Professional Documents
Culture Documents
CHAPTER ONE
GENERAL PROVISIONS
6.1. A unit of accounting shall be denominated in Tugrug and Mungu – the currency of
Mongolia.
CHAPTER TWO
MAINTENANCE OF ACCOUNTING RECORDS
CHAPTER THREE
FRAMEWORK FOR THE PREPARATION OF FINANCIAL STATEMENTS
CHAPTER FOUR
MANAGEMENT AND COORDINATION OF ACCOUNTING
15.1.The Cabinet member on finance and accounting shall be responsible for providing the
professional and methodological management within the country.
15.2. The Central State Administrative Body in charge of the accounting shall have the
following obligations:
15.2.1. To organize the implementation of legislation on accounting and monitor its
completion;
15.2.2. To develop the accounting standard in conformity with the International
Accounting Standard;
15.2.3. To approve and get follows the regulation, rule, guidance, methodology and
form for accounting to conform nationwide.
15.2.4. To put control the supplies for the software of accounting and financial
statements;
15.2.5. To consolidate the financial statements of the business entities and
organizations all over the country and make research and conclusion.
15.3. A department in charge of the accounting policy, methodology and supervision shall
be included in the structure of the Central State Administrative Body on finance and
accounting.
15.4.The Finance, Accounting and Economical Department of the district, city and province
shall act the functions specified in the Article 15.3 of the present law within the
related region. .
15.5.The Provisional Committee for Accounting Standard shall work under the Central
State Administrative Body on finance and accounting.
The Cabinet member on finance and accounting shall approve a charter of the Committee.
24.1. The present law shall come into force on 1 April, 2002.