Background

Accounting and Auditing Regulator of Cambodia (ACAR) is a key regulatory body that has competence with professional values and operational sustainability and accountability, gaining the trust from the Royal Government, the private sector and stakeholders in governing of the accounting and auditing sector to support and develop in all sectors, especially the financial sector, to contribute to the economic and social development with sustainability and inclusion. Its mission is introducing regulations, rules and standards, as well as promoting the implementation of Cambodian laws and accounting and auditing standards.

Accounting Standards

IFRS Accounting Standards are required for publicly accountable entities in Cambodia, including listed entities, banks, deposit-taking financial institutions and insurance companies. An exception has been granted for the adoption of IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts. Insurance companies will be required to apply these Standards for periods beginning on or after 1 January 2028, and early application is permitted.

Sustainability Disclosure Standards

On 27 June 2023, ACAR issued an announcement adopting IFRS S1 and S2 for annual reporting periods beginning on or after 1 January 2024, with early application permitted.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.