Cambodia Accountancy Toward Global Standard

The National Accounting Council, the Kampuchea Institution of Certified Public Accountants and Auditors and Association of Chartered Certified Accountants (ACCA), co-organized to launch a National Conference on “Accountancy in Cambodia-Towards Global Standards” on August 12th in Phnom Penh to reflect what is being implemented in Cambodia toward the international accounting and financial reporting as well as the reflection of what is being done by many countries in the region and the world. Deputy Prime Minister Keat Chhon, Ministry of Economy and Finance, said that accountancy is a very important element in the economic and financial sector development process. “It is a very important issue in both the public and private sectors that we should not overlook the current context of national and global economic arenas.”… In response to these important roles and functions, the government implemented the “Financial Sector Development Strategy 2006-2015” and is prepared to update to “Financial Sector Development Strategy 2011-2015” which determines that transparency and reliable financial information become preconditions and main elements of the strength of the financial market. “Our goal is to have transparent, reliable fairly presented financial reports and develop a simple global monitoring system on financial issues.” He emphasized that the presence of the security market would increase the importance of the IFRS.”