We investigate the strategic process of contextualisation of International Financial Reporting Standards (IFRS) in an economy transitioning from totalitarianism to capitalism -Vietnampaying attention to tensions between actors involved in the process. This study employs the framework suggested by Puxty et al. to analyse the behaviour of actors of the State, Market, and Profession. We find that Market's needs trigger the IFRS contextualisation, which is institutionalised by the state. IFRS-oriented rules undergo 'reality tests' and are tailored to fit the local context. Despite active interactions between the actors, the dominant role of the State results in some tensions.
Purpose -This study explores the suitability and challenges of implementing fair value accounting (FVA) in Vietnam, an emerging/transitioning economy. While such implementation would enable convergence with International Financial Reporting Standards (IFRS), standard setters and auditors have raised practical concerns about its adoption.Design/methodology/approach -This qualitative study utilizes semi-structured interviews with regulators and auditors, together with an analysis of two fraud cases that illustrate the business environment in Vietnam. Public, private, and capture theories guide the analysis.Findings -The business and institutional environment in Vietnam creates several impediments to FVA being effectively implemented and transparently applied. Given the major challenges identified regarding the infrastructure necessary for this valuation system, the premature adoption of FVA may become a catalyst for corporate misconduct.Research limitations/implications -The findings are derived from data aggregated from two fraud cases and interviews and, as such, the results may not be generalizable to other settings. However, these findings may inform future research, particularly after the Ministry of Finance provides further guidance on the use of FVA in Vietnam.Practical implications -A timely and critical examination of the challenges of implementing FVA in a transitioning economy is provided, and the two fraud cases reveal the complexities of the business environment in Vietnam.Originality/value -This research gives voice to the tensions that developing countries are confronting as they seek to balance external pressures with internal constraints. The introduction of an assemblage of three theoretical lenses enables insights into contemporary issues associated with applying FVA in such settings.
The paper explores the probability of substantive change in the Vietnamese accounting field from a Bourdieuian perspective. The research question is, "Do the 2 million practitioners in the Vietnamese accounting field look forward to changes that may be brought about by Anglo Saxon institutions such as, the large accounting firms, the international standards and the foreign accounting professions?" Semi structured interviews were conducted to draw from respondents their feelings and thoughts on the possibility of change. Of the 44 interviewees the bookkeepers were more generally negative with regard to change. By contrast, those representatives of other groups such as professional accountants, managers and academics were more open to change and saw merit in following accounting principles.
This study investigates the complex and multi-faceted ways in which Vietnamese accountants have (re)constructed their occupational identity within a context of ongoing socio-political and economic development. The concept of 'identity work' and Bourdieu's notions of field, habitus and capital guide the investigation, with the evidence base comprising a series of interviews with Vietnamese accountants. Three interpretive schemes are identified as 'operating principles' that characterise accountants' identity construction. These patterns are outcomes of the negotiations of accountants with their respective institutional environment in which accountants' negotiating power is fuelled by their experience (habitus) and capital (economic, social and cultural capital). 6 Circular 129/2012/TT-BTC clearly distinguishes practising accountants from practising auditors through its requirements for each qualification. To obtain a practising accountant's certificate, accountants must pass three subjects while obtaining an auditor's certificate (CPA) requires eight subjects.
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