Financial Instruments: Disclosures – IFRS 7

Financial Instruments: Disclosures – IFRS 7 Overview of IFRS 7 adds certain new disclosures about financial instruments to those previously required by IAS 32 Financial Instruments: Disclosure and Presentation (as it was then cited) replaces the disclosures previously required by IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions puts all of those financial instruments disclosures together in a new standard on Financial Instruments: Disclosures. The remaining parts of IAS 32 deal only with financial instruments presentation matters. Disclosure requirements [...]

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First-time Adoption of International Financial Reporting Standards – IFRS 1

First-time Adoption of International Financial Reporting Standards – IFRS 1 Objective IFRS 1 First-time Adoption of International Financial Reporting Standards sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements. Note: An entity that conducts rate-regulated activities and has recognised amounts in its previous GAAP financial statements that meet the definition of ‘regulatory deferral account balances’ (sometimes referred to ‘regulatory assets’ and ‘regulatory liabilities’) can [...]

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Revenue from Contracts with Customers – IFRS 15

Revenue from Contracts with Customers – IFRS 15 Objective The objective of IFRS 15 is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer. [IFRS 15:1] Application of the standard is mandatory for annual reporting periods starting from 1 January 2018 onwards. Earlier application is permitted. Scope IFRS 15 Revenue from Contracts with Customers applies [...]

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Contents of the Certificate of eligibility for providing audit services

Contents of the Certificate of eligibility for providing audit services A Certificate of eligibility for providing audit services contains the following information: a) Name of the audit firm in Vietnamese and foreign languages (if any); its abbreviated name (if any); and address of the head office; b) Full names of the legal representative and the Director of the audit firm (if the Director is not the legal representative); c) The number and date of issue of the Certificate of eligibility for providing audit [...]

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Applicable to branches in Vietnam of foreign audit firms

The dossier of application for the Certificate of eligibility for providing audit services The application for the Certificate of eligibility for providing audit services (according to the template in Annex I). The copy of the License to provide audit services of the foreign audit firm (or an equivalent paper) as prescribed by the law of its home country. The copy of the License to open branches in Vietnam of the foreign audit firm. The written commitments to take the full responsibility being sent [...]

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CERTIFICATE OF ELIGIBILITY FOR PROVIDING AUDIT SERVICES

CERTIFICATE OF ELIGIBILITY FOR PROVIDING AUDIT SERVICES The dossier of application for the Certificate of eligibility for providing audit services, applicable to limited liability companies, partnerships, and private enterprises The application for the Certificate of eligibility for providing audit services in Vietnamese (according to the template in Annex I). The copy of the Certificate of Business registration or Certificate of Enterprise registration or Investment certificate. The list of full-time auditors having labor contracts (according to the template in Annex III). The copy of the [...]

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Audit statements on other audit works

Audit statements on other audit works The audit statement on the other audit works shall be made on the basis of provisions in Article 46 of this Law and auditing standards consistent with each audit. Audit Opinion Based on the result of the audit, the practicing auditor and auditing firm, branch of foreign auditing firm in Vietnam must express their opinion on the financial statement and other contents which have been audited under the regulations of auditing standards. The Ministry of Finance shall [...]

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Audit service fees

Audit service fees Fees for audit services agreed by auditing firms, branches of foreign auditing firms in Vietnam and the client in the audit contracts upon the following bases: a) The contents, volume and nature of work; b) Time and working conditions of practicing auditors, auditors used to perform the services; c) Qualifications, experience and reputation of practicing auditors, auditing firms, branches of foreign auditing firms in Vietnam; d) The level of responsibility and time limit that the performance of services requires Audit service fees [...]

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Revoking the Certificate of eligibility for providing audit services

Suspending the provision of audit services An audit firm shall be suspended from providing audit services in one of the cases in Clause 1 Article 27 of the Law on Independent audit. The audit firms suspended from providing audit services shall stop providing audit services from the day on which the decision on suspension is made. The Ministry of Finance shall announce the decision to suspend the provision of audit services on the website of the Ministry of Finance within 07 [...]

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Receipt of audit services

Receipt of audit services Auditing firms, branches of foreign auditing firms in Vietnam are entitled to receive the audit services only in accordance with their capabilities within the client’s requirements. Upon receipt of audit services, auditing firms, branches of foreign auditing firms in Vietnam must inform clients of the rights, obligations, and their professional responsibilities in the performance of audit services, limitation of financial liability of auditing firms, branches of foreign auditing firms in Vietnam and practicing auditors when occurring audit [...]

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