The history of accounting standard setting in an emerging transition economy: The case of Vietnam

Phan, Duc Hong Thi; Joshi, Mahesh; Tran‐Nam, Binh

doi:10.1177/1032373217745672

Cited by 12 publications

(25 citation statements)

References 67 publications

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“…A similar motif of direct or strong state intervention is repeated elsewhere in the region – India (Verma, 2010; Verma and Gray, 2006), Cambodia (Yapa et al , 2016; Cadungog-Uy, 2018; Yapa et al , 2018) and Vietnam (Phan et al , 2018; Nguyen and Gong, 2014; Nguyen, 2018). In India, for example, the newly independent state did seek to assert the interests of indigenous accountants with respect to practice rights.…”

Section: Years Since – the Direct Impact Of The Special Issuementioning

confidence: 80%

“…Additionally, the paper is cited in more general discussions of accounting history research (see Carnegie and Napier, 2012; Walker, 2008). But of greater relevance here is that the paper was cited in subsequent studies of professionalization in the following Asian countries: Malaysia (Ali et al , 2011), Indonesia (Lindawati and Smark, 2015), India (Verma and Gray, 2006; Verma, 2015), Sri Lanka (Yapa, 2000; Poullaos and Uche, 2012), Bangladesh (Mir and Rahaman, 2005), China (Yapa and Hao, 2007; Zhao and Lord, 2016; Bewley et al , 2018), Vietnam (Phan et al , 2018) and Cambodia (Yapa et al , 2016). In contrast, the majority of papers that cited Hao (1999) tended to be reflected in subsequent research that has continued to explore professionalization processes in China (see, e.g.…”

Section: Years Since – the Direct Impact Of The Special Issuementioning

confidence: 99%

“…Sovereign states strongly directed accounting professionalization in a number of Asian countries such as China (Yee, 2009, 2012), India (Verma, 2010; Verma and Gray, 2006, 2009), Bangladesh (Mir and Rahaman, 2005; Spence et al , 2016; Yapa and Azam, 2018), Cambodia (Yapa et al , 2016; Yapa et al , 2018; Cadungog-Uy, 2018) and Vietnam (Phan et al , 2018; Nguyen and Gong, 2014; Nguyen, 2018). This is dissimilar from the situation in liberal democracies such as the USA or the UK or even states such as Sweden and Germany which are characterized by the strong involvement of government in many aspects of business life (see Puxty et al , 1987).…”

Section: Years Since – the Direct Impact Of The Special Issuementioning

confidence: 99%

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Professionalization in Asia – whence and whither

Chua

Dyball

Yee

2019

AAAJ

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Purpose The purpose of this paper is twofold: first, to assess the impact of the 1999 Special Issue on Professionalization in Asia in the Accounting, Auditing and Accountability Journal (AAAJ); and second, more generally to review research on this topic post-1999. Design/methodology/approach The paper starts with a discussion of the research articles of the Special Issue. It then identifies research that has cited papers in the Special Issue and which focusses on professionalization in Asia to identify relevant subsequent research. In addition, a literature search is conducted to locate post-1999 work that has not cited papers from the Special Issue but has investigated the same topic area. Analyzing both sets of work enables an integrated review of the field and aids the identification of future research opportunities. The study covers published research articles and books on professionalization projects in Asia from 1999 to 2018. In this paper, reference to Asia focusses on East Asia (including countries such as China and Japan), South Asia (including countries such as Bangladesh, India and Sri Lanka), and South East Asia (including countries such as Brunei, Cambodia, Indonesia, Malaysia, the Philippines and Vietnam). Given the elapsed time of near 20 years, there has been sufficient time for research to be published. Therefore, the review focusses on published output only and does not discuss unpublished theses, conference proceedings nor working papers. Findings First, the Special Issue of AAAJ in 1999 generally adopted a critical lens and studied professionalization as projects of market closure and collective mobility. The corporatist framework of Puxty et al. (1987) provided a useful framing to analyze the influence of states, markets and communities on professionalization. Second, the Special Issue has helped to spur interest in understanding professionalization in the region. Post-1999, there are studies of countries not covered in the Special Issue. Third, the themes identified in the Special Issue continue to be relevant and are examined in post-1999 work: the active role of the state, the legacies of colonization, the activities of transnational accounting bodies; and to a lesser degree, the influence of transnational accounting firms. Finally, future research could usefully focus on: the distinctive and more expansive role of Asian state agencies; the conduct of deeper comparative research; the role of accounting firms in the region; and the impact of transnational agencies such as the International Federation of Accountants and the World Bank. Research limitations/implications There are three limitations. First, the review of literature omits unpublished research such as PhD theses and working papers. Second, it focusses only on research published in English. As a result, some work may be excluded. Third, it assesses the contribution of a single issue (i.e. the 1999 AAAJ Special Issue) and does not discuss work that preceded 1999. Originality/value This paper is aimed at assessing the impact of the 1999 Special Issue but also presents a wide-ranging analytical review of published research on accounting professionalization in Asia since 1999. The paper identifies several areas for future research and proposes a modified model of state-market-community-profession relations. In particular, the paper emphasizes the large and distinctive roles of Asian state agencies and the activities of transnational actors (both those within the profession as well as those that are external).

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Section: Years Since – the Direct Impact Of The Special Issuementioning

confidence: 80%

Section: Years Since – the Direct Impact Of The Special Issuementioning

confidence: 99%

Section: Years Since – the Direct Impact Of The Special Issuementioning

confidence: 99%

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Professionalization in Asia – whence and whither

Chua

Dyball

Yee

2019

AAAJ

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“…When accounting practices have had to be brought up-to-date and in line with well-developed accounting systems, IFRS has been the international benchmark for emerging economies (Albu and Albu, 2012;Phan et al, 2018a). However, the outcomes of the IFRS implementation process in emerging economies depend mostly on the policies of the local regulators, for example, motivations such as to protect state-based capital at the expense of public-interest concerns (Nguyen and Kend, 2017) can erode the effectiveness of IFRS implementation (Phan et al, 2018b), and some regulators are not always focusing on the enforcement of accounting and auditing standards (Nguyen and Kend, 2019;Phan and Mascitelli, 2014). Thus, in the absence of effective enforcement, a culture of noncompliance and account manipulation can survive in an emerging economy.…”

Section: Likelihood Of Widespread Accounting Manipulationmentioning

confidence: 99%

The likelihood of widespread accounting manipulation within an emerging economy

Nguyen

O’Connell

Kend

et al. 2021

JAEE

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PurposeThe study explores accountants' views of the likelihood of widespread accounting manipulation in the emerging economy, Vietnam. Applying the fraud triangle framework, we examine accountants' responses to management pressure, manipulation opportunities and perceptions of how they rationalize their decisions.Design/methodology/approachThe study uses an experimental methodology involving 592 Vietnamese accountants as participants. Post-experiment field interviews were conducted with eight highly experienced accountants.FindingsOur findings indicate that accounting manipulation is perceived to be common in Vietnam. The findings reveal that there is no differentiation between manipulation of accounting transactions with or without management pressure and no differentiation between collective gain or individual gain.Research limitations/implicationsWhile the study focused on accountants' perceptions of accounting manipulation, these views may change over time. The impact of law reforms and the potential for prosecution under the force of law provisions could alter these perceptions.Practical implicationsThe study findings alert regulators, government authorities and auditors of the perceptions and views in relation to accounting manipulation and the potential for fraud in Vietnam. Auditors could use help from forensic specialists to uncover unethical behaviors identified in this study.Originality/valueThe fraud triangle framework is used to shed light on fraud through the examination of accounting manipulation in Vietnam. We contribute to the relevant accounting literature with insights into accountants' motivations toward conducting questionable accounting transactions. The contributions we make draw attention to preconceptions of Asian societies; in particular, accounting actions to motivate collectivist gains. While we shed further light on fraudulent accounting, we conclude that the fraud triangle framework does not necessarily articulate fraud well in relation to accounting manipulation in emerging economies.

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“…Phan et al (2018) use the approach of Carnegie and Napier (2002) as the basis of their analysis of the evolution of financial accounting in Vietnam. They indicate the distinct phases that are discernible in that evolution and then attempt to explain the institutional pressures and how these have been translated into accounting change.…”

mentioning

confidence: 99%