IFRSs required for all companies in Mongolia

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16 Feb 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:

  • Accounting standards. Mongolian Accounting Law requires that any business entity or organisation operating within Mongolia, including both for-profit and non-profit entities, SMEs, and state-owned entities to publish financial statements that are prepared in accordance with IFRSs.
  • Auditing. The Audit Law requires the financial statements of the following types of entities to be independently audited: entities that are listed or planning a listing; unlisted with capital exceeding appoximately US$40,000; foreign-invested; wholly or partly state owned; and financial institutions including banks, insurers, broker/dealers, and investemnt funds. Auditing standards are established by the Audit Committee of Mongolian Institute of Certified Public Accountants.
Click for our Mongolia page and our Table Reporting Use of IFRSs by Jurisdiction.

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