Decision No. 480/QD-TTg dated March 18, 2013 of the Prime Minister approving the accounting and audit strategy up to 2020, with a vision toward 2030

BUILD AND ISSUE VIETNAM ACCOUNTING AND AUDIT STANDARDS

This is the content of the Decision No. 480/QD-TTg of the Prime Minister on March 18, 2012 approving the accounting - audit strategy up to 2020, vision to 2030.

Specifically, Establish a complete accounting and audit system that is suitable with Vietnam’s management mechanism and regional and world accounting – audit career development is one of important objectives need implementing, issuing so that Vietnam accounting and audit standards can be suitable with international common practices and Vietnam conditions.

For accounting: update and build new standards of enterprise accounting. Within that, update 26 issued accounting standards in 2012 – 2015; build and issue remaining accounting standards in 2016 - 2020; at the same time, consider the standard applications to specialized enterprises. For independent audit: Evaluate applications of 37 new audit standards (issued in 2013); study, update and supplement remaining accounting standards in 2013 – 2015; update international accounting standards and ensure to comply with international audit standards.

Besides, develop market of accounting – audit service such as direct all objectives forced to have financial statement’s audits to implement audit mechanism; expand scale and quantity as well as quality of independent audit enterprises, enterprises supplying accounting services by completing mechanism and career conditions; develop accounting – audit service market by international and mutual agreements for audit career in ASEAN and among Vietnam and countries such as England, Australia and other countries.