Intangible Assets Accounting in Vietnam: Perspectives of a Professional Accounting Group

Date Received: Feb 19, 2021

Date Published: Oct 29, 2021

DOI: https://doi.org/10.31817/vjas.2021.4.3.09

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Issue: Vol. 4 No. 3 (2021): Vietnam Journal of Agricultural Sciences

Section:

ECONOMICS, SOCIETY AND RURAL DEVELOPMENT

How to Cite:

Thuong, T., Thuy, N., & Anh, H. (2021). Intangible Assets Accounting in Vietnam: Perspectives of a Professional Accounting Group. Vietnam Journal of Agricultural Sciences, 4(3), 1185–1197. https://doi.org/10.31817/vjas.2021.4.3.09

Intangible Assets Accounting in Vietnam: Perspectives of a Professional Accounting Group

Tran Thi Thuong (*) 1 , Nguyen Thi Thuy 1   , Hoang Thi Mai Anh 1

  • Corresponding author: tranthithuong@vnua.edu.vn
  • 1 Faculty of Accounting and Business Management, Vietnam National University of Agriculture Hanoi 131000, Vietnam

    • Keywords

    Intangible assets, Vietnam, accounting, professional accounting group

    Abstract


    This study focused on presenting the views of members of a professional accounting group about intangible assets accounting in Vietnam. This group consisted of 44 random  interviewees who were auditors, lecturers, and banking staff, among others. Based on the results of this survey, the characteristics of the professional accounting group, including occupation, educational level, and work experience, etc., were collected. The accounting regulations for intangible assets in Vietnam in accordance with the guidelines of Vietnamese Accounting Standard (VAS) No. 04 (Intangible assets and other circulars) were then analyzed. Especially, these interviewees indicated three main obstacles of intangible assets accounting through this survey. First, the skills and knowledge of accounting staff are the most current weaknesses of intangible assets accounting. Following that, the slow integration of Vietnamese accounting regulations with the international accounting system for intangible assets is a difficult point. Lastly, the limited knowledge of managers and internal governance are weak points. Hence, to improve intangible assets accounting in Vietnam, the Ministry of Finance (MOF) should organize additional training courses or workshops to train accountants and managers based on the contents of International Accounting Standard (IAS) No. 38 for intangible assets and IAS 36 for the impairment of assets. In addition, small specialized discussions among accountants, lecturers, auditors, and others in one city should be encouraged to open accounting seminars/workshops. These gatherings would be a good way to share their accounting experience with each other and improve their knowledge of accounting. 

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