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With the deadline of the annual compliance obligations fast approaching, it is now time for all enterprises/companies to pay attention to certain annual compliance requirements for the year 2021/2022.

IFRS 17 heralds a new era of accounting for insurance contracts because it sets out principles-based requirements that aim to improve the comparability of the measurement and presentation of insurance contracts across entities reporting in jurisdictions applying International Financial Reporting Standards (IFRS).

Doing Business in Cambodia 2021

Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements.

The General Department of Taxation (“GDT”) has issued Notification no. 7175 GDT dated 16 April 2021 to extend the deadline for the submission of monthly tax return and the payment of any tax due for the month of March 2021.

The 2021 edition of the publication has been updated for changes to International Financial Reporting Standards (IFRS) that were published between 1 January 2020 and 31 December 2020.

The International Accounting Standards Board (IASB) has issued ‘Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)’, an extension to the practical expedient period in the amendments to IFRS 16 ‘Leases’ made last year. This extension is for one year, so the application period now extends until 30 June 2022

IFRS Alerts The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards (IFRIC) or amendments to existing IFRS Standards. In response to these, the global IFRS team publishes IFRS Alerts on these changes (and other issues relevant to IFRS) as they are announced so that you can keep up to date.

On 19 January 2021, the General Department of Taxation (“GDT”) issued Notification no. 1005 GDT to determine the market interest rate for loans in 2020 for the purpose of implementing obligations to withhold tax on fringe benefits on loans to employees. Under this notification, the following market interest rate for loans in 2020 were determined based on the average annual interest rate of 8 (eight) big local commercial banks:

On 12 January 2021, the Ministry of Economy and Finance (“MEF”) issued Prakas no. 009 MEF.Pr.K, on the classification of taxpayers under self-assessment regime. This prakas (directive) aims to replace Prakas no. 025 on the amendment of classifications of taxpayers under the self-assessment regime dated 24 January 2018. Below is a summary of Prakas no. 009 MEF.Pr.K:

On the implementation of the instruction of the Royal Government of Cambodia (round 7) on additional measures in order to continue managing impacts on key sectors of the economy in the context of the operation to restore and stimulate Cambodia’s economic growth after the crisis of covid-19 and the provision of unified services to taxpayers.

Tax alert No.26892 GDT

The member firms within Grant Thornton International Ltd (GTIL) have extensive expertise in the application of IFRS. GTIL, through its IFRS team, develops guidance that supports its member firms’ commitment to high quality, consistent application of IFRS and is pleased to share these insights by publishing ‘Example Interim Consolidated Financial Statements 2020'.

The retail industry is currently in a period of disruption unique in its scale and severity. The global outbreak of COVID-19 has impacted parts of the industry in different ways. While businesses in the grocery sector grapple with supply chain issues, those selling consumer goods and apparel have been challenged by store closures and rapid growth of online sales.

Professional services firms will have no doubt conducted numerous surveys among employees in recent months to gauge wants and expectations post-COVID. For most, the message has been resounding…

Tax on capital gain