The government is moving to make official its compliance with international accounting and auditing standards that have been long advocated by anti-corruption activists and investors alike, an official said.
The Council of Ministers will issue a subdecree ordering accountants and auditors to use international standards, Ministry of Economy and Finance Undersecretary of State Ngy Tayi said Tuesday. Part of the legislation is the domestic counterpart of Cambodia’s officially joining the Asean Federation of Accountants early next year, Ngy Tayi said.
“I’m sure joining AFA will benefit Cambodia, because we will use only one accounting and auditing standard,” he said, adding it will help make it easier to persuade investors to settle in Cambodia.
By adopting the international standards and joining Asean, Cambodia puts itself on the same footing as its wealthier Asean allies, Ngy Tayi said.
It will also give investors peace of mind, the official added.
Next week, Ministry of Finance officials will lead a delegation to Hong Kong to take part in an International Federation of Accounting ceremony. The federation groups 144 countries in setting standards for opening and inspecting governments’ and businesses’ books.
Cambodia has been willing to join the group and adopt its standards in the hopes of preparing itself for membership in the World Trade Organization, Ngy Tayi said. “Without international accounting standards, the country won’t be able to have a stock market,” he said. Currently, Cambodia has only 40 accountants and auditors who meet international standards, Ngy Tayi said.
but the government hopes to turn out hundreds more within the next few years, Ngy Tayi said.
Meanwhile, at least 100 accountants, auditors, officials and business leaders from eight nations convened a three-day conference on accounting, scheduled to conclude today.
