ACCOUNTINGMar 20257 min read
IFRS vs VAS: what changes when you convert
Moving from Vietnamese Accounting Standards to IFRS is more than a translation. Here is what actually changes in your statements.
Nguyễn Lan
Managing Partner
For FDI groups and companies preparing to raise capital, IFRS conversion is often unavoidable. The differences from VAS run deeper than presentation.
Revenue and leases
Timing of revenue recognition and on-balance-sheet leases are two of the most material differences.
Fair value
IFRS leans on fair value in more areas, which changes both the balance sheet and the work behind it.
We run conversions in parallel with your close so the first IFRS period lands cleanly.
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About the author
Nguyễn Lan
Managing Partner
20+ years in audit and tax advisory; leads FDI and enterprise engagements with a focus on governance and risk.