Global standards, local impact: The adoption of IFRS in Vietnam’s commercial banks

• DOI: 10.24294/jipd.v8i7.5133
• Publication Date: 2024-07-29T06:42:51Z
• Authors: Quynh Trang Nguyen; Thanh Vu Nguyen

This study explores the pivotal factors influencing adoption of International Financial Reporting Standards (IFRS) in banking sector Vietnam, focusing on perceptions its benefits, competence accountants, involvement managers, and guidance from accounting auditing community. Employing Exploratory Factor Analysis (EFA) data collected 236 professionals across accounting, auditing, banking, finance, research reveals that perceived benefits IFRS, active managerial participation, advice accounting-auditing community significantly encourage IFRS within Vietnamese commercial banks. Interestingly, accountants was not identified as a significant determinant. These findings suggest nuanced landscape adoption, emphasizing importance support over individual accountant competence. The contributes to broader discourse offering actionable insights for banks, policymakers, potentially applicable strategies firms Vietnam or similarly positioned economies path compliance.