Economic Transition and Accounting System Reform in Vietnam

Phuong, Nguyen Cong; Richard, Jacques

doi:10.1080/09638180.2011.623858

Cited by 41 publications

(11 citation statements)

References 26 publications

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“…In Vietnam, Phuong and Richard (2011) and Phuong (2013) identify the existence of parallel accounting standards and accounting regime, pointing to integration of Vietnam with general international accounting practices and revealing a unified management of the State in accounting. The aforementioned characteristics of the accounting system in Vietnam have shaped factors affecting the application of accounting standards.…”

Section: Legal Basis Related To Accountingmentioning

confidence: 99%

“…Therefore, countries that are proactive in international integration have a tendency to apply more quickly, while some countries are cautious in the direction, so the application is limited (Thinh, 2019). Phuong and Richard (2011) argue that the process of forming Vietnamese accounting standards reflects the will of the Vietnamese State in the process of global economic integration to achieve political and economic goals. The promulgation of succession standards stems from the pressure to be accepted as a member of the WTO.…”

Section: Political Economic and Cultural Conditionsmentioning

confidence: 99%

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Factors affecting the application of IFRS through the perceptions of business managers and auditors in Vietnam

Doan

Nguyen

Hải

2020

Problems and Perspectives in Management

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The purpose of this study is to determine the factors that influence the application of the International Financial Reporting Standards (IFRS) in Vietnam through the perceptions of business managers and auditors. Combining qualitative and quantitative research methods based on a comprehensive analysis and aggregation of information available from various sources, the results of the questionnaire interviews of 500 managers and auditors currently working in Vietnam are offered. The results of the study show that factors affecting the applicability of IFRS in Vietnam are: legal basis for accounting activities; characteristics of enterprises; qualification and competency of the accounting teams; and corporate governance. The study also finds that governance factors and socio-economic and cultural conditions have an uncertain influence on the IFRS applicability. At the same time, there is no significant difference in awareness of the ability to apply IFRS between the group of enterprise managers and auditors and groups of people with different work experience. Among them, the qualifications and competencies of the accountant teams and the characteristics of enterprises are the two factors that have the strongest impact on the applicability of IFRS in Vietnam.

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Section: Legal Basis Related To Accountingmentioning

confidence: 99%

Section: Political Economic and Cultural Conditionsmentioning

confidence: 99%

Factors affecting the application of IFRS through the perceptions of business managers and auditors in Vietnam

Doan

Nguyen

Hải

2020

Problems and Perspectives in Management

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“…The reason for this is because of opportunities or loopholes created by weak or poorly policed accounting standards and regulations, which create an opportunity for estimations and judgments and can potentially generate questionable accounting treatments by Vietnamese accountants. This benign regulatory environment (CPA Australia, 2014;Phuong and Richard, 2011) would appear to have allowed accounting manipulation to thrive because of institutional and organizational pressures. These factors appear to over-ride accountants' concerns that these actions are unethical.…”

Section: Discussionmentioning

confidence: 99%

The likelihood of widespread accounting manipulation within an emerging economy

Nguyen

O’Connell

Kend

et al. 2021

JAEE

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PurposeThe study explores accountants' views of the likelihood of widespread accounting manipulation in the emerging economy, Vietnam. Applying the fraud triangle framework, we examine accountants' responses to management pressure, manipulation opportunities and perceptions of how they rationalize their decisions.Design/methodology/approachThe study uses an experimental methodology involving 592 Vietnamese accountants as participants. Post-experiment field interviews were conducted with eight highly experienced accountants.FindingsOur findings indicate that accounting manipulation is perceived to be common in Vietnam. The findings reveal that there is no differentiation between manipulation of accounting transactions with or without management pressure and no differentiation between collective gain or individual gain.Research limitations/implicationsWhile the study focused on accountants' perceptions of accounting manipulation, these views may change over time. The impact of law reforms and the potential for prosecution under the force of law provisions could alter these perceptions.Practical implicationsThe study findings alert regulators, government authorities and auditors of the perceptions and views in relation to accounting manipulation and the potential for fraud in Vietnam. Auditors could use help from forensic specialists to uncover unethical behaviors identified in this study.Originality/valueThe fraud triangle framework is used to shed light on fraud through the examination of accounting manipulation in Vietnam. We contribute to the relevant accounting literature with insights into accountants' motivations toward conducting questionable accounting transactions. The contributions we make draw attention to preconceptions of Asian societies; in particular, accounting actions to motivate collectivist gains. While we shed further light on fraudulent accounting, we conclude that the fraud triangle framework does not necessarily articulate fraud well in relation to accounting manipulation in emerging economies.

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“…Several studies have been devoted to the analysis of Vietnamese accounting under the economic transition (Nguyen and Eddie 1995;Yang and Anh 2003) and in international dimension (Anh Tuan and Guangming 2014;Huong 2013). This paper is placed at a different level of analysis, that of accounting regulations in light of the institutional theory in the spirit of the work of Chu Thanh (2004), Phuong and Richard (2011), Phuong and Nguyen (2012). It also provides insight into problems encountered by regulators who are setting accounting standards in a harmony with international accounting standards.…”

Section: Introductionmentioning

confidence: 99%

Vietnam. Institutional Theory and Accounting Change: An Analyze of Accounting Regulations in Vietnam

Phuong

2016

IFRS in a Global World

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This paper's aim is to explore how institutional pressure exerted on regulators influenced the their decision to adapting a capitalist accounting system in the national accounting during Vietnam's reforms and integration process into the global economy. Based on the institutional theory, the paper shows that in the first phase Vietnam adapted the former socialist accounting system, moving towards a private capitalist accounting model but preserving many fundamental peculiarities of the accounting system under a centrally planned economy. In the second phase, facing situations where there are uncertainties about the proper approach to set accounting standards, regulators have sought standards of the IASB that are viewed as being more legitimate and "mimic", regardless of their actual usefulness in Vietnam's context. As a result, besides potential benefits, the Vietnamese accounting standards are less efficient for the domestic enterprises. Instead of applying the accounting standards, the domestic enterprises prefer to continue to use the Uniform Accounting System to prepare the financial statements. Those problems suggest that accounting regulators in transitional and developing countries may face issues similar to those in Vietnam.

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Economic Transition and Accounting System Reform in Vietnam

Cited by 41 publications

References 26 publications

Factors affecting the application of IFRS through the perceptions of business managers and auditors in Vietnam

Factors affecting the application of IFRS through the perceptions of business managers and auditors in Vietnam

The likelihood of widespread accounting manipulation within an emerging economy

Vietnam. Institutional Theory and Accounting Change: An Analyze of Accounting Regulations in Vietnam

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