Currently, there is a worldwide trend for a move towards converging local accounting standards with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). This research presents the results in two aspects: Firstly, summarizing of the process of Vietnam's financial statement system reform, second analysis differences between Vietnam's financial statement system and International accounting standards. Based on the state of research, the author proposed recommendations for improving financial statement system in Vietnam toward implementation of IFRS.