E-filing Acar

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Mike Fowler

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Aug 3, 2024, 11:17:14 AM8/3/24

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ACAR issued Notification No. 022 AAR.SCN on 22 November 2021 as a reminder that the following types of companies must submit to ACAR an audit report for 2021 via the e-filing system no later than six months and 15 days after the balance sheet date:

Companies that do not fall into any of the four categories above do not need to submit an audit report to ACAR, but they are required to submit financial statements following Notification No. 002 AAR.SCN dated 27 January 2022. Notification No. 002 provides that starting from the year 2021, companies that are not required to have an audit report must prepare financial statements in compliance with the Cambodian Accounting Standards in force and submit them to ACAR via the e-filing system no later than three months and 15 days after the balance sheet date. You may be aware that this requirement was in place for the year 2020, but was postponed until 2021 at the request of a large number of companies.

In addition to the above, under Notification No. 001 AAR.SCN dated 27 January 2022, ACAR is now requiring companies that wish to continue using English language in their accounting systems to notify ACAR via the e-filing system by 31 March 2022 at the latest. Newly registered companies must notify ACAR of the use of the English language in their accounting systems within 60 days from the date that they are successfully registered with the General Department of Taxation.

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3. Enterprises and non-profit entities shall prepare financial statements in accordance with the applicable accounting standards, not later than 3 months from the end of the fiscal year. The applicable accounting standards refer to the International Financial Reporting Standards of Cambodia or the International Financial Reporting Standards of Cambodia for Small and Medium Enterprises or Cambodian Financial Reporting Standards for Non-Profit Entities.

4. Enterprises or non-profit entities shall see completion the work of independent audit and publish the audit opinion on the annual financial statements not later than 6 months from the end of the fiscal year if the enterprises or non-profit entities are in accordance with the conditions and criteria as stated in Prakas No. 563. MEF dated July 20, 2020 on the obligation to submit financial statements to an independent audit.

5. Enterprises or non-profit entities must have a Financial Reporting Identification Number (FIN) in order to be able to submit its annual financial statements to ACAR by using an online system (e-filing system). Enterprises or non-profit entities that do not yet have a financial reporting identification number from ACAR shall apply through the link and follow the online procedures.

6. Enterprises or non-profit entities shall submit a letter requesting a change of the FIN number to ACAR within 60 days before the due date and submit the financial statements if the enterprises or non-profit entities have changed its classification as enterprises or non-profit entities subjected to audit or as enterprises or non-profit entities not subjected to audit. Delay in requesting the change of the FIN number will result in delays in submitting financial statements to ACAR which is the subject of the implementation of transitional penalties.

8. Enterprises or non-profit entities shall appoint a representative to fulfill their accounting and audit obligations mandated by ACAR. The representative can be an employee of the enterprises or the non-profit entities or an accounting firm or an audit firm which have valid license from ACAR. All representatives must have a valid power of attorney from the owner of the enterprises or management of the non-profit entities. The owner of the enterprises and the management of the non-profit entities are fully responsible for the activities of their representatives.