• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
CAMBODIAN ACCOUNTING STANDARDS (CAS)
1 - CAS 1 :
Presentation of Financial Statements an Audit of Financial Statements
 2 - CAS 2 :
Inventories
 3 - CAS 7 :
Cash Flow Statements
4 - CAS 8 :
Net profit or loss for the period, fundamental errors and changes in accounting
 
policies
 5 - CAS 10 :
Events after the balance sheet date
 6 - CAS 12 :
Income Taxes
 7 - CAS 16 :
Property, Plant and Equipment
 8 - CAS 18 :
Revenue recognition
 9 - CAS 21 :
Foreign Currency
 10- CAS 24 :
Related party disclosures
 11- CAS 25 :
Accounting for Investments
 12- CAS 27 :
Related Party Disclosures
 13- CAS 30 :
Banks and Financial Institutions
 14- CAS 37 :
Provisions, Contingent Liabilities and Contingent Assets
 15- CAS 38 :
Intangible Assets
 
CAS1
Introduction 
This Cambodian Accounting Standard (“CAS 1”) sets out the fundamental requirements forpresentation of financial statements that are prepared in accordance with CambodianAccounting Standards. It is a requirement of Cambodian Law that financialstatements for all Accounting Entities (as defined in the Law) are to be prepared inaccordance with International Accounting Standards. Therefore, this CAS 1 includesall of the relevant paragraphs from the equivalent International Accounting Standard(“IAS 1”)background material and implementation guidance for Cambodia.This standard sets out the requirement that a complete set of financial statements shouldinclude a balance sheet, income statement, statement of changes in equity, cashflowstatement and notes. The standard also provides practical guidance regarding the keyassumptions of going concern, accrual, consistency and materiality.Financial statements presented in accordance with CAS should comply with the recognition,measurement, presentation and disclosure requirements of all applicable CAS. Theaccounting policies used should lead to relevant and reliable information. Wrong orinappropriate accounting treatments are not rectified either by disclosure of theaccounting policies used, or by notes or explanations (good disclosure cannot cure badaccounting).
 
4. This Standard describes the minimum requirements as to structure and content foreach of the primary financial statements. Comparative information should bedisclosed for all numerical information. Accounting policies used and information onthe enterprise should be disclosed.5. The Standard applies to all enterprises reporting in accordance with CAS, includingbanks and insurance companies. The minimum structures are designed to besufficiently flexible that they can be adapted for use by any enterprise. Banks, forexample, should be able to develop a presentation which complies with this Standardand the more detailed requirements in CAS 30, Disclosures in the FinancialStatements of Banks and Similar Financial Institutions.Objective 
The Cambodian Accounting Standards, which have been set in bold italic type, should be read in the context of the background material and implementation guidance in this Standard, and in the context of Cambodian Law which sets out the requirement for financial statements for all Accounting Entities (as defined in the Law) to be prepared in accordance with International Accounting Standards. The Standards are not intended to apply to immaterialitems.
The objective of this Standard is to prescribe the basis for presentation of general purposefinancial statements, in order to ensure comparability both with the enterprise’s own financialstatements of previous periods and with the financial statements of other enterprises. Toachieve this objective, this Standard sets out overall considerations for the presentation of financial statements, guidelines for their structure and minimum requirements for the contentof financial statements. The recognition, measurement and disclosure of specific transactionsand events is dealt with in other Cambodian Accounting Standards.
 
 
Scope 1. This Standard should be applied in the presentation of all general purpose financialstatements prepared and presented in accordance with International AccountingStandards.2. General purpose financial statements are those intended to meet the needs of userswho are not in a position to demand reports tailored to meet their specific informationneeds. General purpose financial statements include those that are presentedseparately or within another public document. This Standard applies equally to thefinancial statements of an individual enterprise and to consolidated financialstatements for a group of enterprises.3. This Standard applies to all types of enterprises including banks and insuranceenterprises. Additional requirements for banks and similar financial institutions,consistent with the requirements of this Standard, are set out in CAS 30, Disclosuresin the Financial Statements of Banks and Similar Financial Institutions.4. This Standard uses terminology that is suitable for an enterprise with a profitobjective. Public sector business enterprises may therefore apply the requirements of this Standard. Non-profit, government and other public sector enterprises seeking toapply this Standard may need to amend the descriptions used for certain line items inthe financial statements and for the financial statements themselves. Such enterprisesmay also present additional components of the financial statements.Purpose of Financial Statements 5. Financial statements are a structured financial representation of the financial positionof and the transactions undertaken by an enterprise. The objective of general purposefinancial statements is to provide information about the financial position,performance and cash flows of an enterprise that is useful to a wide range of users inmaking economic decisions. Financial statements also show the results of management’s stewardship of the resources entrusted to it. To meet this objective,financial statements provide information about an enterprise’s:(a) assets;(b) liabilities;(c) equity;(d) income and expenses, including gains and losses; and(e) cash flows.This information, along with other information in the notes to financial statements,assists users in predicting the enterprise’s future cash flows and in particular thetiming and certainty of the generation of cash and cash equivalents.Responsibility for Financial Statements 6. The board of directors and/or other governing body of an enterprise is responsible forthe preparation and presentation of its financial statements, as stated in the CambodiaLaw on Accounting.
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...