[Research Contribution] Teaching IFRS at Vietnamese Universities: Faculty Perspectives on Influencing Factors
10 March, 2025
Keywords: IFRS, accounting education, faculty perspectives, Vietnam
In the roadmap for implementing International Financial Reporting Standards (IFRS) under Decision 345/QD-BTC dated March 16, 2020, Vietnam has set out objectives to enhance the transparency and effectiveness of financial information while strengthening investor confidence. However, the success of this process depends not only on policy but is also closely tied to the readiness of the higher education system. On that basis, a research team from the University of Economics Ho Chi Minh City (UEH) conducted a study on IFRS teaching at Vietnamese universities, approached from the perspective of accounting faculty members.
The Global Shift and Vietnam’s Integration Pressures
International Financial Reporting Standards (IFRS) have gradually become the “common language” in the preparation and presentation of corporate financial statements worldwide. To date, approximately 160 jurisdictions have committed to adopting IFRS, with the majority requiring mandatory application for publicly accountable entities. Economies that have adopted or permitted the adoption of IFRS currently account for more than half of total global GDP, reflecting the central role of these standards in the international financial system. As of 2022, the GDP of jurisdictions requiring or permitting IFRS adoption for domestically publicly accountable organizations accounted for 51% of the total GDP of all jurisdictions surveyed.
The trend of convergence with IFRS has also been strong in Southeast Asia. Many countries have chosen different pathways, ranging from full adoption to adjusting national standards in alignment with IFRS, but the common thread is a shared objective of enhancing the transparency and comparability of financial information. This has created an increasingly unified reporting environment while also placing considerable pressure on developing countries in the process of integration.
In this context, Vietnam – with its rapid economic growth and deepening participation in international trade agreements such as the CPTPP, EVFTA, UKVFTA, and RCEP – cannot remain outside this global trend. Recognizing the potential benefits of transitioning to IFRS, the Minister of Finance approved Decision 345/QD-BTC dated March 16, 2020, outlining the plan for IFRS adoption in Vietnam, marking a critical turning point in the country’s accounting and financial reform process. This represents not merely a technical choice but a commitment to transparency, efficiency, and the economy’s capacity for integration.
However, the implementation of IFRS is not solely a matter for businesses or policymakers – it begins with the accounting education system, where the next generation of accountants is trained. Although Vietnam had proactively issued Vietnamese Accounting Standards (VAS) based on IAS/IFRS since the early 2000s, prolonged delays in updating these standards created a significant gap relative to international benchmarks. Given the demand for reform and the IFRS adoption roadmap under Decision 345/QD-BTC, the implementation capacity of universities has become a critical factor. On that basis, the study focuses on analyzing accounting faculty perspectives to clarify the favorable factors, barriers, and support needs involved in integrating IFRS into training programs.
Research from Accounting Faculty Perspectives – Factors Affecting IFRS Teaching
The study was conducted in a context where Vietnamese universities have a certain degree of autonomy in developing and adjusting training programs in accordance with international standards, particularly as Vietnam implements the roadmap for adopting International Financial Reporting Standards (IFRS) under Decision 345/QD-BTC of the Ministry of Finance.
Drawing on the Curriculum Implementation Theory of Rogan & Grayson (2003), the study posits that the degree of IFRS integration in teaching depends not only on overarching institutional directives but is simultaneously influenced by three key groups of factors:
- Institutional plans for implementing IFRS instruction.
- Internal capacity for innovation, including the availability of IFRS teaching materials and the challenges encountered by faculty.
- External support from regulatory bodies and professional organizations.
Based on this theoretical framework, the research team surveyed 173 accounting faculty members at universities nationwide, measuring the volume of IFRS instruction per semester on a scale of 0 to 5, ranging from “no instruction” to “5 hours or more.”
The key factors analyzed include:
- The degree of institutional proactiveness in integrating IFRS into curricula.
- The adequacy and reliability of IFRS teaching materials within departments and institutions.
- The level of challenges faced by faculty in teaching IFRS.
- The degree of external support, including from the Ministry of Finance, the Vietnam Association of Accountants and Auditors (VAA), the Association of Chartered Certified Accountants (ACCA), and the Big Four firms.
- Several additional factors to ensure the objectivity and reliability of the survey: gender, academic qualifications, and teaching experience.
Research Findings
The research findings reveal that the four key factors analyzed above exert a significant influence on the volume of IFRS instruction by accounting faculty, and are ranked below according to their degree of impact on teaching quality.
- IFRS teaching materials: The adequacy and availability of IFRS teaching materials had the strongest impact on instructional hours. When equipped with high-quality materials that are up-to-date and relevant to the Vietnamese context, faculty members tend to be more confident and proactive in integrating IFRS into their lectures.
- Institutional plans and implementation orientation: Institutions with clear strategies for IFRS implementation – from adjusting course syllabi to designing specialized modules – create favorable conditions for faculty to expand IFRS instruction time. The findings indicate that faculty members working at institutions with well-structured plans tend to teach more IFRS content compared to those at institutions lacking specific direction.
- External support: The involvement of external organizations such as the Ministry of Finance, the Vietnam Association of Accountants and Auditors (VAA), the Association of Chartered Certified Accountants (ACCA), ICAEW, and the Big Four firms has a positive impact on IFRS teaching. Support activities in the form of materials, training programs, and professional workshops help faculty enhance their capabilities and gradually expand IFRS content within training programs.
- Challenges in IFRS teaching: Although ranked last in terms of degree of impact and influence, the barriers encountered during instruction still significantly reduce the volume of IFRS content within a semester. Some commonly encountered challenges include: course content that is more complex than traditional approaches, limited course hours, a lack of specialized training programs for faculty, and the academic pressures faced by students.
Practical Applications: Equipping Vietnam for IFRS Integration
From the research findings, it is evident that effective IFRS instruction requires coordinated efforts among regulatory authorities, educational institutions, faculty members, and professional organizations. On that basis, the study proposes several specific recommendations as follows:
- For the Ministry of Finance: Consider prioritizing the completion, updating, and standardization of the IFRS materials system while distributing them widely to educational institutions. Additionally, organizing in-depth training programs for faculty on a long-term basis will contribute to enhancing IFRS implementation capacity in accounting education, thereby effectively supporting the national IFRS adoption roadmap.
- For universities: Institutions should proactively develop clear plans and strategies for incorporating IFRS into training programs, tailored to the conditions and development orientation of each unit. This can be achieved through integrating IFRS into existing courses or developing standalone IFRS modules. At the same time, investing in appropriate materials, textbooks, and teaching case studies will create favorable conditions for faculty to expand IFRS content and improve training quality.
- For accounting faculty: As the core force in IFRS instruction, faculty members should proactively enhance their professional competencies by participating in training courses and specialized IFRS workshops while sharing teaching experiences within the academic community. Applying comparative teaching methods between VAS and IFRS can also help reduce cognitive load for students and improve the effectiveness of approaching the new standards.
- For professional organizations and enterprises: Organizations such as the Vietnam Association of Accountants and Auditors (VAA), the Association of Chartered Certified Accountants (ACCA), ICAEW, and the Big Four firms have been identified as important external support factors. Therefore, maintaining and expanding workshop programs, training initiatives, material support, and training cooperation with universities will contribute to narrowing the gap between theory and practice. These efforts not only support faculty in IFRS instruction but also help students enhance their adaptability to labor market requirements in the context of international integration.
Author: Dr. Hoang Cam Trang – University of Economics Ho Chi Minh City
This article is part of the Series on Research Dissemination and Applied Knowledge from UEH, carrying the message “Research Contribution For All”. UEH cordially invites readers to follow the next edition of UEH Research Insights.
News and image: Author, UEH Department of Communications and Partnerships
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