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Valuation for Financial reporting purposes under IFRS
Background
International Financial Reporting Standards (IFRS) requires assets and liabilities to be recognized and presented at fair value, which is the price that an asset can be transferred or a liability can be settled between knowledgeable and willing parties in an arm’s length transaction. This ensures that financial statements accurately reflect the true value of items and provide precise and fair information to users of the financial statements.
In Vietnam, financial reporting is currently based on accounting standards that use the historical cost principle, which significantly differs from the fair value requirement of IFRS. Applying valuation for fair value presentation under IFRS enhances transparency in financial reporting. When items are valued at fair value, investors and other stakeholders can better understand the true value of a company’s assets and liabilities, allowing for more accurate economic decisions. However, the complex nature of valuations presents a significant barrier, requiring experienced and specialized experts in the field.
How Kreston (VN)’s valuation services for IFRS Financial Reporting benefit businesses?
Kreston (VN) provides valuation services for financial reporting purposes under IFRS, helping businesses not only comply with international accounting standards but also gain strategic and financial advantages, thereby improving management efficiency and market credibility.
Transparency and Reliability
- Financial Transparency: Professional valuation services ensure that assets and liabilities are reported at fair value, accurately reflecting the company’s financial condition.
- Increased Reliability: Utilizing third-party valuation services enhances the reliability of financial data, reducing the risk of fraud and errors.
Legal and Accounting Standards Compliance
- IFRS Compliance: Ensures that financial statements fully comply with IFRS requirements, avoiding future legal and audit issues.
- Meeting International Requirements: Companies operating or listed on international exchanges need to comply with IFRS, and valuation services help meet this requirement.
Enhanced Reputation and Image
- Investor Trust: Transparent and accurate financial statements enhance trust with investors, shareholders, and other stakeholders.
- Professional Image: Using professional valuation services demonstrates the company’s seriousness and professionalism in financial management.
Risk Management and Decision Making
- Risk Management: Accurate valuation helps companies identify and manage financial risks more effectively, such as market risk and credit risk.
- Informed Decision Making: Provides accurate and timely financial information, aiding management in making strategic decisions based on reliable data.
Cost Optimization and Efficiency
- Cost Optimization: Accurate valuation helps optimize costs, such as insurance costs and borrowing costs, by reflecting the true value of assets and liabilities.
- Transaction Efficiency: Fair valuation facilitates efficient and accurate transactions in mergers, acquisitions, or financial restructuring.
Support in Auditing and Review
- Ease of Auditing: Using valuation services simplifies audit preparation as financial statements have already been verified by valuation experts.
- Reduced Audit Time and Cost: Accurate valuation and IFRS compliance can reduce the time and costs associated with financial audits and reviews.
Improved Relationships with Banks and Partners
- Enhanced Relationships: Reliable financial statements improve relationships with banks and business partners, facilitating easier access to financing and business collaborations.
- Better Loan Terms: Companies can negotiate better loan terms when assets are accurately valued and financial statements are transparent.
Why choose Kreston (VN)?
- Over 10 years of experience in providing valuation services.
- Successfully provided valuation services for numerous foreign-invested clients with diverse assets, including business valuation, equity valuation, asset valuation, debt valuation, and financial instrument valuation for fair value determination in IFRS financial reporting.
- Certified by the Ministry of Finance to provide valuation services.
- Experienced team well-versed in international valuation standards (IVS), Vietnamese Valuation Standards (VVS), International Financial Reporting Standards (IFRS), and Vietnamese Accounting Standards (VAS).
Please feel free to contact us. We will be more than happy to help.
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