• National Accounting Standard Setter: National Accounting Council of the Ministry of Economy and Finance
• National Professional Organisation Website: Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA)
• World Bank ROSC Accounting and Auditing Report
• Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)

Financial Reporting Framework in Cambodia

Requirements of Company Law and Accounting Law

The basic requirements for accounting, financial reporting, and auditing in Cambodia are set out in the Law on Commercial Enterprises (the Company Law) and the Law on Corporate Accounts, their Audit and the Accounting Profession (the Accounting Law) adopted in 2002. In 2002, also, the Kampuchea Institute of Certified Public Accountants and Auditors was created.

The Accounting Law mandates the use of Cambodian Accounting Standards for preparation of legal entity financial statements, with simplified requirements available to small and medium enterprises. Except for banks and similar financial institutions, there is no requirement for companies to file their annual financial statements with the government.

The Accounting Law mandates the National Accounting Council (NAC) to act as policy overseer in the field of accounting. The National Accounting Council was established as a division of the Ministry of Economy and Finance under the Accounting Law as the official standard-setting body. The 15 existing Cambodian standards are loosely based on IASs that existed in 2002 and have not been changed since. They cover the following topics:

• Presentation of Financial Statements an Audit of Financial Statements
• Inventories
• Cash Flow Statements
• Net profit or loss for the period, fundamental errors and changes in accounting policies
• Events after the balance sheet date
• Income Taxes
• Property, Plant and Equipment
• Revenue recognition
• Foreign Currency
• Related party disclosures
• Accounting for Investments
• Banks and Financial Institutions
• Provisions, Contingent Liabilities and Contingent Assets
• Intangible Assets

Accounting standards for banks and similar financial institutions are supplemented by regulations issued by The National Bank of Cambodia. A World Bank ROSC report for 2007 stated: "Although all banks and similar financial statements are claiming that they comply with IFRSs, in reality there exist differences between disclosed accounting policies and actual practices."

Adoption of Full IFRSs – January 2009

The Ministry of Economy and Finance of the Royal Government of Cambodia "fuly adopted all International Financial Reporting Standards(IFRSs), including International Accounting Standards(IASs), and all interpretations made by International Financial Reporting Interpretation Committee(IFRIC) and Standing Interpretation Committee(SIC) by the Prakas No. 068 MEF.PK dated on January 08, 2009 of the Minister of Economy and Finance". The National Accounting Council is now proceeding the translation of all IASs and IFRSs into Khmer language.

IFRS for SMEs in Cambodia – August 2009

At its meeting on 25 August 2009 the National Accounting Council of the Ministry of Economy and Finance of Cambodia made the IFRS for SMEs an option for all companies in Cambodia, except for 'public interest entities' (financial institutions, publicly traded entities, and large entities), which are required to use full IFRSs.