Background

Mongolian Institute of Certified Public Accountants (MonICPA) is the non-government professional accounting body who is responsible for approval of the Code of Ethics for professional accountants and auditors and oversee its enforcement thereby establish and enforce auditing standards, and provide pre and post CPA training programs. With respect to financial reporting and accounting standards, MonICPA is responsible for translation of IFRSs and ISAs along with other international standards to deliver then to the Accounting and Auditing Standards Committee under the Finance Minister for final approval for publication.

Accounting Standards

The Committee comprises of 15 members representing various organizations within accounting and auditing field. The Committee is responsible for review and approval of official translation of IFRSs, IASs, Sustainability Standards, Accounting Education Standards and Ethics Standards and IPSAS.

Business entities and organizations should comply with IFRS, IFRS for SMEs and IPSAS depending on classification and criteria stated in relevant laws. Audit firms are subject to application of International Standards on Auditing. All these international standards are available in Mongolian language.

Sustainability Disclosure Standards

Mongolian Institute of CPAs translated IFRS S1 and IFRS S2 which is published in Mongolian language after final approval by the Accounting and Auditing Standards Committee.