In the field of finance and accounting, the transformation of policies and regulations related to the application of international financial reporting standards in Vietnam is considered an important factor in helping businesses to integrate entry and access to an even higher level of international financial markets. To keep pace with those changes, during 2021 and early 2022, the Faculty of Accounting and Auditing under VNU University of Economics and Business organized a series of seminars on financial, accounting and tax policies for students. graduate students and practitioners of the financial accounting profession to build a community of research and sharing practical policy advice.

The topics of the seminars showed diversity when discussing changes related to financial, accounting, auditing, risk management and tax policies; exploited from many different angles, from policy makers, practitioners to researchers at home and abroad. Some seminars attracted a large number of interested people such as " Accounting profit and taxable income", "The impact of COVID-19 on accounting and auditing", "Management Information Seminar: The Stage of Accounting" Practice", "Strategic Cost Management"...

Highlights of the talk show

With the theme "Accounting profit and taxable income", the seminar attracted more than 50 participants. The speaker of the seminar was Ms. Lang Trinh Mai Huong - Deputy Director of the School of Auditing and Professional Training, State Audit; founder of Viet Resource Company (Vietsourcing); served as the representative of Vietnam at the British ACCA International Committee for the 2010-2011 term; The first representative of Vietnam at the International Federation of Accountants (IAFC) and an expert with more than 20 years of experience working and teaching in the field of accounting - finance - auditing - tax. At the seminar, speaker Lang Trinh Mai Huong shared his knowledge and experience in applying new regulations on handling taxable income. She received a lot of questions from students and guests on issues related to tax legislation, accounting standards, and tax optimization in businesses, thereby giving the exchanges stemming from many different perspectives. Also in the talk, Dr. Nguyen Thi Hong Thuy - Dean of the Faculty of Accounting and Auditing shared her experience in applying tax planning and new points in the approach to determining accounting profit and taxable income in Vietnam.

With the topic "The impact of COVID-19 on accounting and auditing", expert Nguyen Manh Hien from An Viet Auditing Company shared international accounting standards as well as assessed the effects of COVID-19. -19 to accounting. Experts also share about new regulations such as regulations of Vietnamese Financial Reporting Standards (VFRS) on “Reports of Directors”, which requires management to present aggregated information in the context of the financial statements, to express opinions, as well as such as explaining goals and strategies. From there, users of the information in the financial statements will clearly understand the impacts of COVID-19 and the prospects of the business. The expert also discussed the application of some standards in the international financial reporting standard system such as IFRS 13 “Measurement of fair value”, VAS 23/IAS 10 “Events arising after the closing date at the end of the accounting period", VAS 01/IAS 01 "General Standard" or "Presentation of the Financial Statements" applies to uncertainties in accounting estimates and the going concern assumption. Experts emphasize that assessing going concern is reporting all material uncertainties that existed at the approval date of the financial statements in a clear and concise manner. The company's board of directors also needs to present its assessments and solutions to minimize the impact of COVID-19 on its business to help readers understand the financial statements. compliance with the going concern assumption.

Policy advice drawn from the series of talks

With diverse topics, the seminars aimed at a common point that was to make proposals to adjust the system of policies and regulations, and at the same time to give suggestions in practicing accounting and auditing profession.

Firstly, businesses need to carefully prepare for the application of international financial reporting standards according to the roadmap set out by the Ministry of Finance. In particular, in the current period, it is necessary to pay attention to applying standards related to the impact of COVID-19 on accounting and auditing.

Second, proactively plan financial and tax plans towards the sustainable development of the business. Businesses need to clearly define short-term and long-term goals to determine appropriate strategies and responses in the changing business environment. The application of new techniques in management accounting or new accounting approaches should be aimed at the long-term goals of the business, sustainable development. In particular, managers and businesses also need to determine the operating mechanism, ensure compliance with environmental regulations, innovate technology and improve production efficiency.

Third, towards the development of the digital economy, there needs to be a shift from businesses and managers in the approach to formulating business management and administration policies. As the cashless economy expands, policies need to evolve accordingly. For businesses, the accounting system of enterprises also needs to integrate, ensure optimal operation, effectively use the integration of multi-dimensional goals of the accounting information system including tax, Disclosure of information to related objects.