN) in 1995. On December 31^st 2015, the ASEAN set up ASEAN Economic Community (AEC) and as a result, Vietnam is a member of AEC. The one of objectives of AEC is convergence accounting field, through allowance movement freedom of skilled labor in accounting sector within ASEAN members. The research of Backer et al. (2007) mentioned that the accounting harmonization and convergence have became the great topics relevant to international integration in many countries. Therefore, the study shows history and development of Vietnamese accounting law and accounting standards and analyzes the role of each component in Vietnamese accounting system. Especially, the study provides the experience in accounting harmonization from ACE members to evidence the necessary of harmonization with IASs/IFRSs of Vietnam.

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