Accounting Standards International accounting standards (IAS) IAS compared to U.S. accounting standards Standards in Vietnam The auditing function

International Accounting Standards An effort to standardize accounting standards throughout the world Adopted by an increasing number of countries For example, the European Community is likely to adopt the IAS for all member nations

IAS Compared to U.S. Accounting Standards Efforts toward harmonization U.S. Standards are generally more detailed than IAS Companies with activities in the U.S. and also in countries following IAS must follow both

Standards in Vietnam Vietnam has officially joined the countries that are adopting the IAS While there may be some minor differences between IAS and standards in Vietnam, there are no major differences An essential step toward entry in the free market, competitive environment and to joining the WTO

The Auditing Function The auditor examines the financial statements and expresses an opinion If there are no material departures from the standards an unqualified opinion is given If there are material departures, a qualified opinion is given and the company has more difficulty in the capital market