This document outlines the Cambodian government's adoption of International Financial Reporting Standards (IFRS) as the Cambodian Financial Reporting Standards (CFRS). It requires large and medium entities to fully implement the CFRS and allows other entities to voluntarily adopt them. It also establishes the National Accounting Council to select and issue IFRS-based standards in Khmer and oversee compliance. Non-compliance will be subject to penalties under existing law. This Prakas replaces previous reporting standards and directs relevant agencies to rigorously implement the new CFRS.
This document outlines the Cambodian government's adoption of International Financial Reporting Standards (IFRS) as the Cambodian Financial Reporting Standards (CFRS). It requires large and medium entities to fully implement the CFRS and allows other entities to voluntarily adopt them. It also establishes the National Accounting Council to select and issue IFRS-based standards in Khmer and oversee compliance. Non-compliance will be subject to penalties under existing law. This Prakas replaces previous reporting standards and directs relevant agencies to rigorously implement the new CFRS.
This document outlines the Cambodian government's adoption of International Financial Reporting Standards (IFRS) as the Cambodian Financial Reporting Standards (CFRS). It requires large and medium entities to fully implement the CFRS and allows other entities to voluntarily adopt them. It also establishes the National Accounting Council to select and issue IFRS-based standards in Khmer and oversee compliance. Non-compliance will be subject to penalties under existing law. This Prakas replaces previous reporting standards and directs relevant agencies to rigorously implement the new CFRS.