Our ‘IFRS Viewpoint’ series provides insights from our global IFRS team on applying IFRS Accounting Standards in challenging situations. Each edition will focus on an area where the Standards have proved difficult to apply or lack guidance. This
edition provides guidance on some of the basic issues encountered in accounting for cryptocurrencies, focusing on the accounting for the holder.
As Vietnam accelerates its roadmap towards the adoption of International Financial Reporting Standards (IFRS), the issuance of Circular 99/2025/TT-BTC represents a significant milestone in the reform of the Vietnamese accounting framework. Replacing Circular 200 after more than a decade of application, Circular 99 clearly reflects an IFRS-oriented approach, shifting from a rule-based accounting system to a principles-based framework that emphasizes the economic substance of transactions and professional judgment.
Compared to Circular 200, Circular 99 introduces fundamental changes, including a broader application of fair value measurement, an improved financial statement structure aligned with IAS 1, revenue recognition principles that move closer to IFRS 15, and the introduction of new accounting guidance on financial instruments, biological assets and deferred income tax. In addition, Circular 99 grants enterprises greater autonomy in designing their accounting systems. These developments significantly narrow the gap between Vietnamese Accounting Standards (VAS) and IFRS.
This publication by Grant Thornton Vietnam provides an in-depth analysis of Circular 99 from an IFRS comparative perspective, assessing the level of alignment across key standards and highlighting the remaining gaps that may impact IFRS conversion. The insights presented aim to support CFOs, finance leaders and accounting professionals in understanding the implications of Circular 99 and in developing a clear, cost-effective and well-managed roadmap for IFRS transition.
Circular 99 and the level of similarity to IFRS
Circular 99 and the level of similarity to IFRS
