Public sector accounting in Cambodia is a mixture of accrual and cash accounting with many transactions recorded on an accrual basis. The previous Chart of Accounts (COA) was originally based on the French accounting system and over time was adapted to reflect the Royal Government of Cambodia's (RGC) accounting requirements and practices. It was not designed to handle both accrual- and cash-basis accounting, to facilitate implementing accruals or producing accrual based reports. The categories of the previous COA were different from International Public Sector Accounting Standards (IPSAS) and International Financial Reporting Standards, making it difficult for those accountants outside the Cambodia public sector to use or understand. The disadvantages of such an arrangement led to the RGC adopting IPSAS accounting and reporting standards in 2012 and agreeing to meet the requirements under cash-basis IPSAS and gradually transition over time to accrual-basis standards. In doing so, the government expressed its commitment to improve the consistency, quality and transparency of its accounting and reporting policies and standards.
Details
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Document Date
2013/09/01
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Document Type
Brief
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Report Number
83085
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2013/12/03
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Disclosure Status
Disclosed
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Doc Name
Public sector accounting : why standards matter to Cambodia
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Keywords
financial statement;public financial management reform;accounting and reporting;accounting standards;government entity;financial reporting standard;quality and transparency;accounting policy;financial datum;global financial;accrual accounting;financial information;internal consistency;classification numbers;government property;accounting method;entire contract;private entity;cash accounting;financial result;cash payment;public source;classification structure;cash position;accrual basis;
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Citation
Public sector accounting : why standards matter to Cambodia (English). Cambodia policy note ; public financial management reforms Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/756221468016860524/Public-sector-accounting-why-standards-matter-to-Cambodia