Ho Chi Minh City, Vietnam

The conversion of VAS to IFRS – what businesses should prepare

By David Truong Lang, Viettonkin Consulting

Undeniably, IFRS – the International Financial Reporting Standards – is very popular with businesses worldwide with recommendations as per OECD’s guidelines. Vietnam Accounting Standards, the so-called VAS, is used specifically for the local accounting system under Vietnamese jurisdiction. Under the impact of globalisation, the transition from VAS to IFRS is inevitable. Thus, in 2020, the Vietnam Ministry of Finance issued Decision No. 345/QD-BTC approving the plan to apply IFRS in the country.

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The German draft standard for audits of less complex entities (LCEs) compared with the IAASB draft

By Brigitte Jakoby, Jakoby Dr Baumhof - Wirtschaftsprüfer Steuerberater Rechtsanwälte

In the last Auditing, Reporting and Compliance (ARC) Practice Group meeting, Prof Dr Michel De Wolf gave an excellent summary of the IAASB draft standard for audits of LCEs. In contrast, Germany issued (draft) German LCE standards in December 2021 which differ from the IAASB approach in some aspects.

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Root cause analysis (RCA) – improving audit quality

By Katherine Rose, Citroen Wells Chartered Accountants

RCA is a technique for identifying the underlying reason behind audit review findings, whether specific to one audit or firm wide, so that an appropriate action can be taken to prevent recurrence of negative outcomes and to promote recurrence of positive ones.

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Mistakes - Part 9: The mistake of raising employees

By Sameer Kamboj, SKC World

Every small organisation initially depends on its founders. In their journey of scale and growth, founders need dependable people who can effectively execute their ideas. Hence, the emphasis on a founder leading with their vision, rather than diving into execution.

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Mistakes - part 8: Do you know why you failed?

By Sameer Kamboj, SKC World

We can either cope with life or participate in it. Those who are coping usually do not scale up, and start looking out for contentment and satisfaction primarily outside their work, seeking external solace, early retirement, sabbaticals, etc. Those who enthusiastically participate are able to harness the abundance that life offers. They fall and grow with the ongoing rhythm of life – at all times, life is an act of destruction and creation resulting in abundance. It is a continuous motion of change that never results in permanent death.

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Warsaw, Poland

European financial integration

By Malgorzata Motyl, Penteris

Information is a core issue for investors in the decision-making process. Removing obstacles for circulating and spreading information is the ground upon which the EU has decided to build the foundations for strengthening the EU single market.

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Sydney, Australia

Know your Australian financial reporting obligations

By Tony Nunes, Kelly + Partners Chartered Accountants

When setting up a business in Australia there are several key planning items that should be addressed which are not always front-of-mind, but if ignored may result in costly mistakes. For example, if an overseas company is conducting business in Australia, it will be required to lodge the foreign parent’s financial statements with the Australian Securities and Investment Commission (ASIC) each year, as well as have other obligations. Therefore it is common for foreign businesses to have an Australian subsidiary.

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Mistakes - part 7: Set a vision that is truly your own. Do not fall into a trap!

By Sameer Kamboj, SKC World

I recently met a fine entrepreneur who has been in the field of health care for some time now. I usually try to engage with a person, then have the general chit chat of “What do you do? How are you?” I asked him what he was trying to accomplish through his amazing organisation, and he said: “We wish to become the best provider of health care services offering affordable and trustworthy care”. This appealed to me. It was a great vision he was trying to achieve, so I was very interested to learn what motivated him to do this.

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How are French auditors dealing with new regulations: Anti-money laundering and terrorist financing

By Carole Hong Tran and her team, FIDAG SARL

French auditors draw particular attention to regulations on antimoney laundering and combating terrorist financing (AML/CFT). The aim is to identify and to assess money laundering and terrorist financing risks. Risk levels are defined according to the type of client (natural or legal client, trust, unincorporated collective investors, persons acting on behalf of the client), the client’s situation (activity, location, particularities) and auditor missions (legal or contractual).

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