Nearly 80 Vietnamese financial and accounting experts received International Financial Reporting Standards (IFRS) certificates from the Institute of Chartered Accountants in England and Wales (ICAEW) in Ha Noi on Monday.

The certificates were presented after participants completed a short-term training course, which was organised by ICAEW in collaboration with Viet Nam’s Ministry of Finance and the State Securities Commission. The programme was carried out from August 2016 on a pilot basis and financed by the UK government’s Bilateral Fund.

The course is designed to meet the needs of accounting and finance staff involved in the preparation of financial statements, analysts, investors and portfolio managers, as well as regulatory authorities, standard drafters and financial, accounting and business faculties.

Upon completion of this course, most financial experts have grasped IFRS’s basic concepts, core principles and practical application. Moreover, experts are also updated on IFRS’s international practices and the challenges that may be encountered in the application of these standards.

In Viet Nam, the implementation of IFRS is also part of the Ministry of Finance’s plan to enhance transparency, eliminate barriers to financial accounting standards and strengthen competitive advantages in attracting foreign investment.

“ICAEW wishes to share knowledge, provide professional support and assist the Ministry of Finance in advancing the application of IFRS, which will help to improve transparency and professionalism of the financial sector in Viet Nam,” ICAEW’s Southeast Asia regional director Mark Billington said.

Some 131 countries and territories have mandated the application of IFRS. — VNS