Mongolia : Accounting and Auditing
This report provides an assessment of corporate sector accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Mongolia. For purposes of this report, the corporate sector includes all...
| Main Author: | |
|---|---|
| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English |
| Published: |
Washington, DC
2012
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2008/03/10038412/mongolia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8055 |
| id |
okr-10986-8055 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO CREDIT ACCESS TO INFORMATION ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING EXAMINATIONS ACCOUNTING FIRM ACCOUNTING RECORDS ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACCOUNTS ACCRUAL ACCOUNTING ACCURATE INFORMATION ANNUAL INCOME ASSESSMENT OF RISK AUDIT ENGAGEMENTS AUDIT REPORTS AUDIT TRAILS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PRINCIPLES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS AUTONOMY BALANCE SHEET BANK ACCOUNTS BANK GUARANTEES BANK LENDING BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKS BOOK VALUE BORROWER BUSINESS CLIMATE BUSINESS COMMUNITY CAPITAL BASE CAPITAL MARKET CASH FLOW CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CLEARINGHOUSES COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES CONFIRMATIONS CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONTRACTORS COOPERATIVES COST ACCOUNTING CREDITS CURRENT ASSETS CURRENT PROGRAM CURRICULUMS DEBT DEBTOR DEBTORS DEBTS DEPRECIATION DEVELOPMENT BANK DIRECT INVESTMENT EDUCATION PROGRAMS EDUCATION STANDARDS ENTREPRENEURSHIP EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXTERNAL AUDITORS FINANCIAL ACCOUNTING FINANCIAL COMMUNITY FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL LOSSES FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENTS FIXED ASSET FOREIGN INVESTMENTS GOOD PRACTICE GOOD PRACTICES INCOME INCOME TAXES INFLATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE ASSETS INTEREST RATES INTERNAL AUDITORS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY INVESTMENT CLIMATE LARGE COMPANIES LARGE ENTERPRISES LAWS LEGAL ADVICE LEGAL FRAMEWORK LEGISLATION LENDER LENDERS LIABILITY LIFETIME LOAN LOAN DISBURSEMENT LOCAL GOVERNMENT MACROECONOMIC STABILITY MAINTENANCE COST MAINTENANCE COSTS MANDATES MARKET ECONOMY MARKET PARTICIPANTS MEDIUM ENTERPRISES MINORITY SHAREHOLDER MINORITY SHAREHOLDERS PARENT COMPANIES PARENT COMPANY PENALTIES PRIVATIZATION PRODUCTIVITY PRUDENTIAL REQUIREMENTS PUBLIC CONFIDENCE QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY FRAMEWORK RESPONSIBILITIES RISK ASSESSMENT SAVINGS SECURITIES SENIOR SHARE CAPITAL SOCIAL INSURANCE STAKEHOLDER STAKEHOLDERS STATISTICAL ANALYSIS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY SUPERVISORY AGENCIES TAX LAW TAX PREPARATION TAXATION TOTAL COST TRAINING COURSES TRAINING PROGRAMS WAGES WORK EXPERIENCE WORLD MARKET |
| spellingShingle |
ACCESS TO CREDIT ACCESS TO INFORMATION ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING EXAMINATIONS ACCOUNTING FIRM ACCOUNTING RECORDS ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACCOUNTS ACCRUAL ACCOUNTING ACCURATE INFORMATION ANNUAL INCOME ASSESSMENT OF RISK AUDIT ENGAGEMENTS AUDIT REPORTS AUDIT TRAILS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PRINCIPLES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS AUTONOMY BALANCE SHEET BANK ACCOUNTS BANK GUARANTEES BANK LENDING BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKS BOOK VALUE BORROWER BUSINESS CLIMATE BUSINESS COMMUNITY CAPITAL BASE CAPITAL MARKET CASH FLOW CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CLEARINGHOUSES COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES CONFIRMATIONS CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONTRACTORS COOPERATIVES COST ACCOUNTING CREDITS CURRENT ASSETS CURRENT PROGRAM CURRICULUMS DEBT DEBTOR DEBTORS DEBTS DEPRECIATION DEVELOPMENT BANK DIRECT INVESTMENT EDUCATION PROGRAMS EDUCATION STANDARDS ENTREPRENEURSHIP EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXTERNAL AUDITORS FINANCIAL ACCOUNTING FINANCIAL COMMUNITY FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL LOSSES FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENTS FIXED ASSET FOREIGN INVESTMENTS GOOD PRACTICE GOOD PRACTICES INCOME INCOME TAXES INFLATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE ASSETS INTEREST RATES INTERNAL AUDITORS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY INVESTMENT CLIMATE LARGE COMPANIES LARGE ENTERPRISES LAWS LEGAL ADVICE LEGAL FRAMEWORK LEGISLATION LENDER LENDERS LIABILITY LIFETIME LOAN LOAN DISBURSEMENT LOCAL GOVERNMENT MACROECONOMIC STABILITY MAINTENANCE COST MAINTENANCE COSTS MANDATES MARKET ECONOMY MARKET PARTICIPANTS MEDIUM ENTERPRISES MINORITY SHAREHOLDER MINORITY SHAREHOLDERS PARENT COMPANIES PARENT COMPANY PENALTIES PRIVATIZATION PRODUCTIVITY PRUDENTIAL REQUIREMENTS PUBLIC CONFIDENCE QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY FRAMEWORK RESPONSIBILITIES RISK ASSESSMENT SAVINGS SECURITIES SENIOR SHARE CAPITAL SOCIAL INSURANCE STAKEHOLDER STAKEHOLDERS STATISTICAL ANALYSIS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY SUPERVISORY AGENCIES TAX LAW TAX PREPARATION TAXATION TOTAL COST TRAINING COURSES TRAINING PROGRAMS WAGES WORK EXPERIENCE WORLD MARKET World Bank Mongolia : Accounting and Auditing |
| geographic_facet |
East Asia and Pacific Mongolia |
| description |
This report provides an assessment of
corporate sector accounting, financial reporting, and
auditing requirements and practices within the enterprise
and financial sectors in Mongolia. For purposes of this
report, the corporate sector includes all private sector and
state-owned enterprises. The report uses International
Financial Reporting Standards (IFRS) and International
Standards on Auditing (ISA) as benchmarks and draws on
international experience and good practices in the field of
accounting and audit regulation to evaluate institutional
capacity and make policy recommendations. Since 1993, the
World Bank and other development partners of Mongolia have
provided financial and technical support to help Mongolia
develop a legal framework, facilitate accounting education
and adoption of IFRS and ISA by enterprises, constitute a
new professional body, establish the examination of
certified public accountants, and strengthen accounting and
auditing in both public and private sectors. As a result,
Mongolia has made significant changes from the old
accounting for planned economic system to a new
market-oriented accounting system that follows international
good practices. All key economic sectors in Mongolia rely on
high-quality financial information, which requires
high-quality private sector accounting and auditing.
Reforms, liberalization, and deregulation to further enhance
the Mongolian business environment must be supported by
enhanced financial transparency and improved accounting and
auditing practices. Increased levels of both foreign direct
investment and domestic investment demand higher-quality
financial information consistent with international
standards. Continuing the strengthening and development of
financial reporting, accounting and auditing, and the
regulatory framework that governs them, will bring benefits
to Mongolia and its citizens. In this context, this report
sets out policy recommendations to enhance the quality of
corporate financial reporting and foster a financial
reporting platform conducive to sustainable private and
financial sector growth, thus increasing access to global
financial markets and other tools of the market economy. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Mongolia : Accounting and Auditing |
| title_short |
Mongolia : Accounting and Auditing |
| title_full |
Mongolia : Accounting and Auditing |
| title_fullStr |
Mongolia : Accounting and Auditing |
| title_full_unstemmed |
Mongolia : Accounting and Auditing |
| title_sort |
mongolia : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/03/10038412/mongolia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8055 |
| _version_ |
1764402900409253888 |
| spelling |
okr-10986-80552021-04-23T14:02:35Z Mongolia : Accounting and Auditing World Bank ACCESS TO CREDIT ACCESS TO INFORMATION ACCOUNT ACCOUNTABILITY ACCOUNTANCY ACCOUNTING ACCOUNTING CURRICULA ACCOUNTING CURRICULUM ACCOUNTING EXAMINATIONS ACCOUNTING FIRM ACCOUNTING RECORDS ACCOUNTING SERVICES ACCOUNTING STANDARDS ACCOUNTING SYSTEMS ACCOUNTS ACCRUAL ACCOUNTING ACCURATE INFORMATION ANNUAL INCOME ASSESSMENT OF RISK AUDIT ENGAGEMENTS AUDIT REPORTS AUDIT TRAILS AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PRINCIPLES AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS AUTONOMY BALANCE SHEET BANK ACCOUNTS BANK GUARANTEES BANK LENDING BANKING LAW BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BANKRUPTCY BANKS BOOK VALUE BORROWER BUSINESS CLIMATE BUSINESS COMMUNITY CAPITAL BASE CAPITAL MARKET CASH FLOW CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CLEARINGHOUSES COLLATERAL COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES CONFIRMATIONS CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CONTRACTORS COOPERATIVES COST ACCOUNTING CREDITS CURRENT ASSETS CURRENT PROGRAM CURRICULUMS DEBT DEBTOR DEBTORS DEBTS DEPRECIATION DEVELOPMENT BANK DIRECT INVESTMENT EDUCATION PROGRAMS EDUCATION STANDARDS ENTREPRENEURSHIP EXCHANGE RATE EXCHANGE RATES EXPENDITURES EXTERNAL AUDITORS FINANCIAL ACCOUNTING FINANCIAL COMMUNITY FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL LOSSES FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL PERFORMANCE FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FINANCIAL REPORTS FINANCIAL RESOURCES FINANCIAL SECTOR FINANCIAL SECTORS FINANCIAL STATEMENTS FIXED ASSET FOREIGN INVESTMENTS GOOD PRACTICE GOOD PRACTICES INCOME INCOME TAXES INFLATION INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTANGIBLE ASSETS INTEREST RATES INTERNAL AUDITORS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVENTORY INVESTMENT CLIMATE LARGE COMPANIES LARGE ENTERPRISES LAWS LEGAL ADVICE LEGAL FRAMEWORK LEGISLATION LENDER LENDERS LIABILITY LIFETIME LOAN LOAN DISBURSEMENT LOCAL GOVERNMENT MACROECONOMIC STABILITY MAINTENANCE COST MAINTENANCE COSTS MANDATES MARKET ECONOMY MARKET PARTICIPANTS MEDIUM ENTERPRISES MINORITY SHAREHOLDER MINORITY SHAREHOLDERS PARENT COMPANIES PARENT COMPANY PENALTIES PRIVATIZATION PRODUCTIVITY PRUDENTIAL REQUIREMENTS PUBLIC CONFIDENCE QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY FRAMEWORK RESPONSIBILITIES RISK ASSESSMENT SAVINGS SECURITIES SENIOR SHARE CAPITAL SOCIAL INSURANCE STAKEHOLDER STAKEHOLDERS STATISTICAL ANALYSIS STATUTORY AUDITORS STOCK EXCHANGE SUBSIDIARIES SUBSIDIARY SUPERVISORY AGENCIES TAX LAW TAX PREPARATION TAXATION TOTAL COST TRAINING COURSES TRAINING PROGRAMS WAGES WORK EXPERIENCE WORLD MARKET This report provides an assessment of corporate sector accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Mongolia. For purposes of this report, the corporate sector includes all private sector and state-owned enterprises. The report uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation to evaluate institutional capacity and make policy recommendations. Since 1993, the World Bank and other development partners of Mongolia have provided financial and technical support to help Mongolia develop a legal framework, facilitate accounting education and adoption of IFRS and ISA by enterprises, constitute a new professional body, establish the examination of certified public accountants, and strengthen accounting and auditing in both public and private sectors. As a result, Mongolia has made significant changes from the old accounting for planned economic system to a new market-oriented accounting system that follows international good practices. All key economic sectors in Mongolia rely on high-quality financial information, which requires high-quality private sector accounting and auditing. Reforms, liberalization, and deregulation to further enhance the Mongolian business environment must be supported by enhanced financial transparency and improved accounting and auditing practices. Increased levels of both foreign direct investment and domestic investment demand higher-quality financial information consistent with international standards. Continuing the strengthening and development of financial reporting, accounting and auditing, and the regulatory framework that governs them, will bring benefits to Mongolia and its citizens. In this context, this report sets out policy recommendations to enhance the quality of corporate financial reporting and foster a financial reporting platform conducive to sustainable private and financial sector growth, thus increasing access to global financial markets and other tools of the market economy. 2012-06-14T18:29:39Z 2012-06-14T18:29:39Z 2008-03 http://documents.worldbank.org/curated/en/2008/03/10038412/mongolia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8055 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work East Asia and Pacific Mongolia |