IMPACT OF GLOBALIZATION ON INTERNATIONAL ACCOUTING HARMONIZATION: A CASE OF VIETNAM BY NGUYEN THI PHUONG THAO Graduation Project Submitted to the Department of Business Studies Help University College, in Partial Fulfillment of Requirements for The Degree of Bachelor of Business (Accounting) Hons JUNE 2010 ACKNOWLEDGEMENT First and foremost, my sincere gratitude is dedicated to my supervisor – Dr Le Van Lien Thanks for your strong support, guidance, intuitive comments, and also motivation through the process of completing this thesis In addition, I would like to send my gratitude to the International School and HELP University College for giving me an opportunity to conduct my study in my favorite area Furthermore, I also address my appreciation to Mr Nguyen Xuan Thuy (Vice chief Executive of Bao Viet finance- insurance Groups) and Ms Ho Thi Thu Phuong (Academic Administrator of British University Vietnam) who supported my thesis with enormous information in data collection process My thankfulness is also addressed to others who have helped me since the beginning of my study until I can finish my thesis Finally, thanks you to all my family and friends, for your support, help, and motivation and made it possible for me to complete this study Hanoi, June 2010 Nguyen Thi Phuong Thao IMPACT OF GLOBALIZATION ON INTERNATIONAL ACCOUTING HARMONIZATION: A CASE OF VIETNAM BY NGUYEN THI PHUONG THAO JUNE 2010 Supervisor: Dr Le Van Lien ABSTRACT This study provides the framework for understanding the concept of accounting harmonization Some of key elements relating to this concept such as: the importance of accounting harmonization in global economy, the actor of issuance IAS, the advantages and disadvantages of accounting harmonization, the different levels of accounting harmonization are clarified This study also tries to evaluate the infrastructure of accounting system in Vietnam response to international accounting First of this action, the researcher evaluate the role of MOF in its efforts for making harmonization process This is shown by establishment of Vietnamese accounting standards Secondly, the researcher tries to compare some typical Vietnamese Accounting Standards and International Accounting Standards The purpose of comparison is to evaluate the adoption of international accounting into Vietnamese accounting environment Furthermore, the researcher desires to examine the awareness of Vietnamese accountants (including different levels) toward accounting harmonization This research tries to evaluate how their attitudes, their behaviors, and their needs relating to accounting harmonization Finally, this study tries to evaluate actual applications and accounting treatments in some companies (different types and sizes of companies) in accordance with accounting harmonization This is because once we understand and evaluate the actual picture of accounting harmonization process in Vietnam, we can learn from the experience This is helpful for future research or strategic plans From the results obtained through questionnaires, the term of accounting harmonization is not new in Vietnam, and Vietnam is completing its harmonization process step by step However, awareness of Vietnamese about this term is different from each other, and the differences between actual applications in some companies Thus, several recommendations and scopes for future research might be developed by the researcher However, because of limitation, this study only covers some typical items of this topic TABLE OF CONTENT Page Declaration of Originality and Word Count ii Acknowledgment iii Abstract iv Table of content vi List of tables ix List of Abbreviations xi CHAPTER INTRODUCTION 1.1 Background of the study 1.2 Research objectives 1.3 Problem statement 1.4 Limitation of the study 1.5 Organization of the research References CHAPTER LITERATURE REVIEW 2.1 The importance of accounting harmonization 2.1.1 The need for accounting harmonization 2.1.2 Distinguish between accounting harmonization and accounting standardization 2.2 The actor of issuance IAS 10 2.3 Advantages of accounting harmonization 11 2.4 Disadvantages of accounting harmonization 13 2.5 Different levels of accounting harmonization 14 2.5.1 International level of accounting harmonization 14 2.5.2 Regional level of accounting harmonization 15 2.5.3 National level of accounting harmonization 17 2.5.3.1 Some countries in ASEAN 17 2.5.3.2 Vietnam 19 References CHAPTER 21 RESEARCH METHODOLOGY 3.1 Research objectives 27 3.2 Research Methodology 28 3.2.1 Primary data 28 3.2.2 Secondary data 29 3.3 Research Instrument 30 3.3.1 Awareness of Vietnamese accountants of accounting harmonization 31 3.3.2 How companies in Vietnam response to accounting harmonization 31 3.4 Research Hypotheses 32 3.5 Data Collection 33 3.6 Sampling 34 3.6.1 Firms 34 3.6.2 Accountants 34 3.7 Response Rate 34 3.8 Interpretation of Data 35 3.9 Limitation of Research 35 References 36 CHAPTER ANALYSIS OF DATA 4.1 Vietnamese accounting standards (VAS) responding 4.1.1 General overview 37 37 4.1.2 The actors 38 4.1.3 Evaluation the role of MOF in process of establishment VAS 38 4.1.4 Vietnamese accounting standards 39 4.2 Comparison between some typical VAS and IAS 41 4.2.1 VAS 02 and IAS 02 41 4.2.2 VAS 24 and IAS 07 42 4.2.3 VAS 25 and IAS 27 42 4.3 Analysis of primary data 43 4.3.1 Classification of the respondents of different job levels 43 4.3.2 Classification of the Respondents from Types of Companies 44 4.3.3 Test hypotheses 45 4.4.3.1 Awareness of Vietnamese Accountants 45 4.4.3.2 Practice of accounting treatments in some companies in Vietnam responding to accounting harmonization 54 References 64 CHAPTER CONCLUSION 5.1 Comparison between IAS and VAS 66 5.2 Awareness of Vietnamese accountants relating to accounting harmonization 67 5.3 Accounting treatments in some companies in Vietnam 68 5.4 Recommendation 70 5.5 Scope for future research 71 BIBILIOGRAPHY 73 APPENDICES 81 LIST OF TABLES Tables Title Page Table 4-1 Four VAS issued and promulgated in 2001 and relating IAS 39 Table 4-2 Six VAS issued and promulgated in 2002 and relating IAS 39 Table 4-3 Six VAS issued and promulgated in 2003 and relating IAS 40 Table 4-4 Six VAS issued and promulgated in 2004 and relating IAS 40 Table 4-5 Four VAS issued and promulgated in 2005 and relating IAS 40 Table 4-6 Comparison between VAS 02 and IAS 02 41 Table 4-7 Comparison between VAS 24 and IAS 07 42 Table 4-8 Comparison between VAS 25 and IAS 27 43 Table 4-9 Classification of the respondents of Different job level 44 Table 4-10 Classification of the Respondents from Types of Companies 44 Table 4-11 Hear the term of “accounting harmonization” 46 Table 4-12 Perception of the training program for accountant to improve their knowledge relating to international accounting 47 Table 4-13 Perception of translating financial statements into English 48 Table 4-14 Accounting harmonization is the essential tool to develop in 50 global economy Table 4-15 Accounting harmonization can reduce the gap amongst different accounting systems in each country 51 Table 4-16 Accounting harmonization can take easy ability to adapt than accounting standardization 52 Table 4-17 Accounting harmonization can encourage more global economic activities 53 Table 4-18 Have a person can work with international accounting standards 55 Table 4-19 Preparation cash flow statement per annual 56 Table 4-20 Having financial statements translated into English 57 Table 4-21 Duration companies have applied VAS in preparation financial statements 58 Table 4-22 Preparation financial statements 59 Table 4-23 Application of VAS in accounting system 60 Table 4-24 Recruitment employees can prepare and understand the financial statements in English 62 Table 4-25 Translating financial statements into English 63 LIST OF ABBREVIATIONS Abbreviation Full Name AFA ASC ASEAN Federation of Accountants Accounting Standards Council ASEAN Association of South East Asian nations ASPC Auditing Standards and Practices Council BOA Board of Accountancy EFRAG European Financial Reporting Advisory Group EU European Union FEE Federation des Experts Comptables Europeens IAI Indonesian Institute of Accountants IAS International Accounting Standards IASB International Accounting Standards Board ICAAT Institute of Certified Accountants and Auditors of Thailand ICAEW Institute of Charted Accountants of England and Wales ICPAS Institute of Certified Public Accountants of Singapore IFAC International Federation of Accountants IFRS International Financial Reporting Standard ISAR International Standard of Accounting and Reporting MOF Ministry of Finance OECD Organization for Economic Co-operation and Development PICPA Philippine Institute of Certified Public Accountants VAS Vietnam accounting standards WTO World Trade Organization Upon the proposal of the Director of the Accounting Policy Department and Chief of the Office of the Ministry of Finance DECIDES Article To issue six (06) Vietnamese accounting standards (Batch 2) with the numbers and titles specified: Standard No 01 – Framework Standard No 06 – Leases Standard No 10 – The Effects of Changes in Foreign Exchange Rates Standard No 15 – Construction Contracts Standard No 16 – Borrowing Costs Standard No 24 – Cash Flow Statements Article Six (06) Vietnamese accounting standards issued following this decision shall be applicable nation-wide to enterprises of all industries and economic sectors Article This Decision shall come into force as of January 01, 2003 Individual accounting regulations and systems shall be amended and supplemented in accordance with the six (06) Vietnamese accounting standards issued hereby Article The Director of the Accounting Policy Department, Chief of the Ministry’s Office, and heads of relevant affiliate and subsidiary units of the Ministry of Finance shall be responsible for guiding and supervising the implementation of this Decision FOR THE MINISTER OF FINANCE VICE MINISTER Tran Van Ta (signed) MINISTRY OF FINANCE COSIALIST REPUBLIC OF VIETNAM * Independence – Freedom - Happiness No 234/2003/QD-BTC Hanoi, December 30, 2003 DECISION OF THE MINISTRY OF FINANCE On the Issuance and Promulgation of Four (06) Vietnamese Accounting Standards (Batch 3) MINISTER OF FINANCE - Pursuant to the Accounting Law No.03/2003/QH11 dated June 17, 2003; - Pursuant to Governmental Decree No 86/2002/ND-CP of November 5, 2002 providing for the assignment, authority and responsibility for State management of the ministries and ministry-level agencies; - Pursuant to Governmental Decree No 178/CP dated October 28, 1994 regulating the functions, assignment and organizational apparatus of the Ministry of Finance; In response to the requirement of economic and financial management reform, improvement of the quality of accounting information provided in the national economy and exami-nation and verification of accounting practice Upon the proposal of the Director of the Accounting and Auditing Policy Department and Chief of the Office of the Ministry of Finance DECIDES: Article 1: To issue six (06) Vietnamese accounting standards (Batch 3) with the numbers and titles specified: Standard No 05 – Investment Property; Standard No 07 – Accounting for investments in Associate; Standard No 08 – Financial Reporting of Interest in Joint Ventures; Standard No 21 – Presentation of Financial Statement; Standard No 25 – Consolidated Financial Statements and Accounting fos Investments in Subsidiaries; Standard No 26 – Related Party Disclosures Article 2: Six (06) Vietnamese accounting standards issued following this decision shall be applicable nation-wide to enterprises of all industries and economic sectors Article 3: This Decision shall come into force after 15 days of the date publication is made in the official gazette Individual accounting systems shall be amended and supplemented in accordance with the six (06) Vietnamese accounting standards issued hereby Article 4: The Director of the Accounting and Auditing Policy Department, Chief of the Ministry’s Office, and heads of relevant affiliate and subsidiary units of the Ministry of Finance shall be responsible for guiding and supervising the implementation of this Decision MINISTRY OF FINANCE COSIALIST REPUBLIC OF VIETNAM * Independence – Freedom - Happiness No 12/2005/QD-BTC Hanoi, February 15, 2005 DECISION OF THE MINISTRY OF FINANCE On the Issuance and Promulgation of Six (06) Vietnamese Accounting Standards (Series 4) MINISTER OF FINANCE - Pursuant to the Accounting Law No.03/2003/QH11 dated June 17, 2003; - Pursuant to Governmental Decree No 86/2002/ND-CP of November 5, 2002 providing for the assignment, authority and responsibility for State management of the ministries and ministry level agencies; - Pursuant to Governmental Decree No 77/2003/ND-CP dated July 01, 2003 regulating the functions, assignment and organizational apparatus of the Ministry of Finance; In response to the requirement of economic and financial management reform, improvement of the quality of accounting information provided in the national economy and exami-nation and verification of accounting practice Upon the proposal of the Director of the Accounting Policy Department and Chief of the Director of the Accounting Policy Department and Chief of the Office of the Ministry of Finance DECIDES: Article 1: To issue six (06) Vietnamese accounting standards (series 4) with the numbers and titles specified: Standard No 17 – Income Taxes; Standard No 22 – Disclosures in the Financial Statements of Banks and similar Financial Institutions; Standard No 23 – Events After the Balance Sheet date; Standard No 27 – Interim Financial Reporting; Standard No 28 – Segment Reporting Standard No 29 – Changes in Accounting Policies, Accounting Estimates and Errors Article 2: Six (06) Vietnamese accounting standards issued following this decision shall be applicable nation-wide to enterprises of all industries and economic sectors Article 3: This Decision shall come into force after 15 days of the date publication is made in the official gazette Individual accounting systems shall be amended and supplemented in accordance with the six (06) Vietnamese accounting standards issued hereby Article 4: The Director of the Accounting Policy Department, Chief of the Ministry’s Office, and heads of relevant affiliate and subsidiary units of the Ministry of Finance shall be responsible for guiding and supervising the implementation of this Decision MINISTRY OF FINANCE COSIALIST REPUBLIC OF VIETNAM * Independence – Freedom - Happiness No 100/2005/QD-BTC Hanoi, December 28, 2005 DECISION On the Issuance and Promulgation of four (04) Vietnamese Accounting Standards (Series 5) MINISTER OF FINANCE - Pursuant to the Accounting Law No.03/2003/QH11 dated June 17, 2003; - Pursuant to Governmental Decree No 86/2002/ND-CP of November 5, 2002 providing for the assignment, authority and responsibility for State management of the ministries and ministry level agencies; - Pursuant to Governmental Decree No 77/2003/ND-CP dated July 01, 2003 regulating the functions, assignment and organizational apparatus of the Ministry of Finance; In response to the requirement of economic and financial management reform, improvement of the quality of accounting information provided in the national economy and examination and verification of accounting practice Upon the proposal of the Director of the Accounting Policy Department and Chief of the Office of the Ministry of Finance DECIDES: Article 1: To issue four (04) Vietnamese accounting standards (series 5) with the numbers and titles specified: Standard No 11 – Business combination; Standard No 18 – Provisions, contingent assets and liabilities; Standard No 19 – Insurance contract; Standard No 30 – Earning per share; Article 2: Four (04) Vietnamese accounting standards issued following this decision shall be applicable nation-wide to enterprises of all industries and economic sectors Article 3: This Decision shall come into force after 15 days of the date publication is made in the official gazetted Individual accounting systems shall be amended and supplemented in accordance with the four (04) Vietnamese accounting standards issued hereby Article 4: The Director of the Accounting Policy Department, Chief of the Ministry’s Office, and heads of relevant affiliate and subsidiary units of the Ministry of Finance shall be responsible for guiding and supervising the implementation of this Decision FOR THE MINISTER VICE MINISTER Tran Van Ta (signed and sealed) Appendix III Degrees of freedom  02.995  02.990  02.975  02.950  02.050  02.025  02.010  02.005 0.0000393 0.0001571 0.0009821 0.0039321 3.84146 5.02389 6.63490 7.87944 0.0100251 0.0201007 0.102587 0.102587 5.99147 7.37776 9.21034 10.5966 0.0717212 0.114832 0.215795 0351846 7.81473 9.34840 11.3449 12.8381 0.206990 0.297110 0.484419 0.710721 9.48773 11.1433 13.2767 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Federation of Accountants, the Asia-Oceania Tax Consultants'' Association, and the International Federation of Accountants) Institute of Certified Accountants and Auditors of Thailand (ICAAT) is the