Cambodia
- 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
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, link to Cambodia government website) adopted in 2002. In 2002, also, the Kampuchea Institute of Certified Public Accountants and Auditors was created.
The Accounting Law mandates the use of an "accounting system based on international accounting standards".
IFRSs
In 2009, the Ministry of Economy and Finance of the Royal Government of Cambodia "fully 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". Prakas No.101 (2011) on the implementation of financial reporting standards implements Prakas No. 068 and mandates that all companies in Cambodia that are publicly issuing equity securities must follow IFRS. A stock exchange (link to CSX website) has been in existence in Cambodia since 2011.
IFRS for SMEs
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.