International harmonization and national particularities of accounting

Emerald - Tập 8 Số 3 - Trang 431-451 - 2012
NguyenCong Phuong1, TranDinh Khoi Nguyen1
1College of Economics, Danang University, Danang, Vietnam

Tóm tắt

PurposeThe purpose of this paper is to examine the recent accounting regulations designed to facilitate international harmonization in Vietnam and to show how Vietnam developed an accounting system that harmonizes with international standards while preserving macroeconomic control.Design/methodology/approachThis paper is developed using the theoretical framework on globalisation.FindingsThe recent development of accounting aims to implement Vietnam's commitment to harmonize its accounting system with the world. This process has faced some difficulties due to national particularities such as Vietnam's economic system and accounting tradition. This paper shows that the regulators have been careful in their approach to develop and find ways to combine or adapt when pushing for accounting development: a co‐existence of vietnamese accounting standards and a uniform accounting system. This point differs from the Anglo‐Saxon world, but is comparable to China.Research limitations/implicationsThe different approach to developing accounting regulation in Vietnam reflects the key role of the State in preserving governmental control while harmonizing with international standards.Practical implicationsThis paper studies the influence of globalization on accounting development in Vietnam. It suggests that developing accounting practices in a country in harmony with international standards faces obstacles previously evidenced in the literature, such as economic system and accounting tradition. The study also provides insight into problems encountered by regulators who are incorporating international accounting standards into national accounting regulations. These problems suggest that international accounting standard setters and accounting regulators may face issues similar to those in Vietnam.Originality/valueThis paper contributes to the literature on international accounting harmonisation by illustrating the need for considering national particularities as factors that will affect the rate of harmonisation with international accounting standards.

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Emerald

Tập 8 Số 3

431-451

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