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

2. 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

3. 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

4. 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

5. 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