Accounting Update: Exchange rate used in 2024 financial statements
Subject: Accounting

On 31 December 2024, Accounting and Auditing Regulator (ACAR) issued Notification on exchange rate used in 2024 financial statements.

Exchange rate as of 31 December 2024 (closing rate) is 4,025 Riels per USD.

Average exchange rate for 2024 (average rate) is 4,071 Riels per USD.

IAS 21 address to how to translate financial statements into a presentation currency. Translation from the functional currency to the presentation currency as followed:

  • assets and liabilities for each balance sheet presented (including comparatives) are translated at the closing rate at the date of that balance sheet;
  • income and expenses for each income statement (including comparatives) are translated at exchange rates at the dates of the transactions;
  • and all resulting exchange differences are recognised in other comprehensive income.