A Look at Accounting and Business Matters in Belgium, Brazil and Vietnam

Abstract

The activities of internal auditors, management accountants, and other business professionals are increasingly affected by the globalization of business. Internal auditors and management accountants have to understand accounting and business developments in places where their companies carry out operations. In the U.S., financial reporting is based on U.S. generally accepted accounting principles (GAAP), but in other countries, other accounting standards apply. This article examines developments in Belgium, Brazil and Vietnam, representing the continents of Europe, South America, and Asia. A summary of accounting and business matters is presented, along with a brief history of each country. This information will be meaningful to internal auditors, management accountants, and others involved in business in these areas.

Keywords: international accounting, IFRS, Vietnam, Belgium, Brazil

JEL Classification: F1, F3