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ANUKRET ON THE COMPOSITION AND FUNCTIONING OF THE NATIONAL ACCOUNTING COUNCIL

The Royal Government of Cambodia

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Seen the Constitution of the Kingdom of Cambodia; Seen the Royal Decree NS/RKT/1198/72 dated 30 November 1998 on the appointment of the • Royal Government;

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Seen the Law on the Organisation and Functioning of the Council of Ministers promulgated by the • Royal Decree No.2/NS/94 dated 20 July 1994;

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Seen the Law on the Establishment of the Ministry of Economy and Finance promulgated by the • Royal Decree NS/RKM/0196/18 dated 24 January 1996;

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Seen the Law on General Statutes for The Public Enterprises promulgated by the Royal Decree • CS/RKM/0696/03 dated 17 June 1996;

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Seen the Law on Corporate Accounts, Their Audit and The Accounting Profession promulgated by • the Royal Decree NS/RKM/0702/011 dated 8 July 2002; General Statutes for The Public Enterprises;

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Seen the Anukret No.41 ANKR.BK dated 6 August 1997 on the application of the Law on • Following the approval of the Council of Ministers in its plenary session dated 28 February, 2003 HEREBY DECIDES

CHAPTER 1 CHAPTER 2 GENERAL PROVISIONS COMPOSITION AND APPOINTMENT OF MEMBERS OF THE NATIONAL ACCOUNTING COUNCIL ORGANISATION AND FUNCTIONING OF THE NATIONAL ACCOUNTING COUNCIL FINAL PROVISIONS CHAPTER 3 CHAPTER 4 .

review and give its opinion on all draft laws and regulations which consist of provisions pertaining to the preparation of accounting work for all enterprises or economic activities. develop the conceptual framework and the Accounting Standards referred to in article 4 of the Law on corporate accounts .The purpose of this Anukret is to determine the composition and functioning of The National Accounting Council. the abbreviation of which is “NAC” or “CNC” (Conseil National de la Comptabilité) which is established under the auspices of the Ministry of Economy and Finance.The National Accounting Council is thereby mandated to: be a consultative body. . . propose measures for the improvement of accounting techniques.CHAPTER 1 GENERAL PROVISIONS Art 1. their audit and the accounting profession. be a representative of the Kingdom of Cambodia at international organisations’ forum and meetings and in debating on accounting. . Art 2.

Representatives of Ministries and Agencies shall be considered as resigning as soon as they discontinue their office within such Ministries and Agencies. members of the National Accounting Council are entitled to request. If in the course of such term a member is replaced for whatever reason. 5 . a representative of the Ministry of Commerce. . Art. Art. 4 .CHAPTER 2 COMPOSITION AND APPOINTMENT OF MEMBERS OF THE NATIONAL ACCOUNTING COUNCIL Art 3. . two representatives from the National Bank of Cambodia. at the majority of three-fourths. a representative of the Ministry of Justice. economics and finance as proposed by the Ministry of Education. taxation. three members of the Cambodian Institute of Certified Public Accountants and Auditors. that the Economy and Finance Minister excludes by Prakas one of their fellow members on the ground that he fails to attend the meetings of the National Accounting Council. vice-president and members of the National Accounting Council shall be appointed for a three-year term renewable upon Prakas of the Ministry Economy and Finance. his proxy shall be nominated for the remaining part of his appointment. an academic teaching accounting. Youth and Sports. In accordance with its internal regulations. shall be chosen among those with background in accounting with at least five years experience.The National Accounting Council shall have 13 members: three representatives of the Ministry of Economy and Finance. Representatives of Ministries and Agencies as stated above.The president. except the representative of the Ministry of Justice. two financial and accounting directors of companies as proposed by the Chamber of Commerce.

6 . the vice-president shall be automatically appointed as president. .The president and vice-president are chosen among the members of the National Accounting Council. The president and vice-president shall be appointed within the maximum period of one month following the date of their election. In case of durable prevention of the president. elected by secret ballot with absolute majority and meeting under the chairmanship of their oldest member. The president and vice-president shall also be liable to the exclusion procedure referred to in article 5. the vice-president shall replace the president in all his functions.Art. A new vice-president shall be chosen according to the procedure referred to in the first paragraph of this Article. In case of provisional prevention.

The members of such committees shall be representatives of ministers and of business circles appointed by the president upon proposal of the National Accounting Council. Agencies of the Kingdom and all public or private bodies.The president shall represent the National Accounting Council in its relationships with Ministries. He shall draw up the annual activity report of the National Accounting Council which shall be transmitted by the Economy and Finance Minister to the Royal Government within four months following the end of each calendar year. Resolutions are passed with a majority of half plus one vote of members present. accounting and auditing standards and guidelines shall be prepared as part of committees created at the initiative of the National Accounting Council. the Minister being responsible for the supervision of that sector shall be represented and his representative shall take part to the decision with a deliberative vote. the National Accounting Council shall strike a decision in the six-month period beginning with the date of referral to the Minister concerned. As regards opinions on draft laws and regulations. accounting and auditing standards and guidelines.The National Accounting Council shall meet at least three times a year under the chairmanship of the president and shall discuss on the drafts of exposures. he shall have a casting vote. 8 . conceptual framework. 9 . When the National Accounting Council discusses a draft law or regulation or a standard relating to an activity sector. the annual working programme and on the draft activity report. . The committees shall adopt at a simple majority of the persons present the drafts of exposures. accounting and auditing standards or guidelines. Art. conceptual framework. In case of equality of votes in a resolution.The drafts of exposures.CHAPTER 3 ORGANISATION AND FUNCTIONING OF THE NATIONAL ACCOUNTING COUNCIL Art. either national or international. The quorum required for the discussions to be valid shall be at least 9 members. the president shall have a casting vote. The decisions of the National Accounting Council shall be transmitted to the Economy and Finance Minister within a one-month period beginning with the date of the decisions. conceptual framework. 7 . The president shall convene and chair the meetings of the National Accounting Council. In case of equality of votes. Art.

Under the authority of the president. 11 .The National Accounting Council shall be provided with a secretariat led by a secretary created and appointed by Prakas of the Ministry of Economy and Finance after consultation with the National Accounting Council.The functions of secretary are exclusive of any other professional activity. the latter’s decision is taken at a simple majority of vote. Art. Art. 13 . of the preparation and follow-up of technical works and of any matter which he might be entrusted with by the president or the National Accounting Council. 10 .The budget of the National Accounting Council shall consist of: State budget. the secretary shall be responsible of the administrative management of the National Accounting Council. He shall attend the meetings of the National Accounting Council without being entitled to deliberate and vote. gifts and subsidies from public. The modes of remuneration of the secretary shall be set by Prakas of the Ministry of Economy and Finance.The internal regulations of the National Accounting Council as well as the organisation of the secretariat shall be set by Prakas of the Ministry of Economy and Finance taken upon proposal of the National Accounting Council adopted at the three-fourths majority of its members. . training sessions and conferences. Art. 14 .The modes of remuneration of the members of the National Accounting Council shall be set by Prakas of the Ministry of Economy and Finance. publications. Art. either public or private. proceeds from sales of copyrights.Art. national and international bodies. 12 .

this Monday of 03 March. State Secretaries and Agencies concerned are responsible for the enforcement of this Anukret from the date of its signature. the Economy and Finance Minister. 2003 The Prime Minister Hun Sen CC: Ministry of The Royal Palace Cabinet of the Senate Cabinet of the National Assembly National Audit Authority Cabinet of the Prime Minister As stated in Article 15 Documents / Archives . Ministers.The Cabinet Minister. Dated in Phnom Penh.CHAPTER 4 FINAL PROVISIONS Art. 15 .