Gov’t seeks standardised

The Ministry of Economy and Finance says it is preparing simplified and standardised accounting procedures, targeted specifically at strengthening the books of small- and medium-size Cambodian businesses, although the release date has not been specified. The ministry is developing new forms that are intended to make bookkeeping more stream-lined for small businesses, improve tax collection efforts for the government and make it easier for lending institutions to evaluate loans. Ngy Tayi, secretary of state at the ministry and head of the National Accounting Council, said that while Cambodia has had accounting standards for about a decade, few small businesses actually fill out the current forms. Tayi said that owners will only need up to six months informal training to be able to fill out the new reports. “It is a key part of developing the Cambodian economy, because small and medium enterprises share a large percentage of the country’s accelerating economic growth,” he said, adding that SMEs will be able to save money on accounting services. “It will be easier for them to declare their taxes to the government and access loans from any banks.” According to the 2011 Cambodian Economic Census, Cambodia has more than 500,000 SMEs operating in the country, a figure that represents 99 per cent of all businesses and an estimated 1.67 million jobs.