ABSTRACT
In response to significant changes in the accounting environment in Vietnam, reform was carried out in 1995 that established an accounting system moving towards a private capitalist accounting model. The co-existence of International Financial Reporting Standards-type accounting standards and a Uniform Accounting System in Vietnam reflects the specific circumstance of a ‘socialist market-oriented economy’ where the State-Party plays a supreme and pervasive role in leading and controlling society. While changes in legal and policy documents in Vietnamese accounting are made, it takes longer to change the social values and beliefs needed for effective implementation of new regulations based on the IASB’s standards.
