Agriculture is an important economic sector in Vietnam, though, so far, Vietnam has not had an Accounting Standard that defines basic accounting concepts in specific agriculture, such as cultivation, guidelines related to agriculture accounting are few and not specific.

Vietnam is in the process of preparing for the application of International Financial Reporting Standards (IFRS), in which the development of Vietnam Accounting Standard for Agriculture is very necessary. VAS on agriculture should be based on the concepts and guidance of International Accounting Standards (IAS) to improve the transparency and comparability of accounting information, thereby raising highly competitive of the economy.

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