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Public sector accounting : why standards matter to Cambodia (English)

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.

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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