FAIR VALUE AND FINANCIAL INSTRUMENTS ACCOUNTING NEED TO BE STUDIED AND PROMULGATED IN VIETNAM TO SUIT TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

The legal framework about accounting standards in Viet Nam is being updated, added and modified for compatibility with international rules and international Financial Reporting Standards. This article is intended to propose opinions, ways to proceed and contents to udpatethe Vietnam Accounting Standards to meet the needs of transparency of financial information with the objective to approach and apply of international rules and accounting standards that Vietnam commits to implement when Accounting Law No. 88/2015/QH13 (referred as Accounting law 2015), was passed by the National Assembly legislature XIII of the Socialist Republic of Vietnam in the 10th session on 20/11/2015 in which add one important content, i.e. regulation on application of fair value accounting principles and financial instruments.