Financial Statements shall be the statements defined in the Accounting Standards which currently are Cambodia International Financial Reporting Standards (“CIFRS”), Cambodian International Financial Reporting Standard for Small and Medium Enterprises (“CIFRS for SMEs”), Cambodian Financial Reporting Standards for Non-Profit Entities (“CFRS for NPEs”)

The financial statement can be required to submit for audit with conditions set out by the Prakas of the Minister of the Ministry of Economy and Finance.

The financial statements shall be a basis for fulfilling tax obligations in accordance with relevant laws and regulations in effect.

Enterprises and not-for-profit entities are obligated to keep their accounting records. Public institutions are obligated to keep their accounting records in accordance with the effective laws and regulations. Each transactions shall be based on valid accounting vouchers.

Each accounting period shall be twelve months starting on the first day of January and ending on the 31st day of December of the same year. As for a newly established enterprise and not-for profit entity, its first accounting period shall be started from the date of its formal formation and be ended on the date of 31st day of December of the same year.

Accounting records and financial statements shall be in Khmer language and expressed in Khmer Riel.

Enterprises and not-for profit entities are obligated to maintain their accounting records at least for a period of ten (10) years starting from the date of the establishment of the records.

The audit report shall be prepared in Khmer language in which English language can be used to accompanying with the report. The audit evidences shall be maintained for at least ten (10) years from the date of issuance of the audit report.