ACCA and Vietnam Association of Certified Public Accountants strengthen relationship with Memorandum of Understanding

Building on their long- standing relationship, ACCA (the Association of Chartered Certified Accountants) and the Vietnam Association of Certified Public Accountants signed a Memorandum of Understanding (MOU) at a ceremony at the World Congress of Accountants (WCOA) in Sydney.

Both bodies originally signed an agreement in 2005, with regular updates every five years. Their new agreement cements the relationship further with a commitment to the partnership for the development of the accountancy profession in Vietnam.

A specific focus for the MoU will be work to support the adoption of International Financial Reporting Standards (IFRS) in Vietnam, aligning this with the Vietnamese government’s aim for IFRS adoption by 2020. Both bodies believe that members with IFRS knowledge and skills will enhance investors’ confidence in the audited financial statements of Vietnam’s firms.

Speaking at the signing, Leo Lee, ACCA’s president said: ‘Working closely with VACPA – the most prestigious local body in Vietnam – is very important for ACCA. Together, we share an aim to grow Vietnam’s economy, improve the quality of corporate financial reporting and access to financial information. The adoption of IFRS Standards will be a critical prerequisite for Vietnam’s economic development, and ACCA and VACPA have a central role to play in facilitating this.’

Mr Pham Sy Danh, VACPA president added: ‘This MoU is a critical step in VACPA’s strategic development plan: international collaboration is the shortest, quickest and most sustainable approach to integrate the accountancy profession. ACCA was the first professional body we aligned with to start our international cooperation. And together, we have significantly contributed to shaping the profession in Vietnam as well as to the development of VACPA.’

As part of the MoU, ACCA and VACPA will deliver a co-branded CerIFR to successfully support the Ministry of Finance’s execution of the IFRS adoption roadmap and Vietnamese accounting standards updates in the years to come.

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Helen Thompson

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About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 208,000 members and 503,000 students in 179 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 104 offices and centres and more than 7,300 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

ACCA has introduced major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here: www.accaglobal.com

About VACPA

VACPA's operations officially commenced from 1st January 2006 with two offices in Hanoi and Ho Chi Minh city. VACPA's motto "Independence – Integrity – Transparency" guides our operations. Since its formation, VACPA has chosen the same business model to that of an international professional accountancy organisation with the central office directly administering the needs of each member. Despite the challenges of the insufficiency of facilities and the difficulties in carrying out its activities during the past 10 years, VACPA has made great strides in progressing to be a professional accountancy organisation. VACPA is determined to build and develop a professional accountancy body with the support of the state bodies, especially the Ministry of Finance, our members and our partners. The appointment of the Executive Boards, for three terms and the dedication of the professional staff in the two VACPA offices, this and several other aspects of our operations are assessed by the Confederation of Asian and Pacific Accountants (CAPA) to be good practice, based on the criteria for the measurement of maturity levels of an international professional accountancy organisation.

 

"Together, we share an aim to grow Vietnam’s economy, improve the quality of corporate financial reporting and access to financial information. The adoption of IFRS Standards will be a critical prerequisite for Vietnam’s economic development, and ACCA and VACPA have a central role to play in facilitating this"

Leo Lee, president - ACCA

"This MoU is a critical step in VACPA’s strategic development plan: international collaboration is the shortest, quickest and most sustainable approach to integrate the accountancy profession. ACCA was the first professional body we aligned with to start our international cooperation. And together, we have significantly contributed to shaping the profession in Vietnam as well as to the development of VACPA."

Mr Pham Sy Danh, president - VACPA