This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Mongolia

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.

Audit Law

The Audit Law states:

The following entities and organizations are required to have their financial statements certified by an audit firm.

  1. all shareholding companies that are listed on the stock exchange;
  2. a company that is requesting to be listed on the stock exchange;
  3. business entity having statutory fund amounts of 50 million Togrog or more (approximately US$40,000);
  4. a company that plans to sell all of its assets to public bidding;
  5. business entities and organizations with foreign investment unless otherwise stipulated in the laws and international treaties of Mongolia;
  6. fully or partially state owned entities;
  7. bank, financial, and insurance organizations;
  8. companies engaged in brokerage and dealer or running a business as an investment fund; and
  9. labor unions.

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.

Related news

  • IFRS Foundation translation update

  • Dec 03, 2011

  • The IFRS Foundation has announced the publication of additional translations of its pronouncements into Arabic, Spanish and Mongolian.

  • More than 70 jurisdictions apply ISAs

  • Jul 11, 2011

  • On June 30 2011, Prof. Arnold Schilder, the Chairman of the IAASB, delivered a speech on global progress in the use of the Clarified International Standards on Auditing (ISAs) at the 2011 annual conference on Accounting and Accountability for Regional Economic Growth in Latin America and the Caribbean (referred to as CReCER after its Spanish/Portuguese acronym).

  • A Driving Wind for IFRS from Asia-Oceania

  • Jun 08, 2011

  • The Asian-Oceanian Standard-Setters Group (AOSSG) has published today "A Vision Paper of the Asian-Oceanian Standard-Setters Group 2011 — A Driving Wind for IFRS from Asia-Oceania".

  • IFRSs required for all companies in Mongolia

  • Feb 16, 2009

  • We have created a new country page for the Republic of Mongolia and have updated our Table Reporting Use of IFRSs by Jurisdiction to reflect our understanding of the requirements in Mongolia, as follows:

All Related