{"id":999980308,"date":"2026-03-16T12:58:34","date_gmt":"2026-03-16T05:58:34","guid":{"rendered":"https:\/\/bizzi.vn\/?p=999980308"},"modified":"2026-06-03T23:31:14","modified_gmt":"2026-06-03T16:31:14","slug":"convert-vas-to-ifrs","status":"publish","type":"post","link":"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/","title":{"rendered":"5-Step Roadmap for Converting VAS to IFRS: Account Mapping Process &amp; R2R Automation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Decision 345\/QD-BTC is creating pressure for FDI enterprises and listed companies to transition their reporting systems from VAS to IFRS. However, the biggest challenge for CFOs is not just the difference between &quot;form&quot; and &quot;substance,&quot; but rather the processing of millions of fragmented data lines to perform VAS-IFRS account mapping and retroactive application under IFRS 1.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This article by Bizzi, developed by the Bizzi &amp; Finevo expert team, provides a 5-step technical roadmap for converting VAS to IFRS, an in-depth analysis of key standards, and an automated Record-to-Report (R2R) solution using RPA &amp; EPM to optimize capital costs and control compliance risks.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Index<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Tai_sao_CFO_can_kich_hoat_lo_trinh_chuyen_doi_IFRS_theo_Quyet_dinh_345_trong_nam_tai_chinh_nay\" >Why do CFOs need to activate the IFRS transition roadmap under Decision 345 this fiscal year?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Phan_tich_ky_thuat_Su_xung_dot_giua_Tu_duy_%E2%80%9CHinh_thuc%E2%80%9D_VAS_va_%E2%80%9CBan_chat%E2%80%9D_IFRS\" >Technical Analysis: The Conflict Between Formal Thinking (VAS) and Substantive Thinking (IFRS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Quy_trinh_ky_thuat_5_buoc_chuyen_doi_bao_cao_tai_chinh_chuan_IFRS_First-time_Adoption\" >The 5-step technical process for converting financial statements to IFRS standards (First-time Adoption).<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Buoc_1_Gap_Analysis\" >Step 1: Gap Analysis<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Buoc_2_Mapping_tai_khoan_VAS_IFRS\" >Step 2: Mapping VAS IFRS account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Buoc_3_Thu_thap_du_lieu_phi_tai_chinh\" >Step 3: Collect non-financial data<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Buoc_4_Conversion_Adjustments\" >Step 4: Conversion &amp; Adjustments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Buoc_5_Reporting_theo_IFRS_1\" >Step 5: Reporting according to IFRS 1<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Chien_luoc_tu_dong_hoa_%E2%80%9CDu_lieu_phi_tai_chinh%E2%80%9D_va_Hop_nhat_bao_cao_voi_Bizzi_RPA_EPM\" >Automated strategy for \u201cNon-financial data\u201d and report consolidation with Bizzi RPA &amp; EPM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Quan_tri_rui_ro_tai_chinh_Tac_dong_cua_IFRS_den_EBITDA_Covenants_va_Thue_hoan_lai\" >Financial Risk Management: The Impact of IFRS on EBITDA, Covenants, and Deferred Taxes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Case_Study_EPM_Bai_hoc_tu_Panasonic_Hop_nhat_bao_cao_tai_chinh_cho_500_don_vi_voi_EPM\" >[EPM Case Study] Lessons from Panasonic: Consolidating Financial Reporting for 500+ Units with EPM<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#1_Boi_canh_Du_lieu_phan_manh_hop_nhat_thu_cong_rui_ro_kiem_soat\" >1. Background: Fragmented data, manual merging, control risks.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#2_Giai_phap_EPM_lam_lop_hop_nhat_va_mo_hinh_hoa_dieu_chinh\" >2. Solution: EPM acts as a consolidation layer and adaptive modeling tool.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#3_Tac_dong_dinh_luong_Toc_do_kiem_soat_va_kha_nang_mo_rong\" >3. Quantitative impact: Speed, control, and scalability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#4_Bai_hoc_cho_doanh_nghiep_Viet_Nam\" >4. Lessons for Vietnamese businesses<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Giai_dap_thac_mac_chuyen_sau_ve_van_hanh_he_thong_IFRS_VAS_song_song_Expert_FAQ\" >Expert FAQ on frequently asked questions about operating IFRS &amp; VAS systems in parallel.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Doanh_nghiep_co_can_thay_the_phan_mem_ke_toan_hien_tai_de_chay_IFRS_khong\" >Does a business need to replace its current accounting software to run IFRS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Chi_phi_chuyen_doi_lon_nhat_nam_o_dau\" >Where do the biggest switching costs lie?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Lam_the_nao_de_chay_song_song_VAS_va_IFRS_hieu_qua\" >How to effectively run VAS and IFRS in parallel?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Chenh_lech_ty_gia_trong_IFRS_xu_ly_khac_VAS_nhu_the_nao\" >How are exchange rate differences treated differently in IFRS compared to VAS?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/bizzi.vn\/en\/convert-vas-to-ifrs\/#Ket_luan_Chuyen_doi_VAS_sang_IFRS_khong_phai_du_an_ke_toan_ma_la_du_an_du_lieu\" >Conclusion: Converting VAS to IFRS is not an accounting project, but a data project.<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Tai_sao_CFO_can_kich_hoat_lo_trinh_chuyen_doi_IFRS_theo_Quyet_dinh_345_trong_nam_tai_chinh_nay\"><\/span><b>Why do CFOs need to activate the IFRS transition roadmap under Decision 345 this fiscal year?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before discussing the technical aspects, CFOs need to consider the issue from a capital strategy perspective. Converting VAS to IFRS is no longer an experimental option but a necessary preparatory step for the period after 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Activating the IFRS transition roadmap early is a prerequisite for preparing data for IFRS 1 \u2013 First-time Adoption, especially requiring the provision of comparative information at least one year before the implementation date. Besides complying with Decision 345\/QD-BTC, converting financial statements to IFRS helps to increase transparency in financial capacity, improve credit rating, and reduce the cost of capital when raising international capital.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The voluntary phase, until 2025, applies to parent companies of state-owned corporations, listed companies, and FDI enterprises that require it. After that, the mandatory phase will be extended. This means businesses will only have 1\u20132 years to prepare historical data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If there are delays, the biggest risk lies not in the consulting fees but in the \u201cprofit shock\u201d caused by Retrospective Application. Retrospective adjusting entries can significantly alter after-tax profits and equity if historical data is incomplete.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bizzi &amp; Finevo approaches the conversion of VAS to IFRS as a capital strategy. IFRS helps businesses access low-interest capital, enhances their ability to conduct international IPOs, and improves valuations. This is not just about compliance, but a strategic financial tool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the biggest obstacle is not the budget, but the conflict of accounting philosophies between the two systems.<\/span><\/p>\n<figure id=\"attachment_999980310\" aria-describedby=\"caption-attachment-999980310\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-999980310 size-full\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-2.webp\" alt=\"convert-vass-to-ifrs\" width=\"1200\" height=\"644\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-2.webp 1200w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-2-300x161.webp 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-2-1024x550.webp 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-2-768x412.webp 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-2-18x10.webp 18w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-999980310\" class=\"wp-caption-text\">Converting VAS to IFRS is no longer an experimental option but a mandatory preparatory step for the period after 2025.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Phan_tich_ky_thuat_Su_xung_dot_giua_Tu_duy_%E2%80%9CHinh_thuc%E2%80%9D_VAS_va_%E2%80%9CBan_chat%E2%80%9D_IFRS\"><\/span><b>Technical Analysis: The Conflict Between Formal Thinking (VAS) and Substantive Thinking (IFRS)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before performing VAS-IFRS account mapping, CFOs need to understand the nature of the conflict between the two standards. VAS is based on Legal Form and Historical Cost, while IFRS prioritizes Substance over Form and Fair Value. This difference leads to material discrepancies in revenue recognition, leases, and financial losses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A typical example is Sale and Leaseback. According to VAS, revenue can be recognized if legal conditions are met. According to IFRS 16, if control has not actually transferred, the transaction may be considered a secured loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regarding asset measurement, VAS tends to focus on cost. IFRS allows for a Revaluation Model, especially with IAS 16 and IAS 40. This directly affects equity and financial ratios.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Table of key benchmark comparisons<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Topic<\/b><\/td>\n<td><b>VAS<\/b><\/td>\n<td><b>IFRS<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Revenue<\/span><\/td>\n<td><span style=\"font-weight: 400;\">VAS 14 \u2013 Transfer of Risks and Benefits<\/span><\/td>\n<td><span style=\"font-weight: 400;\">IFRS 15 \u2013 The 5-Step Model, Transfer of Control<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Property leasing<\/span><\/td>\n<td><span style=\"font-weight: 400;\">VAS 06 \u2013 Distinguishing between finance lease and operating lease<\/span><\/td>\n<td><span style=\"font-weight: 400;\">IFRS 16 \u2013 Right-of-Use Asset Recognition &amp; Lease Liability<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fixed assets<\/span><\/td>\n<td><span style=\"font-weight: 400;\">VAS 03 \u2013 Full Depreciation<\/span><\/td>\n<td><span style=\"font-weight: 400;\">IAS 16 \u2013 Component Accounting<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Financial instruments<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No specific regulations have been established yet.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">IFRS 9 \u2013 ECL (Expected Credit Loss)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Handling these discrepancies in Excel is nearly impossible for a multi-company business. This is why converting financial statements to IFRS requires an EPM system to manage Adjustment Entries in a controlled manner.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Quy_trinh_ky_thuat_5_buoc_chuyen_doi_bao_cao_tai_chinh_chuan_IFRS_First-time_Adoption\"><\/span><strong>The 5-step technical process for converting financial statements to IFRS standards (First-time Adoption).<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Once the standard gap is understood, the next step is to build a standardization process. The process of converting VAS to IFRS consists of 5 steps: Gap Analysis, Account Mapping, Non-Financial Data Collection, Adjustment Implementation, and IFRS Reporting according to IFRS 1.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Buoc_1_Gap_Analysis\"><\/span><b>Step 1: Gap Analysis<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Businesses assess Policy Gap and Data Gap on the transition date. This step identifies standards that have a significant impact, such as IFRS 15. <a href=\"https:\/\/bizzi.vn\/ifrs-16-la-gi-ifrs-16-anh-huong-den-doanh-nghiep-ra-sao\/\">IFRS 16<\/a> and IFRS 9.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Buoc_2_Mapping_tai_khoan_VAS_IFRS\"><\/span><b>Step 2: Mapping VAS IFRS account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is the most significant bottleneck. VAS IFRS account mapping can follow a 1-1, 1-n, or n-1 model. For example, account 242 (Prepaid Expenses) can be mapped to Right-of-Use Assets or Prepayments depending on the nature of the contract.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Manual mapping is prone to errors and lacks an audit trail. The EPM solution allows for the establishment of fixed mapping rules and the storage of adjustment history for audit purposes.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Buoc_3_Thu_thap_du_lieu_phi_tai_chinh\"><\/span><b>Step 3: Collect non-financial data<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Converting VAS to IFRS requires data that does not exist in the ledger: implicit interest rates, contract renewal probabilities, estimated liquidation values. This is why many projects fail even after completing account mapping.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Buoc_4_Conversion_Adjustments\"><\/span><b>Step 4: Conversion &amp; Adjustments<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Businesses can apply a Dual-Ledger or Sub-Ledger mechanism to run VAS and IFRS in parallel. Reversal entries are made periodically.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Buoc_5_Reporting_theo_IFRS_1\"><\/span><b>Step 5: Reporting according to IFRS 1<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This includes preparing the Statement of Financial Position, Comprehensive Income, and detailed notes. This is the final step in the process of converting financial statements to IFRS.<\/span><\/p>\n<figure id=\"attachment_999980309\" aria-describedby=\"caption-attachment-999980309\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-999980309 size-full\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-1.webp\" alt=\"convert-vass-to-ifrs\" width=\"1200\" height=\"750\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-1.webp 1200w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-1-300x188.webp 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-1-1024x640.webp 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-1-768x480.webp 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-1-18x12.webp 18w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-999980309\" class=\"wp-caption-text\">IFRS is currently adopted by over 140 countries, reflecting economic rather than legal aspects.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Chien_luoc_tu_dong_hoa_%E2%80%9CDu_lieu_phi_tai_chinh%E2%80%9D_va_Hop_nhat_bao_cao_voi_Bizzi_RPA_EPM\"><\/span><b>Automated strategy for \u201cNon-financial data\u201d and report consolidation with Bizzi RPA &amp; EPM<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The biggest challenge is not the accounting but processing contract data on a large scale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Automating non-financial data uses RPA to extract contract information and EPM to model IFRS entries. This helps shorten closing times and reduce errors in discounted cash flow calculations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bizzi Bot automatically reads invoices and contracts using OCR, extracting data such as lease terms, payment terms, and interest rates. EPM acts as a consolidator and modeler for IFRS 16, automatically allocating RoU depreciation and interest, and excluding insider transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead of replacing the existing ERP system, the overlay solution allows for the preservation of the existing system while adding an IFRS layer. This enables a rapid transition from VAS to IFRS within 3\u20134 months at a reasonable cost.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Quan_tri_rui_ro_tai_chinh_Tac_dong_cua_IFRS_den_EBITDA_Covenants_va_Thue_hoan_lai\"><\/span><strong>Financial Risk Management: The Impact of IFRS on EBITDA, Covenants, and Deferred Taxes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Converting VAS to IFRS affects not only financial reporting but also financial ratios. IFRS 16 increases EBITDA because lease expenses are converted into depreciation and interest. However, the increased lease availability leads to a higher D\/E Ratio, potentially violating bank covenants.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Deferred tax arises from the difference between the IFRS book value and the tax base.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Basic formula: Deferred Tax = (Carrying Amount \u2013 Tax Base) \u00d7 Tax Rate<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The EPM system can pre-simulate the impact of IFRS on EBITDA and D\/E Ratio, enabling CFOs to proactively work with banks before releasing financial statements.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Case_Study_EPM_Bai_hoc_tu_Panasonic_Hop_nhat_bao_cao_tai_chinh_cho_500_don_vi_voi_EPM\"><\/span><strong>[<a href=\"https:\/\/bizzi.vn\/case-study-epm\/\">Case Study EPM<\/a>Lessons from Panasonic: Consolidating financial reports for over 500 units with EPM.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To understand the value of automation in <\/span><b>VAS to IFRS conversion<\/b><span style=\"font-weight: 400;\">We need to look at the practical problem of a multinational corporation operating hundreds of subsidiaries with a fragmented ERP system. The case of... <\/span><b>Panasonic<\/b><span style=\"font-weight: 400;\"> This shows that the challenge lies not in accounting standards, but in data architecture and the speed of consolidation.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Boi_canh_Du_lieu_phan_manh_hop_nhat_thu_cong_rui_ro_kiem_soat\"><\/span><b>1. Background: Fragmented data, manual merging, control risks.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Panasonic had to consolidate data from over 500 member units globally, each using a different accounting structure and ERP system. The data aggregation relied heavily on Excel, causing the consolidation process to take nearly a week, heavily dependent on manual operations, and prone to errors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the context of preparing for the transition of financial reporting to IFRS in many markets, this model is no longer suitable. When the standards require asset revaluation, multi-currency handling, and the elimination of insider transactions in real time, the lack of a \u201cSingle Source of Truth\u201d will make mapping VAS accounts to IFRS (or between different GAAPs) complicated and difficult to audit.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Giai_phap_EPM_lam_lop_hop_nhat_va_mo_hinh_hoa_dieu_chinh\"><\/span><b>2. Solution: EPM acts as a consolidation layer and adaptive modeling tool.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Panasonic implemented EPM as a centralized, unified platform. This system automatically aggregates data from various ERP systems, standardizes Chart of Accounts, and performs currency conversions according to Functional Currency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The key point is that EPM not only consolidates data but also models adjusting entries. In the scenario of converting VAS to IFRS, this is equivalent to establishing an \u201cIFRS Adjustment Layer\u201d \u2013 where IFRS 15, IFRS 16, or IFRS 9 entries are recorded separately without disrupting the original accounting records.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Tac_dong_dinh_luong_Toc_do_kiem_soat_va_kha_nang_mo_rong\"><\/span><b>3. Quantitative impact: Speed, control, and scalability<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Following implementation, forecasting time decreased from 7 days to 5.5 days, and the number of reporting forms decreased by 75%. However, the biggest impact lies in the ability to respond quickly to organizational structural changes without relying on IT.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this mindset is applied to the conversion of financial statements to IFRS, the CFO can:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Running VAS and IFRS in parallel within a single system.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automatic exclusion of intercompany transactions (Intercompany Elimination)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Track adjustment differences by individual member unit.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This is especially important when mapping VAS accounts to IFRS at the corporate level, where a VAS account may need to be broken down into several different IFRS components.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Bai_hoc_cho_doanh_nghiep_Viet_Nam\"><\/span><b>4. Lessons for Vietnamese businesses<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The Panasonic case illustrates that the problem isn&#039;t &quot;complex standards,&quot; but rather the lack of a centralized data platform. If businesses continue to manage the conversion of VAS to IFRS using Excel, the risk of errors and a lack of audit trail is very high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The overlay solution \u2013 using EPM as an intermediary layer instead of replacing ERP \u2013 helps Vietnamese businesses shorten implementation time to 3\u20134 months. When Finevo&#039;s consulting services are combined with the Bizzi &amp; EPM platform, the process of mapping VAS and IFRS accounts can be standardized and a history of adjustments can be stored, serving audit and IPO purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Panasonic case illustrates a crucial principle: converting VAS to IFRS is essentially a problem of integrated data architecture and management. Mapping VAS accounts to IFRS is only successful when supported by a system capable of storing, tracing, and modeling adjustments according to international standards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With an approach combining strategic consulting from Finevo and the Bizzi &amp; EPM technology platform, businesses can build a process for converting financial statements to IFRS not only for compliance but also to improve capital management capabilities and reduce fundraising costs in international markets.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Giai_dap_thac_mac_chuyen_sau_ve_van_hanh_he_thong_IFRS_VAS_song_song_Expert_FAQ\"><\/span><b>Expert FAQ on frequently asked questions about operating IFRS &amp; VAS systems in parallel.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Operating in parallel with IFRS and VAS requires establishing an accounting system capable of double-entry recording or automatic data conversion. Experts recommend focusing on building a unified chart of accounts, clearly identifying significant differences (such as revenue recognition, lease income, and asset impairment), and implementing ERP software that supports multi-ledgers to automate year-end adjusting entries.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Below is an in-depth answer to frequently asked questions (Expert FAQ) regarding the parallel operation of IFRS and VAS:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Doanh_nghiep_co_can_thay_the_phan_mem_ke_toan_hien_tai_de_chay_IFRS_khong\"><\/span><strong>Does a business need to replace its current accounting software to run IFRS?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It&#039;s not necessary to replace the entire ERP system to convert VAS to IFRS. Businesses can use an EPM solution as an overlay, mapping VAS accounts to IFRS and recording IFRS adjusting entries in a subsidiary ledger. This approach saves investment costs and avoids disruption to existing operating systems.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Chi_phi_chuyen_doi_lon_nhat_nam_o_dau\"><\/span><strong>Where do the biggest switching costs lie?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The biggest cost is often not in the software itself, but in the data cleaning process and personnel training. If historical data is inconsistent, businesses will lose significant resources standardizing it before converting financial reports to IFRS. RPA and EPM automation significantly reduce long-term operating costs and limit reliance on manual processing.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Lam_the_nao_de_chay_song_song_VAS_va_IFRS_hieu_qua\"><\/span><strong>How to effectively run VAS and IFRS in parallel?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The most effective model is the \u201cSingle Source of Truth\u201d model \u2013 data is entered once, but the system automatically records it in two sets of ledgers based on configured mapping rules. When converting VAS to IFRS, adjustments are stored in a separate IFRS layer, ensuring transparency and traceability. This allows CFOs to control discrepancies without maintaining two separate accounting systems.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Chenh_lech_ty_gia_trong_IFRS_xu_ly_khac_VAS_nhu_the_nao\"><\/span><strong>How are exchange rate differences treated differently in IFRS compared to VAS?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">IFRS requires the functional currency to be determined based on the primary economic environment, rather than defaulting to the book currency as in VAS. This can lead to significant exchange rate discrepancies when consolidating multi-country reports. The EPM system supports automatic multi-currency conversion and allocation of differences according to IFRS standards, reducing the risk of discrepancies when converting financial statements to IFRS.<\/span><\/p>\n<figure id=\"attachment_999980312\" aria-describedby=\"caption-attachment-999980312\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-999980312 size-full\" src=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs.webp\" alt=\"convert-vass-to-ifrs\" width=\"1200\" height=\"571\" title=\"\" srcset=\"https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs.webp 1200w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-300x143.webp 300w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-1024x487.webp 1024w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-768x365.webp 768w, https:\/\/bizzi.vn\/wp-content\/uploads\/2026\/03\/chuyen-doi-vas-sang-ifrs-18x9.webp 18w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-999980312\" class=\"wp-caption-text\">Operating IFRS and VAS in parallel requires establishing an accounting system capable of double-recording or automatic data conversion.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Ket_luan_Chuyen_doi_VAS_sang_IFRS_khong_phai_du_an_ke_toan_ma_la_du_an_du_lieu\"><\/span><b>Conclusion: Converting VAS to IFRS is not an accounting project, but a data project.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Converting VAS to IFRS is a technical, strategic, and technological challenge. Mapping VAS accounts to IFRS is just the first step. Success depends on the ability to standardize non-financial data and automate R2R (Return on Demand).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses that adopt IFRS manually face high personnel costs and the risk of audit errors. Conversely, combining strategic consulting from Finevo with the Bizzi &amp; EPM technology platform helps build a sustainable, transparent, and cost-effective system for converting financial reports to IFRS.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">IFRS is not just a standard. It is the foundation for elevating the financial capabilities of Vietnamese businesses in the international market.<\/span><\/p>\n<p><em><strong>For more detailed advice and to experience Bizzi&#039;s solution suite, book an appointment here: <a href=\"https:\/\/bizzi.vn\/dat-lich-demo\/\">https:\/\/bizzi.vn\/dat-lich-demo\/<\/a><\/strong><\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Quy\u1ebft \u0111\u1ecbnh 345\/Q\u0110-BTC \u0111ang t\u1ea1o ra \u00e1p l\u1ef1c chuy\u1ec3n \u0111\u1ed5i h\u1ec7 th\u1ed1ng b\u00e1o c\u00e1o t\u1eeb VAS sang IFRS \u0111\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p FDI v\u00e0&#8230;<\/p>","protected":false},"author":56,"featured_media":999980311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[54],"tags":[],"class_list":["post-999980308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-so-tay-ke-toan"],"acf":[],"_links":{"self":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999980308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/comments?post=999980308"}],"version-history":[{"count":1,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999980308\/revisions"}],"predecessor-version":[{"id":999980313,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/posts\/999980308\/revisions\/999980313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media\/999980311"}],"wp:attachment":[{"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/media?parent=999980308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/categories?post=999980308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizzi.vn\/en\/wp-json\/wp\/v2\/tags?post=999980308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}