Background

The Mongolian Institute of Certified Public Accountants (MonICPA) is the non-governmental organisation responsible by statute to approve and enforce the Code of Professional Ethics for professional accountants and auditors, establish and enforce auditing standards, conduct the CPA examination, and provide professional training. With respect to accounting standards, the MonICPA advises the Ministry of Finance about the adoption of IFRS Accounting Standards, but it is the Ministry of Finance that is the official accounting standard-setting body in Mongolia.

Accounting Standards

Mongolia has already adopted IFRS Accounting Standards for some companies. The public companies are preparing their financial statement in conformity with IFRS  Accounting Standards. Most SMEs prepare the financial statements under the accounting regulation which was approved by the Minister of Finance instead of IFRS Accounting Standards. The IFRS for SMEs Standard has not been adopted in Mongolia.

Sustainability Disclosure Standards

On 9th May 2025, under the 'Readiness Support for Greening the Central Bank' project, funded by the NDC Partnership, the Bank of Mongolia, in partnership with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Mongolian Sustainable Finance Association (MSFA), launched the Climate-Related Financial Disclosure Guidelines for Mongolian Financial Institutions. These guidelines are aligned with the IFRS S1 and S2, and have been tailored to the local context to support financial institutions in assessing, disclosing, and improving transparency on climate-related risks and opportunities.

*The information above has been translated and compiled from publicly available sources, including the official websites of relevant institutions and the website of IFRS.