1/27/2024 0 Comments See finance nac![]() Royalty agreements, pricing agreements and warranty agreements.Purchase and sales records and contracts.Bank statements, including cheque records.Letter of credit, applications for letters of credit and bank drafts.Bookkeeping requirementsĪll books, records and documents must be kept for 10 years at the business premise in Cambodia, and be in the Khmer language and Cambodian Riel.Ĭompanies that carry out business with foreign countries or are subsidiaries of foreign companies can prepare the accounting records in another language (usually English) and use other currencies along with the records in Khmer and Riel.ĭocuments, books and records that are required to be kept include: Companies may seek permission from the Ministry of Economy and Finance to adopt an alternative accounting year.įor newly established companies, the fiscal year is calculated for the first year from the date of incorporation to 31 December of the year of its creation. The financial year-end in Cambodia begins on 1 January and ends on 31 December. The following table demonstrates how SMEs are classified.Įssential accounting compliance requirements for Cambodia companies When is the financial year-end for companies in Cambodia? What companies are qualified as small- and medium-sized enterprises? Non-PIEs are allowed to use the CIFRS for SMEs, or CIFRS if preferred. The IFRS for Small- and Medium-sized Entities (SMEs) was also adopted and referred to as the Cambodian International Financial Reporting Standards for SMEs (CIFRS for SMEs).Īll public interest entities (PIE), including listed companies, banks, microfinance institutions and insurance companies are required to apply the CIFRS. The National Accounting Council (NAC) of Cambodia has adopted the International Financial Reporting Standards (IFRS) without any amendments as the Cambodian International Financial Reporting Standards (CIFRS). Let’s dive into the accounting requirements. This is a fundamental introduction to accounting in Cambodia.Ĭompanies in Cambodia are required to follow the accounting standards and provide a true and fair view of the company’s financial performance and position.
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