Globalisation has made the transition from VAS accounting to IFRS accounting a pressing issue for many organisations. It does not only apply to global companies operating in Vietnam but also to Vietnamese companies with foreign capital investment, which helps increase mutual understanding and trust for foreign investors, who do not have an insider’s knowledge of VAS.
Blog Topics: Financial consolidation, planning and reporting, IFRS
Today, economic turmoil and volatility are dominant and the roles of CFOs and senior finance managers are changing. Thus, it’s critical that CFOs are able to:
Blog Topics: Planning and Budgeting, CFOs, Financial consolidation, planning and reporting, Financial Accounting Management Software
In our view, companies are best served when they take an integrated approach to build an IFRS framework. Toward that end, they need a fully integrated solution ideal for supporting the IFRS adoption. A key element is the ability of enterprise applications to work in conjunction with financial management ones to meet a wide range of accounting requirements and processes mandated by the International Financial Reporting Standards.
Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)
When Aberdeen Group conducted a study in 2011, they identified three classes of performance in corporate financial planning, budgeting and forecasting: Best-in-class, industry average and laggard. The research group outlined steps to help companies improve their performance, regardless of their current class.
Blog Topics: CFOs, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM), Financial Accounting Management Software
Adopting IFRS alongside VAS requires technical, strategic, and operational changes. There also will be an unavoidable impact on information technology (IT) systems, as companies change the way they manage and report on numerous business activities. Hence, companies should employ a methodical approach when building the IFRS framework.
Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)
In the last post, three out of five criteria to assess business performance in relation to the corporate planning, budgeting and forecasting process were discussed. The last two, pointed out by Aberdeen Group in its 2011 study, are technology and performance management.
Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)
Investors are usually tempted to skip the seemingly wordy introductory pages as well as footnotes. If the financial statements are all about figures and hard data, these non-financial sections of the corporate report add the “human touch”.
Blog Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software, Infor SunSystems
Vietnam’s Ministry of Finance has made significant progress in converging Vietnamese Accounting Standards (VAS) with International Financial Reporting Standards (IFRS) in recent years. However, there are still some significant differences between IFRS and VAS that businesses need to be aware of. These distinctions can be found in inventory costing, impairment write-downs, contingency management, debt covenant management, and revenue recognition.
Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)
Effective planning, budgeting and forecasting processes are indicative of good business performance. A study conducted by Aberdeen Group in 2011 identifies five key performance criteria that distinguish the best-in-class (top performing) from industry average and laggard companies.
Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)
The International Financial Reporting Standards establish 34 new accounting policies that in general affect how companies value their assets and report on their business performance. The regulation creates new, higher standards for transparency in business operations by requiring more detailed presentation of balance sheets and cash flow.
Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)
Rick Yvanovich
/Founder & CEO/
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