Premium Essay

Cambodia Accounting


Submitted By daloem
Words 17152
Pages 69

ACCOUNTING AND AUDITING May 15, 2007 Contents Executive Summary Preface Abbreviations and Acronyms I. Introduction II. Institutional Framework III. Accounting Standards as Designed and as Practiced IV. Auditing Standards as Designed and as Practiced V. Perception of the Quality of Financial Reporting VI. Policy Recommendations EXECUTIVE SUMMARY
This report provides an assessment of accounting and auditing practices within the corporate sector in Cambodia with reference to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the Cambodia’s institutional framework and capacity needed to ensure the quality of corporate financial reporting Cambodia is putting in place an institutional framework with regard to accounting, auditing, and financial reporting practices. However, institutional weaknesses in regulation, compliance, and enforcement of standards and rules still exist. The accounting and auditing statutory framework suffers from inconsistencies among different laws. Although the national accounting standards and auditing standards are based on IFRS, and ISA, respectively, they appear outmoded and have gaps in comparison with the international equivalents. There are varying compliance gaps in both accounting and auditing practices. These gaps could primarily stem from lack of clearer understanding by professional accountants, inadequate technical capacities of the regulators, absence of implementation guidance, lack of independent oversight of the auditing profession, and shortcomings in professional education and training. There is little awareness of the

Similar Documents

Free Essay

China and Cambodia: Patron and Client?

...Gerald R. Ford School of Public Policy University of Michigan IPC Working Paper Series Number 121 CHINA AND CAMBODIA: PATRON AND CLIENT? John D. Ciorciari June 14, 2013 1 CHINA AND CAMBODIA: PATRON AND CLIENT? By John D. Ciorciari * International Policy Center Working Paper No. 121 Gerald R. Ford School of Public Policy, University of Michigan June 14, 2013 Abstract In recent years, Cambodia has become one of China’s closest international partners and diplomatic allies. Cambodia’s recent support for China during multilateral talks on the South China Sea has demonstrated the strength of the partnership and led some critics to depict Cambodia as a Chinese “client state.” This paper examines the extent to which that label is valid. In its ideal form, a patron-client relationship entails an asymmetric exchange of benefits, typically including material support and protection from the stronger state and a degree of deference and political support from its weaker partner. This deference, which reduces the weaker state’s autonomy and often generates political backlash, is what makes governments reluctant to embrace client state status. This paper argues that the Sino-Cambodian relationship has strengthened largely because China has offered Cambodia’s governing elites a favorable bargain, providing extensive economic and political benefits without demanding costly forms of political fealty in return. That has begun to change, however. Cambodia’s governing elites have...

Words: 13509 - Pages: 55

Premium Essay

Inter Business

...ASEAN COMMUNITY IN FIGURES Vision One Vision One Identity One Community ASEAN COMMUNITY IN FIGURES The Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967. The Member States of the Association are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam. The ASEAN Secretariat is based in Jakarta, Indonesia. For inquiries, contact: The ASEAN Secretariat Public Outreach and Civil Society Division 70A Jalan Sisingamangaraja Jakarta 12110 Indonesia Phone : (62 21) 724-3372, 726-2991 Fax : (62 21) 739-8234, 724-3504 E-mail : General information on ASEAN appears online at the ASEAN Website: Catalogue-in-Publication Data ASEAN Community in Figures 2011 (ACIF 2011) Jakarta: ASEAN Secretariat, April 2012 315.95 1. Statistics – ASEAN 2. Economics - Social - Environment ISBN 978-602-8411-81-3 The text of this publication may be freely quoted or reprinted with proper acknowledgement. Copyright Association of Southeast Asian Nations (ASEAN) 2011 All rights reserved FOREWORD ASEAN Community in Figures (ACIF) 2011 is the fourth in a series of annual publications by the ASEAN Secretariat focusing on key economic and social developments in individual ASEAN Member States and in the ASEAN Community as a whole. The pocket-sized ACIF is intended as a handy reference on selected and most recent economic and social indicators. It contains more than 50 tables and...

Words: 18508 - Pages: 75

Premium Essay

Contraversy About Loung Ung

...“Murder! You deserve to die a slow, painful death” (205). One must think that whoever muttered these words must have been stripped of their sanity, but in First they Killed my Father, by Loung Ung, loss of sanity is anything but out of place. After, Loung Ung like many other Cambodians, and her family were forced to leave their homes to go work in the rice fields for little food, to support the war against the Youns. This memoir consists of the terrors she went through as a five year old, until she left for U.S.A as an eight-year old. However, many people question Loung on her credibility and reliability. In this paper we will examine the controversy of whether Loung is worthy of one's trust. There are those who believe that Loung has both reliability and credibility; for she has gone through the genocide and saw many of the horrors that the Khmer Rouge brought unto her people. After Loung had strangles a girl through anger, she was transferred to a child’s labor camp. In this camp, on her “First night at camp the two groups gather around a roaring bonfire and listen to the latest propaganda” (205). This is reliable because there are other stories similar to these. There other articles that back this up, this is verifiable. Then there is when Lounge Ung proves her credibility. One day, when she is living with the Youns,"I watch without the old woman slowly walks to him up to him, hammer in hand...and brings it crashing down into the prisoners head" (206)...

Words: 663 - Pages: 3

Premium Essay

Planning a Trip: Domestic Travel Arrangements

...Before arriving in Asia, Susanne and I put together a basic itinerary for travel in and around Thailand, Laos, Cambodia and Vietnam. Our plans had us spending time in both Thailand and Laos, plus a brief four or five day visit to either Cambodia or Vietnam. Our first choice was Cambodia, for we both wanted to visit the ruins of Angkor and Phnom Penh. Because of safety concerns, though, we agreed to plan an alternate trip to northern Vietnam, visiting Hanoi and Halong Bay. We wouldn't make the final decision as to which side trip we would take until right before our arrival in Bangkok, which meant we wouldn't buy our airline tickets within Southeast Asia until we got there. It's usually pretty easy to get on one of the many flights scheduled across Southeast Asia, but just in case, I made contact with a Bangkok travel agency, MK Ways, in order to get the latest flight schedules. MK Ways reserved us on multiple flight options, which allowed us to make our final decision in Bangkok. Some people might prefer to have an exact itinerary far in advance, but our method worked out very well for us. I think it's also wise to keep your options open when traveling in Asia - flights are often canceled or changed, which could throw off your entire schedule. Plan enough time between stops to allow for such problems, and when these problems do occur, remember: go with the flow. It's no big deal, and there's no use getting worked up over being stranded for six hours in some strange place. It's...

Words: 273 - Pages: 2

Free Essay

Beyond Borders

...Lisa Eichholz Dr. Hilary Harris English 096-10 November 10, 2011 Beyond Borders Recently there has been a dramatic increase of refugees, estimating 11 million today which is up from the 3 million that was recorded in the mid-1970s ( Founded in 1919, the International Federation of Red Cross and Red Crescent Societies (IFRC) is now the largest humanitarian organization. In 1965 the IFRC proclaimed the Seven Fundamental Principles of Humanitarianism. The principle of humanity, the principle of impartiality, the principle of neutrality, the principle of independence , the principle of voluntary, the principle of Unity, and lastly the principle of Universality. The film Beyond Borders follows Sarah Bauford (Angelina Jolie), Nick Callahan (Clive Owen), and a small group of aid relief volunteers working throughout a few of the world’s most volatile areas. This films greatest lesson is showing the existing needs of many people and how there are few who are there to help and trying to make a difference. This film exemplifies the most important of the principles of humanitarianism in a very complex way. In the film many of the characters exemplify the principle of humanity in both positive and negative ways. The principle states that the movements goal is to “prevent and alleviate human suffering” by promoting “understanding, friendship, cooperation, and lasting peace.” At the beginning of the film Nick Callahan storms into the aid relief international’s black...

Words: 948 - Pages: 4

Free Essay

Ten Million

...view in the morning when we would wake up, seeing the sun rise over those African island mountains. Perhaps I could purchase a pet lemur to sit on my shoulder as I venture through the wilderness of Madagascar. Then my team would have to have a canoe safari on the Manambolo River. Without life jackets we would brave the white water rapids and explore the Gorge of Bemaraha, with its steep rocks and grottos. The beauty and sheer wonder of this unspoiled tropical island make Madagascar the perfect place to begin my worldly adventures. Next the team would fly to Cambodia, to see the unexplored and exotic destinations it holds hidden in the jungles. We would bushwhack through the rugged jungles and find ancient and remote temples. Our days would be spent hiking through the lush vegetation in search of the exceptional secluded tribes of native jungle peoples and natural and manmade wonders. In Cambodia I would ride an elephant to the temple complex of Angor. My crew and I would maneuver the flooded forests of the Mekong, and see rare fresh water dolphins in remote jungle streams. We would snorkel in the pristine locations on the Cambodian coast and off secluded islands off Cambodia’s coast. We would enjoy...

Words: 635 - Pages: 3

Premium Essay

Consider the Different Communities to Which You Belong: 1. What Is the Geopolitical Community in You Live? Why Is It Geopolitical? 2. What Is a Phenomenological Community to Which You Belong? Why Is It a

...A geopolitical community is a community that is defined by a specific boundary such as rivers, mountain or highways or jurisdictional boundaries which can be politically or geographically influenced. I live in St. Petersburg, FL and is bordered by three bodies of water, the Old Tampa Bay, Middle Tampa Bay, and Lower Tampa Bay, all of which form the Tampa Bay. Statistical and epidemiological studies are frequently based on date from specific geopolitical areas (Maurer & Smith, 2013). This is my geopolitical community because it is a geographical location. I may or may not have anything in common with my geopolitical community beside the location of home. My children do not go to the same school as the kids in the neighborhood. My husband and I work in another area. Our recreational activities usually takes place in other communities. Per Maurer & Smith (2013), the community one belongs to does not necessarily have to be the geographical location, but a community in terms of the members' feeling of belonging or sense of membership. This is a referred to as a phenomenological community. The phenomenological community does not automatically share a geographical location as does the geopolitical community. This type of community is a group of people who have shared similar values, interests, beliefs and goals. Examples of phenomenological communities include religious groups, social groups or profession. My phenomenological communities is my nursing organization, co-workers...

Words: 490 - Pages: 2

Free Essay

Thai Women

...In Mary Beth Mills’ book, “Thai Women in the Global Labor Force” explains to the reader her explanation of her fieldwork in Thailand. There is a lot of evidence that she has been proven to me throughout her reading in chapter one that I had no I idea about and things that I do not agree with. I understand other countries outside of the United States don’t have the freedom we are lucky to have as Americans, but women are not treated the way that they are supposed to be. I believe strongly in inequality under any circumstance. Modernity is a big topic throughout this chapter. I had no idea what is was until I starting reading Mills’ book. Modernity is the movement throughout America to stay up with all the trends and the new popular product. According to Mills, “progress, growth, and advancement” (Page 13) is what she has broken it down to for a better understanding of modernity. The Thai women are making and producing products for Americans to buy to be “up-to-date” says Mills. American trends come and go. From new different styles to taking it back to the 70s and 80s with high wasted shorts and bright colors, other countries like Mexico, China, Thailand, ect are always producing modernity. There is always something changing within America for companies to make more money and create new things that is being brought in and produced from outside of America in factories full of women making the products. Within Thailand modernity, women are fad upon how someone views them as a person...

Words: 732 - Pages: 3

Free Essay


...Civil War of 1967-1970. Few nations around the world knew about the conditions of civilians in that war, therefore France set a team of French Doctors who collaborated with the French Red Cross to work in hospitals in Nigeria. The doctors then witnessed all the atrocities in that war and therefore decided that a new organization must be formed which that would ignore political/religious boundaries and prioritize the welfare of victims. Doctors without borders has operated humanitarian missions the following countries: Nicaragua – The organization provided relief work and medical support to earthquake victims in the year 1972. Honduras – Deployed in 1974 to provide humanitarian aid in the aftermath of Hurricane Fifi Vietnam, Thailand, Cambodia during the Vietnam War when millions of Cambodians migrated to Thailand to avoid mass killings between 1975 and 1979. Lebanon – During the Lebanese Civil War (1976-1984) Doctors without borders treated Christians and Muslims soldiers alike and helping whichever...

Words: 525 - Pages: 3

Premium Essay

English 101

...Vietnam War Notes · The U.S got involved in Vietnam becuase Vietnam had become communist and at the time the U.S was fighting a war against the spread of communist. The domino theory. · Vietnam had been colonized by France before WW2, but was defeated when they tried to come back after WW2. Vietnam was under going a civle war to decided to be a communist country or not. The civle war divied the country into south and north. The U.S in fear of the domino theory step in and supported the south in the fight against communist. · In the Gulf of Tokin a few U.S ship claimed to be fired apon by the Viet Cong. Once this happened the Prisendent decided to start bombing raids on the north. Not long after we invaded. · Some of the most horriable weapons were used during the Vietnam War, weapons like napom, white phospagen and agent orange, these weapons had huge lasting impact not only on the people but the ecosystem in Vietnam was destroyed and by pisioning the ecosystem and messing with water that people drank, many kids were born with birth defects. · Nixon was eleted President in 1968, his slogan was "Peace in honor." Nixon increase bombing raids and also invaded Cambodian. · The CIA were doing operation like operation Phonix which was designed for soldiers to go into villages in Vienam and kill the silvians in the village because the CIA thought they were helping the Viet Cong. The orders were to kill anything that moved. · The Tet Offensive was a huge operation run by the...

Words: 437 - Pages: 2

Premium Essay

Shock and Anger in Cambodian Village Struck with H.I.V.

...Topico, Marie Fides DC. Journal No. 1 I googled “Cambodia current issues and news” and I found this one article from The New York Times. It is entitled “Shock and Anger in Cambodian Village Struck with H.I.V.”. It was written by Thomas Fuller and posted last January 19, 2015. The article talks about Roka, a village in western Cambodia, where more than 200 villagers were tested positive for HIV the past month. It was said that an unlicensed doctor was the reason for this outbreak. The doctor, according to the Cambodian authorities, reused syringes and other medical equipment that caused the fast spread of the infection. Children from a primary school up to elderly aged 80+ were infected. Yem Chrin, the suspected village medical practitioner, was charged last month (from the date of the published article) ‘with aggravated murder, intentionally spreading HIV and practicing without license’. According to his daughter, Mr. Chrin trained and practiced as a nurse in a refugee camp during the convulsive years after the fall of the Khmer Rouge in 1979.’ Many were shocked and angry about their medical results. Some were worried that they may be accused of having affairs with men or women besides their husbands and wives. Some were worried that they may die at an early age. But surprisingly, there were also people who still believe that...

Words: 457 - Pages: 2

Free Essay

Songkran Festival in Thailand

...VoiceThread #: Script and Annotated Bibliography Script Slide 1 Image Description: A geographical map of Thailand, national flag, and Songkran Festival poster. Narration: Today is April 13th and it is the date when Songkran festival starts in my home country Thailand. Songkran festival is held to celebrate traditional Thai New Year’s Day and it is known as the biggest, longest and most important event of the year in my country. The main point of this festival is to bring unity in family and community, making merit, and sharing religious rituals which will bring fortune throughout the year. Slide 2 Image Description: A picture of making merits by offering food and giving alms to monks. Narration: First thing to do during the festival, my family decided to visit Wat, which is the sacred temple, to make merits. Making merit to visit the temple is an important part of Songkran because in Thailand, as well as my family, nearly 95% of them are Theravada Buddhists. It is believed that Buddhism is first introduced during the reign of Ashoka who is a famous Indian King when he sent missionaries far in Asia. When my family arrived in the temple, we first sat silent listening to Dhamma talk and observing the precepts. When we are done with it, in part of making merits, we offered foods and alms to the monks. Slide 3 Image Description: A picture of Buddhism religious ritual by pouring fragrant water to Buddha statue. Narration: In the afternoon, we approached to one of the...

Words: 1039 - Pages: 5

Free Essay

The Impact of Aec on Vietnam Employment

...2015 is an expected year for Vietnamese people and for ASEAN community in general as The ASEAN Economic Community (AEC) is founded in this year. AEC shall promote the ties of ASEAN members and also expand the route to globalization of many developing countries. Besides the immense advantages AEC offers, there are undeniably threats and issues that face ASEAN members, Vietnam is not the exception. Many researchers concern AEC may have substantial consequences on Vietnam economy, especially employment Of all the key characteristics AEC visualizes, Vietnamese economic researchers emphasize the most on the integration from region to global economy, which means free labor trade among ASEAN members. This feature at first may seem to satisfy an amount of workers preferring a chance to work overseas, but the threats it offers should be seriously considered. The International Labor Organization announced productivity of Vietnam is among the lowest in the region. They demonstrate the result with valid statistics: Singaporean productivity is approximately eighteen times and Thailand productivity is three times higher than Vietnamese. This appalling outcome has proved the concerns are reasonable, and that Vietnamese people probably can’t utilize this chance to develop the labor. The fact that AEC takes place means there are more jobs offered by foreign companies. But if Vietnamese people can’t meet the standard qualifications those firms demand, it is obviously that high positions with...

Words: 338 - Pages: 2

Premium Essay

The Cambodian Genocide: Pol Pot And The Khmer Rouge

...of Khmer Rouge party leader Pol Pot to nationalize and centralize the peasant farming society of Cambodia virtually overnight” (Krkljes). The Khmer Rouge communist connections allowed the killing of government officials to feel justified because the peasants of Cambodia wanted change and Pol Pot was creating a new era for the farmers. The Khmer Rouge was also the offshoot of the socialist People’s Army of Vietnam (Why the World). Since the Khmer Rouge was an offshoot of the People’s Army the United States was focusing on Vietnam rather than sending in troops to force the Khmer Rouge out of Cambodia. Pol Pot’s intentions were not great, but it allowed the peasants of Cambodia to have a government more geared towards...

Words: 722 - Pages: 3

Premium Essay

Bangladesh Genocide And Holocaust Similarities

...The Holocaust was a mad murder of Jews under the German Nazi rule during 1933-45. The Bangladesh genocide was the deliberate and systematic destruction, in a whole or in a part, of an ethnic, racial, religious, or national group. The Holocaust and Bangladesh genocide are similar and different. The Holocaust and Bangladesh genocide are similar and different in three different ways; lives lost, ethnic identities, and the effect it had after. The Holocaust started on January 30th, 1933 and ended May 8th, 1945. The Nazi were the ones responsible for this tragedy. The victims of these concentration camps were, Jews, slaves, ethnic poles of color, disabled or mentally ill, homosexuals, Jehovah's witnesses, and Spanish republicans. Anyone who was...

Words: 636 - Pages: 3