Clients who are at a critical turning point in the growth process can aquire a great deal of amount in annual revenue. At that point. The task of managing their own bookkepping to catch up with the rapid growth speed would be a significant burden.
International Financial Reporting Standards (IFRS) are global accounting standards which were passed and managed by the International Accounting Standard Board (IASB), regulating the way financial reports should be prepared and presented. Based on IFRS, Vietnam has developed Vietnamese Accounting Standards (VAS). However, there are unavoidably some notable differences between the two.
S4B Vietnam is confident to be one of the best accounting solutions providers in the country that thoroughly takes care of Vietnamese tax registration, statutory accounts preparation, financial filling, bookkeeping and consolidation. Our office located in Hanoi - the central of Hanoi administration body – can also help business owners in preparing management reporting documents. All of our works strictly comply with international accounting standards and Vietnamese governmental requirements.
According to financial experts at an accounting seminar held in Hanoi in May 2018, Vietnam is expected to adopt IFRS (International Financial Reporting Standards) to replace the current accounting standards in Vietnam (VAS). This process is expected to be completed by 2020 in order to improve the transparency.
Value Added Tax (VAT) is somewhat similar to goods and services tax (GST) in some countries. It is an indirect tax which ultimately make consumers responsible for paying the cost. All most all transactions regarding good supply, services provision and imports will be subject to VAT.
It is undoubtedly time-consuming and head-aching to perform the task of accounting and bookkeeping in Vietnam market due to the constantly changes in the area of compliance. Even for long-established global organization and well-versed investment within the country, it is not easy to find competent human resources to handle accounting and bookkeeping tasks. The shifts in regulations, changes in current legislation while converging with international norms had led to many obstacles, arising significant costs for business owners.