Introduction Financial statements are prepared based on information available up to a specific reporting date. However, significant events may occur between the end of the reporting period and the date when the financial statements are authorised for issue. These events are known as subsequent events or events after the reporting period. Under IAS 10 – Events after the Reporting Period, entities must assess whether events occurring after the reporting period provide evidence

A Comprehensive Comparison Between VAS and IFRS Introduction Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS) are two important accounting frameworks used to prepare and present financial statements. VAS was developed specifically for the Vietnamese business environment, while IFRS is an internationally recognized framework designed to improve consistency, transparency and comparability across countries. Vietnam currently has 26 Vie

Introduction Accounting standards are the foundation of financial reporting. They establish principles for how businesses recognize, measure, present, and disclose transactions and balances in their financial statements. In Vietnam, the primary framework for corporate accounting is the Vietnamese Accounting Standards, commonly known as VAS (Vietnamese Accounting Standards). The Ministry of Finance developed VAS through five major issuance phases between 2001 and 2005. The sys

Singapore is consistently ranked as one of the easiest places in the world to start and operate a business. Its transparent legal system, attractive corporate tax rates, strategic location, and business-friendly government make it a preferred destination for entrepreneurs, startups, and multinational corporations. One of the most common questions foreign entrepreneurs ask is: "How much does it actually cost to open a company in Singapore?" The answer depends on several factor

Published: 2026 Edition Category: International Taxation | Accounting | Business | Finance Introduction Expanding a business internationally is no longer limited to multinational corporations. Thanks to globalization and digital commerce, startups, SMEs, and freelancers increasingly operate across multiple jurisdictions. However, every country has its own accounting standards, tax regulations, reporting requirements, and compliance obligations. Four of the world's most attrac

Introduction The United States has one of the world's most sophisticated and complex tax and accounting systems. Whether you are an entrepreneur launching a startup, an international company expanding into the U.S., a freelancer, or an established corporation, understanding the U.S. tax and accounting framework is essential for maintaining compliance and optimizing financial performance. Unlike many countries with a single national tax authority, the United States operates un

A Practical Guide to Recording Pre-Incorporation Expenses for Tax and Accounting Purposes Launching a business in Vietnam often requires founders to spend money before the company is officially established. These costs may include market research, legal consulting, office rental deposits, business registration fees, branding, software subscriptions, recruitment, and feasibility studies. A common question among entrepreneurs, foreign investors, and finance teams is: Can expens

Everything Businesses Need to Know About Company Seals Under Vietnamese Law A company seal has long been regarded as an official symbol of a business, representing its legal identity and authority when executing contracts and corporate documents. Although Vietnam's enterprise laws have become increasingly flexible regarding the use and management of company seals, they continue to play an important role in daily business operations. For newly established companies, foreign in

Everything You Need to Know Before Issuing Your First Electronic Invoice Starting a new company in Vietnam involves more than obtaining an Enterprise Registration Certificate (ERC) and Tax Identification Number (TIN). Before you can legally issue invoices to customers, your business must complete the electronic invoice (e-invoice) registration process in accordance with Vietnamese tax regulations. Since Vietnam has fully transitioned to mandatory electronic invoices, understa

A Step-by-Step Guide from Legal Registration to Tax, Banking, and Accounting Setup Starting a business in Vietnam has become increasingly attractive thanks to the country's rapid economic growth, strategic location, expanding consumer market, and numerous free trade agreements. Whether you are a local entrepreneur, a foreign investor, or an overseas Vietnamese returning to invest, understanding the company formation process can save significant time, cost, and compliance risk

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Introduction As Vietnam continues its journey toward international financial reporting convergence, the Ministry of Finance has introduced Circular 99/2025/TT-BTC ("Circular 99") to modernize financial reporting requirements and align Vietnamese accounting practices more closely with global standards. Although Circular 99 represents a significant improvement in financial reporting transparency, it is not equivalent to International Financial Reporting Standards (IFRS). Many V

Introduction As businesses become increasingly global, financial reporting standards have become more important than ever. Investors, lenders, regulators, and multinational corporations require financial statements that are transparent, reliable, and comparable across borders. Today, two major accounting frameworks dominate the world: US GAAP (Generally Accepted Accounting Principles) — primarily used in the United States. IFRS (International Financial Reporting Standards) —

Introduction Every successful business, regardless of its size or industry, needs one essential capability: understanding the true cost of producing its products or delivering its services. Without accurate cost information, companies cannot set competitive prices, control expenses, improve efficiency, or maximize profitability. Cost accounting is a specialized branch of accounting that collects, analyzes, records, and reports cost information for management. Unlike financial

Introduction Banks are the backbone of every modern economy. They facilitate payments, provide loans, safeguard deposits, support businesses, and enable international trade. However, because banks deal primarily with other people’s money and operate with high leverage, they face numerous risks every day. History has shown that poor risk management can cause catastrophic consequences. The 2008 Global Financial Crisis, the collapse of Silicon Valley Bank (2023), and numerous ba

One of the most important accounting decisions during inventory production is determining whether a cost should be capitalized into inventory or expensed immediately. The treatment affects profitability, assets, taxes, key financial ratios, and management performance metrics. Under IAS 2 Inventories, costs directly attributable to bringing inventory to its present location and condition must be capitalized, while abnormal and period costs must be expensed. Overview Treatment

Introduction Sale and leaseback transactions have long been used by businesses as a financing tool to unlock cash tied up in assets while retaining the right to continue using those assets. Common examples include: Manufacturing companies selling factories and leasing them back Airlines selling aircraft and leasing them back Retailers selling store properties and leasing them back Logistics companies selling warehouses and leasing them back Although these arrangements can imp

Introduction Leasing is one of the most common financing arrangements used by businesses worldwide. Companies lease office spaces, warehouses, vehicles, machinery, equipment, and even data centers instead of purchasing them outright. Before IFRS 16, many leases were classified as operating leases and remained off the balance sheet. This often made companies appear less leveraged than they actually were. To improve transparency and comparability, the International Accounting S

Introduction When a company acquires control over another company, it is required to present the financial position and performance of the group as if it were a single economic entity. This process is known as consolidation. The governing standard is IFRS 10 – Consolidated Financial Statements, which establishes the principles for determining control and preparing consolidated financial statements. This guide explains the consolidation process step-by-step and provides a prac

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