The study of fair value accounting for investment property in Vietnamese enterprises

l estate market in particular. The core issue of using fair value accounting is to have adequate economic conditions. If the socioeconomic conditions are not adequate, the use of fair value may be misused or misleading financial information. On the other hand, it is always urgent to provide useful 63 accounting information to the users. Therefore, short term and long-term solutions are needed. In the short term, when Vietnamese accountants do not have enough socio-economic conditions to apply fair value right away to investment property, it is necessary to minimize the disadvantages of the historical cost model in current investment property accounting. The authors suggest that accounting should be taken to recognize the impairment of investment property in enterprises in the coming time and from then forward to use the fair value model for investment property in future. Secondly: Complete the legal system on property valuation Establishing the legal framework, regulations and procedures for property valuation is an important aspect of state management of property market. Developed countries have focused on building property valuation systems to operate and control property transactions and tax collection. From that point of view, it is necessary to step by step complete a functioning market system and continue to issue Vietnam's valuation standards. Currently Vietnam has 12 price evaluation standards. The system of price valuation standards in Vietnam has been developed in a relatively complete manner and is in line with international valuation standards, including ethical rules, value bases and price appraisal process, price appraisal method, valuation of some properties such as real estate, intangible assets. Current standards still can not meet the "fair value" determination in the investment property accounting. On the other hand, the application of these methods in accounting in general and in investment property accounting in particular is still not specified, so it should be promulgated in the future. Thirdly: Capacity building for accountants, users of financial reports and management agencies It can be said that fair value accounting is relatively complex and confusing for users, even in developed economies. At present, accounting staff in most enterprises have not had access to this concept. Determining fair value is usually accompanied by estimates, assumptions in the future. In order to minimize the risk of manipulation of data for personal purposes, the legal corridor, the capacity of the price appraisal team, the management agencies, the tax office, the auditing unit, the users of financial statements must be substantially improved in order to access and prevent potential frauds. In addition, the training and development of qualified human resources on IFRS should be emphasized. 6. Conclusions, limitations and research sequences 6.1 Conclusions Real estate business is one of the most important markets of the market economy, directly related to a tremendous amount of property in terms of scale, nature and value. In particular, the operation of investment property business has a lot of characteristics, which require a lot of capital and a long time investment, is regarded as risky business activities. This requires these enterprises in this area to be in control of their operations through the use of multiple management tools, and accounting is considered one of the most effective management tools to provide useful information for the control and decision making of 64 corporate executives. With the need to provide useful information, enterprises will be more and more aware of the important role of using fair value in accounting in general and in investment property in particular. Based on the results of the study, the article proposes some recommendations for state agencies and enterprises to move forward the route of using the fair value model for investment property in Vietnamese enterprises. 6.2 Limitations and research sequences The sample size of the study is just limited to enterprises in Hanoi, other studies may expand the sample size in enterprises in the whole country. The paper is implemented in the context of accounting standards system, the circulars of investment property accounting guidelines of Vietnam has been issued but many contents have not converged with the international general regulations. However, when Vietnam issues new and revised accounting standards in integration with IFRS, new research projects may be implemented such as: Study the factors that lead to the decision to apply the fair value model or the historical cost model to the investment property in businesses; Study on the usefulness of the information presented in the financial reports on the investment property after Vietnam issued the standard accounting system in the integration with IFRS. 7. References Mai Ngoc Anh, Luu Duc Tuyen, Nguyen Vu Viet (2014), Some topics on accounting theory, Finance Publishing House, 2014. The Ministry of Finance (2013), Vietnam Accounting Standards System, Finance Publishing House, Hanoi. The Ministry of Finance (2014), Circular 200/2014/ TT-BTC guiding the enterprise accounting regime, issued on December 22, 2014. 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