IFRSs required for all companies in Mongolia
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.