Improving Corporate Financial Reporting The development objective of the IDF proposal is to improve the quality and reliability of corporate financial reporting and application of auditing standards and quality assurance in Cambodia through assisting  Kampuchea Institute of Public Accountants and Auditors (KICPAA) and National Accounting Council(NAC) of the Ministry of Economy and Finance to (i) Modernize the country's statutory framework for corporate reporting and auditing and financial reporting practices (ii) Build capacity for professional accountants, ,auditors and the regulators (iii) Improving monitoring and enforcement activities pertaining to accounting and auditing (iv) provide support to educational institutions to modernize accounting and auditing education The IDF will go to complement the outputs and outcomes of the recently completed IDF Grant (TF053520), Improving Financial Accountability in the Private Sector, assist the implementation of a strategy in place aimed at amongst other things quality control system for monitoring and enforcing implementation of national auditing standards.  This IDF proposal will support the implementation of part of this strategy in addition to improving financial corporate reporting and regulatory aspects of accounting in Cambodia. (1)   Component 1:Modernizing  Statutory Framework (NAC)       This will entail revision of accounting laws that currently guide accounting and   audit professions in Cambodia. It will also involve full adoption of IFRS, creating sustainable accounting and auditing standards setting structure by developing interim measures of transition and full adoption of the same. (2) Component 2: Capacity Building for Compliance with Accounting and Auditing standards (NAC)  This component will involve developing measures for enforcing auditing and accounting standards coupled with devising appropriate mechanisms of ensuring adherence to financial reporting requirements. It will also focus on building capacity within NBC, NAC and Finance and Industry within the Ministry of Economy and Finance to better give guidance on a number of issues which affect accounting standards. Component 3:Academic and Professional Education and Training(KICPAA)   The component will dwell on working with Universities to improve curricula for their Diploma and accounting Degrees to accord with modern accounting precepts and theory to catapult them into the profession. It will focus the efforts of firms and practitioners onto providing meaningful theoretical and practical training to the staff. Focus will also be paid on improving corporate accountants and auditor's knowledge on standards. The Development objective is to improve the quality and reliability of corporate financial reporting through the application of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) and quality assurance in Cambodia through the Kampuchea Institute of Public Accountants and Auditors (KICPAA) and the National Accounting Council (NAC) of the Ministry of Economy and Finance. This will be done through (i) modernizing the country's statutory framework for corporate financial reporting and auditing practices, (ii) Build capacity for professional accountants, auditors and the regulators, (iii) Improving monitoring and enforcement activities pertaining to accounting and auditing, and (iv) provide support to educational institutions to modernize accounting and auditing education.