CHAPTER 5 CONCLUSION AND SUGGESTIONS
5.3 Limitation and Suggestion for Future Research
In interpreting the results, some limitation of the study should be kept in mind.
First, the respondents in this study are drawn from only accounting lecturers in fourteen universities and accountants who are excluding accountants of small-sized companies, banks and insurance organizations. Thus, it’s possible that the generalization of this sample is restricted. Second, since the instruments applied in this study are self-report questionnaires, the validity of the finding depends on the respondents’ willingness to precisely respond to the items of the questionnaires. Furthermore, another limitation is that this study does not consider the relationship of the best way in and the challenges of applying IFRSs. An interesting avenue of further research is to check in more detail about the challenges of applying IFRSs, their influence and how to deal with them.
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Appendix A: An Overview of IFRSs as Issued on 1 January 2010
[9]Conceptual Framework
CF Framework for the Preparation and Presentation of Financial Statements Main Standards
IAS 1 Presentation of Financial Statements.
IAS 2 Inventories
IAS 7 Cash Flow Statements
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events After the Balance Sheet Date
IAS 11 Construction Contracts IAS 12 Income Taxes
IAS 14 Segment Reporting
IAS 16 Property, Plant and Equipment IAS 17 Leases
IAS 18 Revenue
IAS 19 Employee Benefits
IAS 20 Accounting for Government Grants and Disclosure of Government IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 23 Borrowing Costs
IAS 24 Related Party Disclosures
IAS 26 Accounting and Reporting by Retirement Benefit Plans IAS 27 Consolidated Financial Statements
IAS 28 Investments in Associates
IAS 29 Financial Reporting in Hyperinflationary Economies IAS 31 Interests in Joint Ventures
IAS 33 Earnings per Share
IAS 34 Interim Financial Reporting IAS 36 Impairment of Assets
IAS 37 Provisions, Contingent Liabilities and Contingent Assets IAS 38 Intangible Assets
IAS 39 Financial Instruments: Recognition and Measurement
9 http://www.iasplus.com/standard/standard.htm and
http://www.iasplus.com/interps/interps.htm
98 IAS 40 Investment Property
IAS 41 Agriculture
IFRS 1 First time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment
IFRS 3 Business Combinations IFRS 4 Insurance Contracts
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 6 Explorations for and Evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments
IFRS 9 Financial Instruments
International Reporting Interpretations Committee
IFRIC 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities
IFRIC 2 Members' Shares in Co-operative Entities and Similar Instruments IFRIC 4 Determining Whether an Arrangement Contains a Lease
IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds
IFRIC 6 Liabilities Arising from Participating in a Specific Market – Waste Electrical and Electronic Equipment
IFRIC 7 Approach under IAS 29 Financial Reporting in Hyperinflationary Economies
IFRIC 9 Reassessment of Embedded Derivatives IFRIC 10 Interim Financial Reporting and Impairment IFRIC 12 Service Concession Arrangements
IFRIC 13 Customer Loyalty Programmes
IFRIC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a Net Investment in a Foreign Operation IFRIC 17 Distributions of Non-cash Assets
IFRIC 18 Transfers of Assets from Customers
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments Standing Interpretation Committee
SIC 7 Introduction of the Euro
SIC 10 Government Assistance-No Specific Relation to Operating Activities SIC 12 Consolidation-Special Purpose Entities
SIC 13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers SIC 15 Operating Leases-Incentives
SIC 21 Income Taxes-Recovery of Revalued Non-Depreciable Assets
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SIC 25 Income Taxes-Changes in the Tax Status of an Entity or its Shareholders SIC 27 Evaluating the Substance of Transactions Involving the Legal Form
of a Lease
SIC 29 Disclosure-Service Concession Arrangements
SIC 31 Revenue-Barter Transactions Involving Advertising Services SIC 32 Intangible Assets-Web Site Costs
Appendix B: The Process of VASs System
Begin - Establish direct research Board, drafting VASs according to Decision No.1503/1998/QD-BTC on October 30th, 1998;
- On February 12th, 1999, the VASB established by the Decision No. 19/1999/QD-BTC of the Ministry of Finance with the main task of setting VASs system to creating a legal framework and model for accounting activities;
- On March 14th, 2000, the MOF issued Decisions No.
38/2000/QD/BTC which clearly stated principles to build a system of accounting and auditing standards.
2001 - Promulgated and published four first VASs that to prelude to the introduction of VASs system. The legal basis is Decision No.
149/2001/QD-BTC of the MOF dated December 31st, 2001. The four standards are:
Standard No. 02 Inventories
Standard No. 03 Tangible fixed assets
Standard No. 04 Intangible fixed assets
Standard No. 14 Turnover and other incomes
2002 - Circular No. 89/2002/TT-BTC dated October 9th, 2002 to guiding the implementation of four first accounting standards which applied to enterprises of all branches and economic sectors in Vietnam, except for: enterprises use SMEs 's legal accounting, which issued together with Decision No. 1177 TC / QD / CDKT on December
100
23rd, 1996 and Decision No. 144/2001/QD-BTC on December 21st, 2001 of MOF;
- Promulgated and published six accounting standards - phase 2 of Decision No. 165/2002/QD-BTC dated December 31st, 2002, including:
Standard No. 01 General Standard;
Standard No. 06 Leases;
Standard No. 10 Effects of Changes in Foreign Exchange Rates;
Standard No. 15 Construction Contracts;
Standard No. 16 Borrowing Costs;
Standard No. 24 Statement of Cash Flow
2003 - On March 17th ,2003, the Accounting Law 2003 is passed by Congress to become the highest value regulation of accounting which is applied on January 1st, 2004
- Circular No. 105/2003/TT-BTC dated November 4th, 2003 to guiding the implementation of six accounting standards – phase 2 - Promulgated and published six accounting standards - phase 3 of Decision No. 234/2003/QĐ-BTC dated 30 December 2003(Dated effective January 14th, 2004), including:
Standard No. 05 Investment Property;
Standard No. 07 Accounting For Investment In Associates;
Standard No.08 Financial Reporting of Interest in Joint Ventures;
Standard No. 21 Presentation of Financial Statements;
Standard No.25 Consolidated Financial Statements and Accounting for Investment in Business;
Standard No. 26 Relates Party Disclosures.
2005 - Circular No. 23/2005/TT-BTC dated March 30th, 2005 to guiding the implementation of six accounting standards – phase 3.
- Promulgated and published six accounting standards - phase 4 (Dated effective March 1st, 2006) of Decision No. 12/2005/QĐ-BTC dated February 15th, 2005, including:
Standard No.17 Incomes Taxes;
Standard No. 22 Disclosures in 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
101 Estimates and Errors,
- On December 13th, 2006, promulgated and published six accounting standards - phase 5 of Decision No. 100/2005/QĐ-BTC dated effective December 13th, 2006, including:
Standard No. 11 Business Combination;
Standard No. 18 Provisions, Contingent Assets and Liabilities;
Standard No. 19 Insurance Contract;
Standard No. 30 Earning Per Share.
2006 - Circular No. 20/2006/TT - BTC dated March 20th, 2006 to guiding the implementation of six accounting standards – phase 4.
- Circular No. 21/2006/TT- BTC dated March 20th, 2006 to guiding the implementation of three accounting standards – phase 5. Standard No. 19 Insurance Contract will guiding later.
- Decision No. 15/2006/QD/BTC dated March 20th, 2006 to issue
“The Business Accounting System” applicable to all enterprises in all fields and all economic sector throughout the country.
2007 - Circular No. 161/2007/TT-BTC dated December 31st, 2007 to guiding the implementation of 16 accounting standards which were issued by Decision No. 149/2001/QĐ-BTC dated December 31st, 2001; Decision No. 165/2002/QĐ-BTC dated December 31st, 2002 and Decision No. 234/2003/QĐ-BTC dated December 30th, 2003 of MOF.
2008 to 2009
- Ministry of finance continued researching and developing VASs system as well as improving the legal framework to meet the requirements of international economic integration.