Online seminar "Documentation Development and Training on Vietnamese Public Sector Accounting Standards (VPSAS)"

Within the framework of implementing the project to announce the system of the Vietnamese Public Sector Accounting Standards (VPSAS), on July 16, 2021, the Department of Accounting and Auditing Regulations - the Ministry of Finance in collaboration with the University of Economics Ho Chi Minh City (UEH) and Industrial University of Ho Chi Minh City (IUH) held an online seminar on “Documentation Development and Training on Vietnamese Public Sector Accounting Standards (VPSAS)”.

According to Decision No. 1299/QD-BTC dated 31/07/2019 of the Ministry of Finance, from 2021 to 2024, the Ministry of Finance is expected to issue and publicize 21 VPSAS. Currently, 05 standards given in the first phase have been drafted and are about to be published in 2021, Standard No. 1 – Presentation of financial statements; Standard No. 2 – Statement of cash flows; Standard No. 12 – Inventories; Standard No. 17 – Real estate, factories, equipment; Standard No. 31 – Intangible assets. For the Vietnamese Public Sector Accounting Standards (VPSAS) to be practical, implementing standard training activities for relevant people is considered one of the most critical factors. These include managers, accountants working in public sector units, university students in relevant majors.

With this goal in mind, the Seminar “Documentation Development and Training on Vietnamese Public Sector Accounting Standards (VPSAS)” was held online on July 16, 2021. Attending the Seminar, there were: The Board of Directors and representatives of the Department of Accounting and Auditing Regulations - the Ministry of Finance; representatives of University of Economics Ho Chi Minh City, including Dr. Bui Quang Hung – Vice President, Dr. Tran Anh Hoa – Dean of School of Accounting, Dr. Nguyen Phuoc Bao An – Vice Dean of School of Accounting, and representatives of Industrial University of Ho Chi Minh City; with the participation of more than 150 lecturers and researchers from universities in the South and Central Vietnam.

Speaking at the opening ceremony, chairing the seminar, Assoc. Prof. Dr. Luu Duc Tuyen - Deputy Director of the Department of Accounting and Auditing Regulations, warmly welcomed delegates to the Seminar and said that the Ministry of Finance was implementing the construction of the VPSAS in the direction of harmonizing the international public accounting standards and the provisions of the Law on Accounting of Vietnam. However, the Ministry of Finance was worry about developing a set of documents and organising training on VPSAS and suitable for the current Vietnam context.

Dr. Bui Quang Hung - UEH Vice President, also affirmed the meaning and urgency of the Seminar in particular and the PSAS in training for students in schools in the future. Furthermore, Dr. Bui Quang Hung expressed his honor when the University cooperated with the Ministry of Finance and experts to contribute to the completion of the VPSAS. He wished to accompany the Ministry of Finance to participate in other activities under the framework of Decision No. 1299 QD-BTC.

At the Seminar, Ms. Tran Thu Huong - Head of State Accounting Department of the Department of Accounting and Auditing Regulations, briefly introduced the objectives and roadmap of the project to build Vietnam's Public Sector Accounting Standards, and 05 completed PSAS in the early stages of the project.

A presentation from the Department of Accounting and Auditing Regulations

Besides, researchers and lecturers from universities and state management agencies delivered presentations around the main topics of building learning materials and training public accountants. They included assessing the current situation and solutions for PSAS training; renovating public accounting training programs to meet human resources in the public sector in Vietnam; requirements in the PSAS training program in the integration period in Vietnam; and requirements on qualifications of teaching staff teaching public accounting.

In addition, the delegates also discussed several issues related to standards, such as the state of preparation and presentation of public financial statements and giving suggestions to improve VPSAS on the presentation of financial statements.

A presentation at the Seminar

The Seminar took place successfully, attracted participation and received many valuable comments from the participants. The second in-depth discussion session is expected to be held shortly within the framework of the project to announce the VPSAS system from 2020 to 2024 to complete the construction of PSAS in Vietnam.

News, photos: UEH School of Accounting, Department of Marketing and Communication.