Common use of Specific Regulations Clause in Contracts

Specific Regulations. In order to conduct audit of banks, microfinance and insurance companies, a special approval from the National Bank of Cambodia (central bank) and Financial Industry Department of Ministry of Economy and Finance is required respectively. For the audit of public listed companies, a special approval is needed from Security and Exchange Commission of Cambodia (SECC). As of March 2013, only those Active Members of KICPAA is authorized to act as approved tax agent. Other members are not allowed to act and practice tax compliance work in Cambodia. The NAC is also responsible to develop accounting standards in Cambodia, whilst KICPAA is responsible to monitor the implementations of those standards. Cambodia has adopted full IFRS and IFRS for SMEs for companies in Cambodia since 08 January 2009. Under the new drafted law called “Law on Accounting and Auditing” the NAC will play a role as not only standard setter but also monitoring institution on the implementation of the set IFRS and IFRS for SMEs. The accounting records, i.e. financial statements, the corresponding ledgers (include a general journal, accounting ledger and inventory book) and documentary evidence, shall be prepared in the Khmer language and expressed in ▇▇▇▇▇. Foreign enterprises may be authorised to prepare accounting records in English and/or in a currency other than ▇▇▇▇▇ along with the accounting records in the Khmer language and Khmer ▇▇▇▇▇. However, the financial statements (balance sheet, the income statement, cash flow statement and explanatory notes) shall be prepared in the Khmer language and in ▇▇▇▇▇.