- National Professional Organisation Website: Mongolian Institute of Certified Public Accountants
- World Bank ROSC Accounting and Auditing Report
- Response to IFAC Member Body Survey on Standard Setting and Regulation
- Participant in the Asian-Oceanian Standard-Setters Group (AOSSG)
Financial Reporting Framework in Mongolia
Mongolian Accounting Law
Article 4. Accounting Principles
4.1. The following principles shall be adhered to the accounting of business entity and organization:
4.1.1. The financial statements of a business entity and organization shall be in conformity with the international accounting standards.
Article 10. Composition of Financial Statements
10.1 The business entity or organization shall prepare financial statements in accordance with the International Accounting Standards.
Click here for the Accounting Law in English on the MoniCPA website.
The World Bank ROSC Report for Mongolia
Accounting and Financial Reporting Framework
The Accounting Law governs accounting in Mongolia. The Mongolian Parliament passed the first Accounting Law in 1993 with subsequent amendments in 2002, 2003, and 2006. Mongolia has also adopted IFRS. The Accounting Law requires all for-profit and non-profit entities, including small and medium enterprises (SME), state-owned enterprises (SOE), and other entities to prepare financial statements in full compliance with IFRS.
The Audit Law states:
The following entities and organizations are required to have their financial statements certified by an audit firm.
Click here for the Audit Law in English on the MoniCPA website.
Auditing standards are established by the Audit Committee of Mongolian Institute of Certified Public Accountants.