Auditing and accounting obligations for 2023
Subject: Accounting, Audit

On 27 December 2023, Accounting and Audit Regular issue Notification 038/23 to remind auditing and accounting obligations for the year 2023.

1. Submission of financial statements

a. Enterprises and entities that are not subject to independent audit shall submit financial statements to the ACAR. After the 20th of April 2024. Enterprises and entities authorized to close their accounts other than 31 December shall submit their financial statements to ACAR. Not to exceed 3 months plus 20 days from the closing date.

b. Enterprises and entities that are independently audited must submit the audited financial statements. Not later than July 20, 2024. Enterprises and entities authorized to close erroneous accounts on 31 December shall submit their financial statements to ACAR. Not to exceed 6 months plus 20 days from the closing date.

2. Enterprises and entities shall maintain proper accounting records.

3. Enterprises and entities shall prepare financial statements in accordance with the applicable accounting standards, not later than 3 months from the date of closing the accounting records. The Accounting Standards in force refer to the International Financial Reporting Standards of Cambodia or the International Financial Reporting Standards of Cambodia for Small and Medium Enterprises or Cambodian Financial Reporting Standards for Non-Profit Entities.

4. Enterprises or entities shall see completion the work of independent audit and publish the audit opinion on the annual financial statements not later than 6 months from the closing date of the accounting if the enterprise or unit is in accordance with the conditions and criteria as stated in Prakas No. 563. MEF dated July 20, 2020 on the obligation to submit financial statements to an independent audit.

5. Enterprises or entities must have a Financial Reporting Identification Number (FIN) in order to be able to submit its annual financial statements to ACAR by using an online system (e-filing system). Enterprises or entities that do not yet have a financial reporting identification number from ACAR Apply through the link https://efiling.acar.gov.kh/auth/logic to follow the online procedures and procedures.

6. Enterprises or entities shall submit a letter requesting a change of the FIN number to ACAR. Within 60 days before the due date, submit the financial statements in case the enterprises or entities has changed its classification as enterprises or entities subjected to audit or enterprises or entities not subjected to audit. Delays in requesting a change in the FIN number will lead to delays in submitting financial statements to ACAR which is the subject of the implementation of transitional penalties.

7. Enterprises or entities shall pay the public service fee for keeping the financial statements.

8. Enterprises or entities shall appoint a representative to fulfill its accounting and audit duties with ACAR. The representative can be an employee of the enterprises or the entities or an accounting firm or an audit firm which have valid license from ACAR. All representatives must have a valid power of attorney from the business owner or head of the unit. The owner of the enterprises and the head of the entities are fully responsible for the activities of their representatives.

9. The enterprise or entity must select any accounting and / or auditing company that has a valid accounting and / or auditing license from ACAR.