ACAR: The Extension on Implementation of CIFRS 17 “Insurance Contracts” and CIFRS 9 “Financial Instruments” for the Insurance Company

March 28, 2023

Accounting and Auditing Regulators Decide to Postpone the Implementation of the International Financial Reporting Standards of Cambodia No. 17 (CIFRS 17), “Insurance Contracts” and No. 9 (CIFRS59) “Financial Instruments” for Insurance Companies in Cambodia until 31 December December 2024. Insurers who can apply both standards before the deadline are encouraged.

The insurer who accepts the deferral shall provide the following documents to the Accounting and Auditing Regulator:

  1. Detailed action plan for the implementation of CIFRS 17 “Insurance Contract” and CIFRS 9 “Financial Instruments” in early 2025 before the end of September 2023.
  2. Quarterly report on the progress of the implementation of the detailed action plan and to be presented to NCDD. Every 6 (six) months from September 30, 2023 onwards.

During the extension, insurers must continue to use the relevant International Financial Reporting Standards of Cambodia (CIFRS) in force.

Insurance Contracts” and CIFRS 9 Download here