On 1st September 2021, The Ministry of Economy and Finance issued the Circular 009 on the use of language and currency in accounting records and financial statements.
This will come into affect from 1st January 2022 onward.
The ministry would like to make the following instructions:
1. The non-profit enterprise or unit can use English language in their accounting computer or related computer software for the accounting records in the event that the non-profit enterprise or unit cannot find the computer software that can support Khmer language yet. The non-profit enterprise or unit are not required to request to use English language in that software, yet they need to provide the written notice to the Accounting and Auditing Regulator with the specific name and source of the computer software that they currently use.
2. Internal accounting documents that are used to support accounting registration need to be in Khmer language. Those documents can be allowed to use English to accompanied Khmer language. The accounting documents that are made from the software that cannot support Khmer language as stated in point 1 above, and accounting document that are prepared and provided by foreign business partner or unit partner or foreign funder, or for doing business with foreign business partner can be in English language. For the business supported documents or transaction beside Khmer and English language, non-profit enterprise or unit need to responsible for translating those documents to Khmer or English with the stamp of non-profit enterprise or unit.
3. The non-profit enterprise or unit can choose Khmer currency or other currency base on their own accounting policy in accordance with the accounting standards in force for recording daily accounting transactions.
4. The non-profit enterprise or unit need to have annual accounting reports in Khmer language and Khmer currency or dual currency that are USD and KHR. In preparing the annual accounting report in Khmer language, non-profit enterprise or unit need to follow the accounting standards in force by using exchange rate announced by the National Bank of Cambodia and submit that annual accounting report to the Accounting and Auditing Regulator base on the instruction of the Accounting and Auditing Regulator to be the subject of storage and monitoring compliance with the Law on Accounting and Auditing and the relevant legal documents in force.
5. The enterprise that operates petroleum transaction in Cambodia need to follow the Prakas 536 SHV.BrK dated 4th June 2018 on the Implementation of tax provisions for petroleum transactions.
6. During the implementation of this Circular the Accounting and Auditing Regulator need to monitor, follow up, and evaluate on the possibility of holding accounting report in Khmer language.
7. The Accounting and Auditing Regulator can request for additional necessary measures for implementing this circular.
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