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

1. Submission of financial statements

• Enterprises and non-profit entities that are not subject to independent audit shall submit financial statements to the ACAR no later than April 20, 2024. Enterprises and non-profit entities authorized to have the end of fiscal year other than 31 December shall submit their financial statements to ACAR no later than 3 months and 20 days from the end of the fiscal year.
• Enterprises and non-profit entities that are independently audited must submit the audited financial statements. Not later than July 20, 2024. Enterprises and non-profit entities authorized to close erroneous accounts on 31 December shall submit their financial statements to ACAR no later than 6 months and 20 days from the end of the fiscal year.

2. Enterprises and non-profit entities shall maintain proper accounting records.

3. Enterprises and non-profit entities shall prepare financial statements in accordance with the applicable accounting standards, not later than 3 months from the end of the fiscal year. The applicable accounting standards 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 non-profit 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 end of the fiscal year if the enterprises or non-profit entities are 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 non-profit 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 non-profit entities that do not yet have a financial reporting identification number from ACAR shall apply through the link https://efiling.acar.gov.kh/auth/logic and follow the online procedures.

6. Enterprises or non-profit entities shall submit a letter requesting a change of the FIN number to ACAR within 60 days before the due date and submit the financial statements if the enterprises or non-profit entities have changed its classification as enterprises or non-profit entities subjected to audit or as enterprises or non-profit entities not subjected to audit. Delay in requesting the change of the FIN number will result in delays in submitting financial statements to ACAR which is the subject of the implementation of transitional penalties.

7. Enterprises or non-profit entities shall pay the public service fee for filing the financial statements.

8. Enterprises or non-profit entities shall appoint a representative to fulfill their accounting and audit obligations mandated by ACAR. The representative can be an employee of the enterprises or the non-profit 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 owner of the enterprises or management of the non-profit entities. The owner of the enterprises and the management of the non-profit entities are fully responsible for the activities of their representatives.

9. The enterprises or non-profit entities must select any accounting and/or auditing company that has a valid accounting and/or auditing license from ACAR.