Converting financial statements from VAS to IFRS is suitable for the world’s financial culture and financial language. Currently, the Ministry of Finance has issued Decision 345/2020/QĐ-BTC on projects applying IFRS shortly. Accordingly, listed companies will apply the original IFRS, and small and medium enterprises will apply VFRS, which is considered an appropriate solution in the next 5-10 years, before converting from VAS to IFRS. The Ministry of Finance also issued guidance that from 2022 to 2025, enterprises can voluntarily apply IFRS, and after 2025, it will require mandatory application of IFRS to listed companies. Many FDI companies in Vietnam want to convert their financial statements from VAS to IFRS to match the format like the financial statements of foreign parent companies that have successfully applied IFRS. Therefore, the conversion of financial statements from VAS to IFRS is posed as an urgent need in the current period. The following article will highlight some basic points about handling transactions related to asset value decline, and at the same time deal with some arising situations to solve the problems faced by businesses in the conversion process financial statements from VAS to IFRS.