Subject This article discusses the major aspects and relevant problems of accounting and reporting systems' reforming in Mongolia on the basis of generalization of the world experience of application of IFRS. Objectives The article aims to generalize and summarize the results of the process of implementing IFRS in Mongolia, identify the existing practical problems, and develop proposals for their solution. Methods For the study, we used the methods of logical and statistical analyses. Results Analysis of the introduction of IFRS in Mongolian practice confirms that IFRS allow improving the accounting and reporting according to requirements of time. However, direct copying doesn't take a proper effect. Different countries should form their own national standards of accounting and reporting, appropriate to their national conditions and practices, based on the principles of appropriate international standards. Conclusions The article concludes that to date, a legislative base of application of IFRS, and the activity framework of public authorities and professional management in accounting have been formed in Mongolia. Basic infrastructural issues conducive to adaptation the Mongolian accounting to international standards have been resolved in a fairly short period of time.
Zhaavaa T. Voprosy obnovleniya sistemy bukhgalterskogo ucheta Mongolii: monografiya [The issues of Mongolian accounting system reform: a monograph]. Ulaanbaatar, National University of Mongolia Publ., 2003, 130 p.
Lodoi S. The Historical Aspects of Accounting Evolution. Ulaanbaatar, Khukh Sudar Publ., 2009, 136 p. (In Mongolian)
Sorokina E.M. [Opportunities and challenges for implementation of International Financial Reporting Standards in Russia]. Izvestiya Irkutskoi gosudarstvennoi ekonomicheskoi akademii = Bulletin of Baikal State University, 2016, vol. 26, no. 3, pp. 469–477. (In Russ.) doi: 10.17150/1993-3541.2016.26(3).469-477
Sheremet A.D., Solov'eva O.V. [Problems of International Financial Reporting Standards implementation: An analysis of the international experience]. Audit i finansovyi analiz = Audit and Financial Analysis, 2009, no. 1. (In Russ.)
Dondog L. The History of Accounting. Ulaanbaatar, Munkhiin Useg Printing, 2016, 446 p. (In Mongolian)
Narasimham R., Narayan B., Bayasgalan D. Diagnostic Studies of Accounting and Auditing Arrangements in Mongolia. Asian Development Bank. Printed in the Philippines, 2005, 119 p.
Munkh-Ochir L., Unurjargal A. [Auditing in Mongolia]. Izvestiya Irkutskoi gosudarstvennoi ekonomicheskoi akademii = Bulletin of Baikal State University, 2013, no. 5, pp. 35–39. (In Russ.)