Key Differences: IFRS vs. VAS (Unit: VND billion)\/figcaption>\/figure>\nThe IFRS 2024 report shows higher EPS, stronger equity, and lower leverage, reflecting improved value creation and risk management capabilities under international standards.\/p>\n
During its IFRS transition, GELEX applied fair value measurement standards with the support of CBRE and leading valuation firms in Vietnam. Fair value assessment of goodwill, investment properties, long-term investments, and impaired assets was conducted in line with global standards, while combining international expertise with deep local market knowledge.\/p>\n
Today, IFRS is applied in over 140 countries and territories as the global financial language, helping standardize reporting, reduce information risks, and enhance access to international capital. IFRS provides a more faithful representation of the economic substance of transactions, supported by core standards such as: IFRS 15 (Revenue), IFRS 16 (Leases), IFRS 9 (Financial Instruments), and IFRS 13 (Fair Value Measurement).\/p>\n
These standards significantly improve the quality of financial information, supporting more accurate forecasting and strategic decision-making.\/p>\n
In Vietnam, the Ministry of Finance approved the IFRS Adoption Roadmap under Decision 345\/Q\u0110-BTC, with a voluntary phase from 2022-2025 and mandatory implementation thereafter. Only a few pioneering companies, typically large groups with strategies for scale expansion, international fundraising, or overseas IPO plans, have proactively made the transition.\/p>\n
Mr. Bui Dang Khoa, Chief Financial Officer of GELEX Group, emphasized: \u201cWe view the principle of \u2018substance over form\u2019 as the guiding philosophy in our IFRS conversion. Financial statements must reflect the true economic nature of transactions, not just their legal form. This enhances corporate valuation in the eyes of investors, strengthens competitiveness in M&A, and facilitates international fundraising as our data is now standardized under global norms. At the same time, it opens opportunities to attract strategic investors from Europe, the US, Japan, and Korea, markets where IFRS is a mandatory standard.\u201d\/em>\/p>\n
While the transition comes with challenges, GELEX\u2019s adoption of IFRS financial reporting demonstrates a proactive commitment to transparency and professional governance, in line with global best practices. This also reflects the company\u2019s alignment with the Government\u2019s agenda to upgrade Vietnam\u2019s capital markets, deepen international integration, and elevate national standing.\/p>\n
PR DEPARTMENT\/strong>\/p>\n","protected":false},"excerpt":{"rendered":"
GELEX Group has officially released its consolidated financial statements for 2024 in accordance with International Financial Reporting Standards (IFRS), audited by Deloitte Vietnam. Compared to the 2024 financial statements prepared under Vietnamese Accounting Standards (VAS) and disclosed on February 28, 2025, the IFRS version reflects stronger profitability and balance sheet health, aligning with international practices […]\/p>\n","protected":false},"author":22,"featured_media":12501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[],"class_list":["post-12503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","category-news-events"],"yoast_head":"
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