This research approaches and used the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) with a view to assessing the impact of the factors: (1) Control environment, (2) Risk assessment, (3) Information and communication, (4) Control activities and (5) Monitoring on the effectiveness of internal control at cement companies. The research was carried out through a survey of 210 managers and employees at Vietnamese cement companies with the support of SPSS software and assessed scale reliability through using the Cronbach`s Alpha coefficient and the method of exploratory factor analysis (EFA). The research results show that the factors above had positive relationship with the effectiveness of internal control. Also, on such basis, the author gave recommendations for maintaining and promoting the effectiveness of internal control to managers at cement companies.
According to the survey results of the International Accounting Standards Board (IASB), currently, 131/143 countries (accounting for 93%) have had official statements on the application of IFRS with different forms. Among countries which have not permitted IFRS application, there is also a tendency to adjust the national accounting standards system to match up to IFRS. Vietnam is preparing a roadmap for the application of IFRS in 2022. This paper conducts a study with 23 in-depth interviews and survey with 92 experts who are university lecturers, researchers from research institutes, experts in the fields of securities, banking, finance in order to collect some ideas on the roadmap, subjects and scope of IFRS application; assess the benefits and challenges when applying IFRS; then give the implications of IFRS application process in Vietnam. The ideas are consistent with the opinion that preparing IFRS financial statements will improve the transparency of financial statements. However, experts think that the biggest challenge when adopting IFRS is associated with high expenses. Therefore, most opinions suggest that businesses need 3 to 5 years to prepare human resources and other necessary conditions for IFRS application. In addition, in the first period, there is a need to apply IFRS to listed companies, public companies, foreign-invested enterprises, encourage large companies to apply voluntarily. Besides, the study suggests some implications about the implementation process for organizations, individuals and the government.
The International Financial Reporting Standards (IFRS) are researched and developed by the International Accounting Standards Board with the goal of providing an international framework for preparing and presenting financial statements for businesses. IFRS create a common accounting language worldwide, which enhances the transparency and comparability of financial statements. Converging with IFRS is an inevitable trend of any country. Vietnam is currently developing a project to implement IFRS in 2020. In the process of converging with IFRS, the cooperation of State administrative agencies, experts, businesses, financial statement users and accountants is required. We surveyed 119 experts and 104 businesses in different sectors of the economy to gather their opinions to give the policy-making process more objective and reliable grounds. At the same time, we also conducted an assessment on the advantages and disadvantages of applying IFRS in Vietnam, assessing the preparations for an IFRS application roadmap. The research results are an important information channel to help the Ministry of Finance have additional theoretical background for creating IFRS policies in Vietnam. Contribution/ Originality: This study contributes to the existing literature by assessing the awareness and response to IFRS implementation in Vietnam. This study looks at the awareness of the disadvantages of VAS, the comparison of VAS to IFRS, the range of IFRS application and its subjects, the roadmap for IFRS implementation, and the comparison of expert assessments and preparation for IFRS and its benefits and difficulty in implementation.
This study is an empirical attempt to revisit energy insecurity in Vietnam by focusing on the role of the official exchange rate. To this end, we gathered data of the related variables based on the 4A’s theory for energy security over the period 1985–2017, and conducted estimation using GMM estimator. The major results proved that economic growth has a positive impact on official exchange rate. CO2 emissions have negative coefficient which means negative relationship between this variable and the Vietnam’s official exchange rate, while inflation rate has a negative sign suggesting that by increase in price level of commodities in Vietnam’s economy, the domestic product will be more expensive than that before which accelerates commodities import flows that leads to depreciation of Vietnam’s national currency. In addition, we found out that energy intensity has a negative relationship with official exchange rate in Vietnam. Moreover, the results revealed that a 1% increase in gas import has a negative linkage with the Vietnam’s official exchange rate. According to the results, we recommend that Vietnam needs to diversify its gas imports, strengthen local energy production, increasing energy efficiency to have a stronger national currency against U.S. dollar which ensures energy security in this country.
The paper examines impact the world crude oil price (WCOP) on the real effective exchange rates (REER) based on empirical evidences from Vietnam in the period from 1986 to 2019. It includes five parts. Section 1 introduces research issues. Section 2 presents an overview of the research on the relationship between the WCOP and the REER. Section 3 describes the data and research methods. In Section 4, we use the autoregressive distributed lag model (ARDLM) to study the impact of the WCOP on the REER of Vietnam. Section 5 presents the key findings and explains the results in the light of actual practices. Monthly data are divided into four periods:
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