Source: https://www.scribd.com/document/59329064/Cambodian-Law-on-Corporate-Accounts-Their-Audit-and-Accounting-Profession-2002
Timestamp: 2018-02-24 14:34:11+00:00

Document:
Cambodian Law on Corporate Accounts, Their Audit and Accounting Profession [2002]
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Description: The law was passed in 2002. It's in Khmer, French and English.
The law was passed in 2002. It's in Khmer, French and English.
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NS/RKM/0702/011 Unofficial translation
Royal Kram We, Preah Bat Samdech Norodom Sihanouk, King of the KingdomofCambodia
• • Seen the Constitution of the Kingdom of Cambodia Seen the Royal Kram No, NS/RKT/l198/72 dated 30 November 1998 regarding the appointment of the Royal Government of Cambodia Seen the Royal Kram No. 02INS/94 dated 20 July 1994· promulgating the Law on the Establishment and Organization of the Council of Ministers Seen the Royal Kram No. Ol/NS/93' dated 28 December 1993 promulgating the Law on the Financial System
Ministry of Economy Cambodian Accounting and Finance/ The Commission for' the System Reform/Office ofH.E NgyTayi
Seen - the Royal Kram No. NS(RKM/O 196/18 dated 24 January 1996 promulgating the Law on the Establishment of the Ministry of Economy and Finance Pursuant to the proposals of Samdech the Prime Minister and the Senior Minister and Minister of Economy and Finance HEREBY PROMULGATE
The Law on Corporate Accounts, Their' Audit and The Accounting Profession, which is adopted by the' National Assembly on the 24th May 2002 at its 8th plenary session of thesecond legislature and entirely approved by the Senate on its form and legal concepts' on the 21 st June 2002 at its 7th plenary session of the first legislature, and which has its full .substance as follows:
Ministry of Economy and Finance/ The Commission for the Cambodian Accounting System, Reform/ Office of H.E NgyTayi
.·LAW
ON CORPORATE . ACCOUNTS, THEIR AUDIT AND THE ACCOUNTING PROFESSIONS
Ministry of Economy and Finance/ The Commission tor the
Cambodian Accounting System Reform! Office of H,E NgyTayi
Chapter 1 General Provisions Article 1: This law shall organization, management, accounting system based accounting standards for natural 'persons or legal independent profession in Cambodia.
determine the and function of on international enterprises either entities having the Kingdom of
Article 2:In this Law, unless the context or subject matters otherwise requires: "Accounting" means a system of identifying, recording, assembling, measuring, classifying, and presentation of financial information concerning the activities of an entity. "Audit" means the systematic review or examination of the assertions or actions of a business entity to evaluate whether that entity is complied with the standards. Audit services include financial statement audits,
Ministry of Economy Cambodian Accounting and Finance/ The Commission for the System Reform/ Office ofH.E NgyTayi
performance audits, compilation, reviews, and agreed upon procedures. Only a registered auditor complying with this Law may perform these services and sign, such reports as an auditor. "Financial Reporting" means the repo~ts containing information on the financial position, the results of activities, and the cash flows of an accounting entity during a specific period. "International Accounting Standards". means the standards promulgated by the International Accounting Standards Board. Article 3: In 'compliance .with current laws, all enterprises, whether natural or legal entities, are required to keep books and accounts and have them audited in accordance with the terms and conditions provided _for under this Law.
Ministry of Economy Cambodian Accounting and Finance! The Commission for the System Reform/ Office of H:E NgyTaY1
·Article 4:
Enterprises shall prepare financial statements on a yearly basis that are in compliance with "both the conceptual. framework and· Cambodian Accounting Standards, the principles of which are set out by PRAKAS proclaimed by the' Minister of the Ministry of Economy and Finance and in line ~ with the International Accounting Standards.
Enterprises shall keep their accounts in accounting books as defined by PRAKAS announced by the, Minister of Economy and Finance, and in line with the International Accounting Standards. All accounting transactions shall be supported by documentary evidence.
Chapter 2 National Accounting Council Article 6:
A National Accounting.
Ministry of Economy and Finance! The Commission for the Cambodian Accounting System Reform/ Office of H:E NgyTayi
be established under the auspices Ministry of Economy and Finance.
The National thereby mandated to: • • be a consultative Accounting Council
review and give its opinion on all draft laws and regulations which consist of provisions pertaining to the preparation of accounting work for all enterprises or economic activities; develop the conceptual framework and the Accounting Standards referred to in article 4; propose measures for the improvement of accounting techniques;
• -be a representative of the Kingdom of Cambodia at international.
Minis ry of Economy Cambodian Accounting and F inancc/ The Commission fOT the System Re- orm/ Office of H.E NgyTayi
organisations' forum and meetings and . in debating on accounting. The composition and functioning of the National Accounting Council shall be set out by Anuk Kret.
The financial statements shall include the balance sheet, the income statement, the cash flow statement and explanatory notes. They shall be considered as an integral part of the financial statements,
Article 9: The accounting records referred to in Article 12 shall be prepared in the Khmer language' and expressed in Riels. Enterprises , carrying out business with foreign countries or which are subsidiaries of foreign companies may be authorised to prepare accounting records in English and/or in acurrency other v
Ministry of Economy Cambodian Accounting and Finance/ The Commission for the System Reform/ Office of H.E NgyTayi
than Riels along with the accounting records in the Khmer language and Khmer Riels in compliance with the, conditions set out by the Ministry of Economy and Finance. However, the financial statements referred to in article 4 shall be prepared in the Khmer language and in Riels.
Article 10: The duration of the accounting period shall be twelve months. The accounting period shall begin on the first day of January and end t . on the 31 S day of December of the same year. As for the newly established enterprises, the annual financial reporting for the first fiscal year could start from the date of its formation and end on the date of the 31st day of December of the next year. Another date for fiscal year may otherwise be set for the activities of a specific company. Article 11: The financial statements shall be , prepared within three months following the closure of the financial year. In the event of an
Ministry of Economy Cambodian Accounting and Finance! The Commission for the System Reform/ Office of H.E NgyTayi
enterprise not being in with this deadline, authorisation from the and Finance to close' prepare them on another Article 12:
a position to comply it shall request Minister of Economy the accounts and to dates.
The financial statements and the corresponding ledgers and documentary evidence shall be kept for- at least ten years. Such ledgers include' a general journal, accounting ledger and inventory book.
Article 13: The financial statements and the accounting ledgers provided for in article 12 may not be legally recognized unless they are in compliance with the provisions of this Law. Chapter 4 Institute of Certified Public Accountants and Auditors Article 14: An Institute of Khmer Certified Public
Accountants and Auditors shall be formed among accountancy professionals. The Institute shall operate under the auspices of the . Ministry of Economy and Finance. . The organization and functioning of· the Institute, and the formulation of professional regulations for Certified Public Accountants and Auditors, which are enrolled . respectively on two separate lists; shall be set out by Anu Kret.
The Institute shall be specifically formed with a view to.. • provide a national, professional body to 1. represent its members, to participate in promoting and defending the statute and interests of the profession; • participate as a working member of the National Accounting Council; • prepare. the regulations and, duties 'of the profession and ensuring their application;
. Ministry, of Economy and T'inance/ The Commission for the Cambodian AccountingSystem Reform! Office of H.E Ngy~l~ayi'
organise accounting professional training for Khmer citizens who wish to enter the profession of Certified
Public Accountant or Auditor.
Chapter 5 Corporate Audit Article 16: All enterprises, whether' natural or legal entities, shall submit their accounts to be audited by an independent auditor in the event that their turnover, and/or balance sheet total, andlor number of employees are above the limits set byPRAKAS of the Ministry of Economy and Finance. The audit shall be carried out by a natural person or legal entity enrolled on the list of registered auditors referred to in article 14 of this Law.
, Chapter 6 Accounting Profession
Article 17: The practice ofprofessional
Ministry of Economy Cambodian Accounting The Commission for the System Reform} Office of H.E NgyTayi
shall be carried out by a natural person or legal entity enrolled on the list of Khmer professional accountants as referred to in article 14 of this Law. The practice of
professional accountants is in conflict of interest with those in the civil service and political function, in legislative, executive and the judiciary bodies. Chapter 7 Sanctions Article 18: All natural persons and directors of legally incorporated entities contravening to the provisions ill articles 3, 4, and 5 shall be . subjected to a fine between five and ten , million Riels, and/or may serve a prison term from one year to two years .
natural persons and directors of legally incorporated entities who fail to. prepare or file proper -financial statements in compliance with the provisions stipulated in this Law, shall be subjected to a fine of
, Ministry Commission for the Cambodian Accounting System Reform! Office of H.E NgyTayi of Economy and Finance/ The
between five and ten .million Riels and/or may serve a prison term from three to. six months. In addition to the above penalties, natural persons or directorf s) of legal entity shall be subject to the revocation of licensees), the details of which shall be set out by Anu
Article 19: The professional accountants and auditors who, fail to' comply with the provisions of this Law shall be subjected to a fine of between ten to twenty million Riels.
Without considering the provision 'of' revocation of licensees), the fines shall be increased to ,twofold and/or subjected to a' prison term of between one year to three years, in the event of repeating offenses.
Ministry of Economy Cambodian Accounting
Finance/ Thc Commission for thc . System Reform/ Office of H.E Ngy'I'ayi
Chapter 8 Final Provisions Article 20: Any provisions contrary to the Law are deemed null and void.
Dated in Phnom Penh, this 8th day of July 2002
Norudom Sihanouk
Submitted to The Signature of The King The Prime Minister
Communicated to Samdech The Prime Minister The Senior Minister and Minister of economy and Finance
(signed) Keat Chhon
Ministry of Economy Cambodian Accounting and Finance/ The Commission for the System Reform! Office of H.E NgyT,ayi
NS/RKMl0702/011
Traduction nonofficielle
Nous, Sa Majeste NorodomSihanouk, Roi du Cambodge, vu Ia Constitution du Royaume du
Cambodge; vu le Kret NS/RK.T/l198/72 du 30 novembre 1998" ' portant sur la nomination du Gouvernernent Royal du Cambodge ; , . vu le Kram 02fNSl94 du 20 juillct 1994,portant sur I'organisation et le fonctionnement du Conseil des Ministres ; vu le Kram OlINS/93 du 28 decembre 1993, portant sur la promulgation de la Loi sur le systcme financier; vu Ie Kret NS/RKMI0196/18 du 24 janvier 1996, portant sur la creation duo Ministere de I 'Economic et des Finances;
Ministere de I' Economic et desFinances I Commission de Reforme du Systerne Comptable Cambodgien I Bureau de S,E NGY - Tay] .
sur proposition du Premiers Ministre et du Ministre d'Etat et Ministre de I'Economie et des Finances;
Promulguons La Loi relative a la cornptabilite des entreprises, it son contr61e eta la profession comptable qui a etc adoptee par l'Assemblee Nationale le 24 mai 2002 au cours de la 8eme session de la seconde legislature et dont la teneur et les dispositions legales ant ete adoptees par lc Senat Ie 21 juin 2002 au cours de la T'?" session pleniere. xle la premiere legislature et dont Ia teneur 'suit :
Ministere de 11 Economic et des Finances! Commission de Reforme du Systerne Comptable Cambodgicn ! Bureau de S. E NOY - Tayi
KRAM ROYAL RELATIF A LA COMPTABILITE DES ENTREPRISES, A SON CONTROLE ET A LA .
Ministere de II Economie et des Finances / Commission de Reforme du Systerne Cornptable Cambodgien I Bureau de S.E NGY - Tayi
Arti cle 1er
La presente Loi fixe les modalites d' organisation, de gestion et de fonctionnement de la, ccmptabilite des entreprises et des personnes exercant la profession independante dans le Royaume du Cambodge. Les personnes visees par la presente 10i ~ sont des personnes physiques et des personnes morales. Art. 2 -
Les definitions suivantes s'appliqucnt pour 1'application de la presente Loi : Cornptabilite - Systeme d' organisation ,permettant didentifier, de saisir, d'assembler, 'de mesurer, de classifier et de presenter les
4Ministere de I' Economic et des Finances! Commission de Reforrne du Systeme Comptable Cambodgien ! Bureau de S.E NOY - Tayi
entite.
financiercs
des activites d'une
Revision - Revue ..systematique ou examen des estimations ou activites d'une entitc a l'effet formuler une.opinion exprimant si ces comptes sont etablis, conformement au referentiel comptable qui leur est applicable. Les missions de revision peuvent comprendre 1a certification des etats financiers, 1'audit des performances, 1a presentation des comptes, l' examen limite des comptes, et autres interventions .definies par' convention. Seul un reviseur legal reconnu par cette Loi peut exercer cette profession et signer les rapports de revision. Etats financiers Documents comptables de synthese d 'une entite a la fin d'une periode specifique traduisant les operations de cette pericde, la situation financiere, le resultat des'. activites et 1a variation de tresorerie. Normes cornptables internatlonales Referentiel .cornptable mis en. place par l'International Accounting Standards Board ..
Ministere de I' Economic et des Finances / Commission de Reforrne du Systerne Cornptable Carnbodgien / Bureau de S.E NGY - Tayi
Art. 3 Toute entreprise, personne physique ou morale, assujettie a tenir une comptabilite en ~
vertu de la legislation en vigueur doit letablir et la soumettre au controle selon les conditions et les modalites prevues par la presente Loi. Art. 4 Les entreprises doivent etablir, chaque annee, des etats financiers conformes au cadre conceptuel et aux norrnes comptables cambodgiennes dont les principes sont fixes par Prakas du Ministre de l'Economie et Finance, en accord avec les normes comptables intemationales.
Art. 5 . Les entreprises doivent tenir leur comptabilite dans les livres comptables vises par Prakas du Ministre de I'Economie et Finance, en accord avec les normes
Ministere de II Economie et des Finances I Commission de Reforme du Systerne Comptable Cambodgien / Bureau de S.E NGY - Tayi
comptables intemationales. La comptabilite s' appuie sur des pieces justificatives. ' CHAPITRE II CONSEIL NATIONAL DE LA COMPTABILITE Art. 6II est institue un Conseil National de la Comptabilite, organisme consultatif place sous la tutelle du Ministre de I'Econornie et des Finances. Art. 7 , Le Conseil National de la Comptabilite est institue pour:
etre un organisme consultatif; examiner et donner son avis sur tous les projets_ de 10i et de reglernents qui comportent des dispositions d' ordre comptable pour toutes entreprises _OU secteurs d' activites ; ,~
Ministere de l' Economie et des Finances I Commiss(on de Reforme _
du Systeme Comptable Cambodgien
I Bureau de S.E NOY - Tayi
elaborer le cadre conceptuel et les normes comptables prevus a l'article 4; proposer les moyens pour ameliorer 1a comptabilite ; . representer Ie Royaumedu Cambodge dans lcs instances internationales et reunions traitant de la comptabilite.
La composition et ·lefonctionnement Conseil National de la Comptabilite sont fixes Anukret du Gouvernernent Royal.
Art. 8 etats financiers comportent lc bilan, l' eta!" des resultats, le tableau des flux de tresorerie et les notes explicatives. Ils forment un tout indissociable . . Les
Art. 9 Les livre.s comptables vise a 1'article 12 sont etablis en langue khmere ~\t en riels. Les
Ministere de I' Economie et des Finances I Commission de Reforrne du Systeme Cornptable Cambodgien / Bureau de S.E NOY - Tayi
entreprises qui effectuent des operations avec I'etranger ou qui sont filiales de societes~etrangeres, peuvent etre autorisees, selon -les conditions fixees par Ie Ministre de 1'Economie et des Finances, a etablir les livres. comptables dans une autre langue que la langue khmere et/ou dans une monnaie autre que le riel. Neanmoins, les etats financiers vises aI' article 4 sont etablis en .langue khmere et en riels. -
Art. 10La duree de I'exercicc comptable est de douze mois. L'exercice debute le premier. janvier et se termine Ie 31 decembre de la meme annec. Les entreprises nouvellement creees debutent leur exercice a compter de 1a date de leur enregistrement et terminent leur exercice au 31 decembre de l 'annee suivante. Une date differente peut etre fixee pour .certains secteurs dactivites. .
Ministere de l' Economic et des Finances / Commission de Refoflne du Systerne Comptable Carnbcdgien / Bureau de S.E NG Y -'TaY1
Art. 11 .:
Les etats financi~r~ 'doivent etre etablis au plus tard dans les trois mois qui suivent la date de cloture de l' exercice comptable. Si une entreprise ne peut respecter ce delai, elle doit demander au Ministre l'Economie et des Finances 1'autorisation de les etablir a une autre date.
Art. 12 Les etats financiers relatifs a un . exercice comptable ainsi que les livres et les-
pieces justificatives y afferents sont conserves pendant dix (10) an~ au mains. Les livres comprennent un journal general, un grand livreet un livre d'inventaire. Art. 13 Les etats financiers et les livres comptables prevus a l'article 12 de la presente loi peuvent etre admis, pour faire preuve en justice, a condition qu'ils soient conformes aux dispositions de la presente Loi.
Ministere de l' Economie et des Finances / Commission de Reforme du Systerne Comptsble Cambodgien / Bureau de S.E NGY - Tayi
CHAPITREIV INSTITUT DES EXPERTSCOMPT ABLES ET DES REVISEURS LEGAUX
Art. 14"II est comptables un et Reviseurs sous la tutclle des Finances. cree entre les professionnels Institut des Experts-Comptables Legaux Khmers fonctionnant du Ministere de I'Economie et
"La reglementation relative" a la composition, Ie fonctionnement et les missions de 1'Institut est fixee par Anukret du Gouvemement Royal II en est de meme pour la reglementation de la profession des reviseurs lcgaux et des experts-comptables inscrits respectivement sur deux tableaux distincts.
Ministere de l' Economic et des- Finances I Commission de Reforme du Systerne Comptable Cambodgien / Bureau de S. E NGY - 'Tayi
Art. 15L'lnstitut est cree notamment en vue de : constituer une organisation professionnelle chargee de representer ses membres, de· promouvoir et de defendre le statut et les interets de la , profession ; particrper, en qualite de rnernbre, aux travaux du Conseil National de la Comptabilite ; elaborer et faire respecter les regles et obligations de la profession; organiser la formation des nationaux souhaitant acceder a la profession d 'experts-comptables et de reviseurs legaux.
Ministere de I' Economic et des Finances/ Commission de Reforrne du Systerne Comptable Cambodgien I Bureau de S.E NGY- Tayi
CHAPITRE.V CONTROLE DES ENTREPRIScES .
Art. 16 Les entreprises, .personnes physiques au rnorales, doivent soumettre leur comptabilite a un controle independant des lors que Ie montant de leur chiffre d'affaires, et/ou le total de leur bilan et/ou leur effectif depasscnt les seuils fixes par Prakas du Ministre de I'Economie et des Finances. Le controlc est realise par unc personne morale ou
-"'.~
sur la liste des reviseurs legaux visee it l' article 14 de la presente Loi.
CHAPITRE VI PROFESSION COMPT ABLE Art. 17 - \
L'exercice de 1a profession· de comptable independant est realise par une personne morale au physique inscri te sur la
Ministere de I' Economie et des Finances I Commission de Reforme du Systeme Comptable Cambcdgien I Bureau de S.B NGY ~ Tayi
visee a I' article 14 de la presente Loi. La profession de comptables independants est incompatible avec toute fonction publique au fonction politi que au sein du COI])S legislatif, executif et judiciaire. CHAPITRE VII DISPOSITIONS PENALES Art. 18 personnes physiques et les dirigeants des personnes morales qui contreviennent aux articles 3, 4 et 5 de la presentc Loi seront punis d'une amende de cinq millions (5.000.000) a dix millions (10.000.000) de riels et d'un emprisonnement de un (1) an a deux (2) ans ou de l'une de ces deux peines seulement. Les personnes physiques et les dirigeants des personnes morales qui manqueraient aux obligations detahlissement des etats financiers ou de conservation des
Ministere de I' Econornie et des Finances I Commission de Reforrne du Systerne Comptable Cambodgien I Bureau de S.E NGY - Tayi
livres obligatoires seront punis d'une amende de cinq millions (5.000.000) a dix millions (10.000.000) de riels et d'un emprisonnement de trois (~) mois a six (6) mois ou de l'une de ces deux peines seulement. Les personncs physiques ou representants des personnes morales peuvent aussi etre soumis au retrait de la licence d'exploitation dont les modalites seront ulterieurement fixees par Anukret.
Art. 19 Les experts-comptables et reviseurs . Iegaux qui n' auront pas respccte les dispositions de cette Loi seront punis d'une amende de dix millions (10.000.000) a vingt millions (20.000,000) de riels.
En plus d'une possibilite de retrait de licence professionnelle, en cas de recidive, les experts-comptables et reviseurs legaux seront punis d'une amende augmentee du double et/ou punis d'emprisonnement de un (1) an a trois (3) ans.
Ministerede I' Economie et des Finances / Commission de Reforrne du Systeme Cornptable Cambodgien I Bureau de S.E NOY - Tayi
CHAPITRE VIII DISPOSITIONS FINALES Art. 20Les dispositions contraires a la - presente Loi sont abrogees . .Phnom Penh, le 8 juillet 2002 (Sign e)
Le Premier Ministre (Sign e) Hun Sen
Presente a la signature du Premier Ministre Le Ministre d'Etat et Ministre de l'Economie et des Finances (Sign e)
Keat Chhon .
M inistere de l' Economie
du SystemeCornptable
et des Finances I Commission
Carnbodgien
de Rcforrne
) Bureau de S.B NGY - Tayi
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 Art. 4

Art. 5
 Art. 6
 Art. 7

Art. 8

Art. 9

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Art. 12
 Art. 13

Art. 14

Art. 15

Art. 16
 Art. 17
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