国内政策【切换】 国际政策

蒙古会计法

CHAPTER ONEGENERAL PROVISIONSArticle 1. The Purpose of the Law1.1. The purpose of the present law is to determine the legal ground for accounting principles, management and institution and to regulate the relationship pertaining to the maintenance of accounting records and the preparation of financial statements of the business entity or organization. 
Article 2. Legislation on Accounting2.1. The legislation on accounting is comprised of the present law and other legislation, which is consistent with the present law. 
2.2. If an international treaty to which Mongolia is a party is not consistent with the present law, then the provisions of the international treaty shall prevail. 
Article 3. Definition of the Terms3.1. In the present law, the following terms shall have the following meanings: 
3.1.1. "Accrual basis of accounting" means the recording method, which accepts income when, gained or expense when incurred without respects to whether received or paid money. 
3.1.2. "Cash basis of accounting" means the recording method, which accepts income and expense when, received and paid. 
3.1.3. "Double entry form" means to doubly record the transaction in debit or credit. 
3.1.4. "Primary accounting document" means the document, which proved transactions, has incurred. 
3.1.5. "Journal" means an initial record of transaction under the date-order before entry into the general ledger. 
3.1.6. "General ledger" means the accounts, which comprise the financial statement of business entity and organization. 
3.1.7. "Certified accountant" means the person whom graduated from the university or college, as an accountant profession in bachelor degree or higher. 
3.1.8. "Accounting policy document" means regulation, instruction and methodology, which determined the accounting principle on preparation of financial statement and accounting basis. 
Article 4. Accounting Principles4.1. The following principles shall be adhered to the accounting of business entity and organization: 
4.1.1. The financial statement of a business entity and organization shall be in conformity with the international accounting standards. 
4.1.2. The financial statement shall be based on the correct and fair material documents, figures and information. 
4.1.3. Descriptions in report and statements shall be simple, clear and easy to understand. 
4.1.4. Per the methodology, accounting and reports information shall be organized as possible to compare with future and past information. 
4.1.5. Best choice that met its features should be applied in administrative and cost accounting. 
4.1.6. Activities should be continued permanently 
Article 5. Basis of accounting records5.1. A business entity and organization should maintain accounting on the accrual basis. 
5.2. A business entity or organization can maintain its accounting on the cash basis, in case the State Central Administrative Body on Finance and Accounting permitted. 
5.3. Organization, which maintains accounting on the cash basis, shall convert its year- ended financial statements on accrual basis. 
Article 6. Unit of Accounting6.1. A unit of accounting shall be denominated in Tugrug and Mungu ­ the currency of Mongolia. 
CHAPTER TWOMAINTENANCE OF ACCOUNTING RECORDSArticle 7. Primary Accounting Document7.1. The primary accounting document shall be basis to maintain accounting record and prepare the financial statements and information fairly and properly. 
7.2. The State Central Administrative Body on Finance and Accounting and the National Statistic Department shall jointly approve a sample and methodology of the primary accounting document. 
7.3. The business entity and organization shall be in conformity its financial documents and forms for internal use with the paragraph 2 of this article. 
7.4. Management and accountants of the business entity or organization shall be responsible for compiling to record the primary accounting document and prepare entries for each movement and change of assets and liabilities, which incurred in the extent of the service and production stages and business activities on the basis of those documents. 
7.5. The primary accounting document shall be considered as a valid document, upon signing and affixing a seal by the persons who prepared, permitted and inspected. 
7.6. Employees who prepared, permitted, inspected and received the document shall be responsible for the compilation and faithfulness of the primary accounting document. 
7.7. Any transaction without the primary accounting document shall be forbidden to record in the accounting records and financial statements. 
Article 8. Maintenance of Accounting8.1. The business entities and organizations, which are engaged in business within the territory of Mongolia, shall maintain accounting records and prepare financial statements. 
8.2. The business entity or organization shall maintain accounting records in double entry form. 
8.3. Activity processing accounting information shall be implemented in the following stages of: 
8.3.1. compilation of the primary accounting documents; 
8.3.2. entry of the journal; 
8.3.3. maintenance of the detailed and general accounts; 
8.3.4. preparation of transactions' information; 
8.3.5. preparation of statements. 
8.4. To adjust errors occurred during the maintenance of accounting record, the additional documents shall be compiled and noted the proper descriptions of adjustment, and it shall be assured through signing by person who made the adjustments. 
8.5. If the management of the business entity and organization agrees with the auditor's report on occurring errors in financial statements, it shall be adjusted in accordance with the provision specified in the Article 8.4 of the present law. 
Article 9. Valuation of Assets and Liabilities9.1. The business entity or organization shall assess and reflect its assets and liabilities in accounting record in accordance with the International Accounting Standards. 
9.2. The business entity or organization shall record the income and expense transactions denominated in foreign currencies into accounts in Togrogs at the exchange rate announced by Mongol Bank at the date of transactions. 
9.3. In order to prepare the financial statements, the balance of receivables and payables denominated in foreign currencies shall be recorded in Togrogs at the exchange rate announced by Mongol Bank . 
9.4. A loss or damage of an asset of the entity or organization that is wholly or partially owned by the state shall be settled by the highest value between the market price and the cost of the loss or damage. 
CHAPTER THREEFRAMEWORK FOR THE PREPARATION OF FINANCIAL STATEMENTSArticle 10. Composition of Financial Statements10.1.The business entity or organization shall prepare the financial statements in accordance with the International Accounting Standards. 
10.2.Financial statements shall have the following composition: 
10.2.1. Balance sheet 
10.2.2. Income statement 
10.2.3. Statement of changes in equity 
10.2.4. Statement of cash flow 
10.2.5. Other required additional disclosures to the financial statements 
10.3.The notes and disclosures of the significant events that effected to the operation of a business entity or organization along with the auditor's opinion and managerial report shall be enclosed in the audited financial statements. 
10.4.A business entity or organisation shall prepare their financial statements on quarterly basis on a cumulative from the beginning of a year. 
10.5.Either the director, chairman and head of a financial department, chief (senior) accountant of the business entity and organization or the contracted accountant shall sign and stamp in the financial statements. 
Article 11. Property Count
11.1.The management of the business entity and organization shall be responsible for organizing the inventory count. 
11.2.Property count must be performed in following cases: 
11.2.1. Prior to the preparation of annual financial statements; 
11.2.2. Replacement of the stock-keeper and employees, whose duty is related to the property; 
11.2.3. In case of a lack of property or a illegal disbursement of property; 
11.2.4. After the natural disaster, fire and the other contingencies; 
11.2.5. In case of a business entity or organization publicized its restructure or bankrupt and liquidation; 
11.2.6. Other cases specified in the legislation. 
11.3.A property count shall be carried out according to the period stated in Law of State and Local Property and other legislation or when required. 
Article 12. Submission of Financial Statements12.1.The quarterly financial statements can be reviewed by an independent auditor. 
12.2.The relevance organization shall settle account with the taxation, premium and other payment fees on based of the financial statements of business entity and organization which reviewed and received by the corresponding financial institutions, a. 
12.3.In case a business entity and organization did not submit its financial statements, the corresponding financial institution shall publicize abouCHAPTER ONEGENERAL PROVISIONSArticle 1. The Purpose of the Law1.1. The purpose of the present law is to determine the legal ground for accounting principles, management and institution and to regulate the relationship pertaining to the maintenance of accounting records and the preparation of financial statements of the business entity or organization. 
Article 2. Legislation on Accounting2.1. The legislation on accounting is comprised of the present law and other legislation, which is consistent with the present law. 
2.2. If an international treaty to which Mongolia is a party is not consistent with the present law, then the provisions of the international treaty shall prevail. 
Article 3. Definition of the Terms3.1. In the present law, the following terms shall have the following meanings: 
3.1.1. "Accrual basis of accounting" means the recording method, which accepts income when, gained or expense when incurred without respects to whether received or paid money. 
3.1.2. "Cash basis of accounting" means the recording method, which accepts income and expense when, received and paid. 
3.1.3. "Double entry form" means to doubly record the transaction in debit or credit. 
3.1.4. "Primary accounting document" means the document, which proved transactions, has incurred. 
3.1.5. "Journal" means an initial record of transaction under the date-order before entry into the general ledger. 
3.1.6. "General ledger" means the accounts, which comprise the financial statement of business entity and organization. 
3.1.7. "Certified accountant" means the person whom graduated from the university or college, as an accountant profession in bachelor degree or higher. 
3.1.8. "Accounting policy document" means regulation, instruction and methodology, which determined the accounting principle on preparation of financial statement and accounting basis. 
Article 4. Accounting Principles4.1. The following principles shall be adhered to the accounting of business entity and organization: 
4.1.1. The financial statement of a business entity and organization shall be in conformity with the international accounting standards. 
4.1.2. The financial statement shall be based on the correct and fair material documents, figures and information. 
4.1.3. Descriptions in report and statements shall be simple, clear and easy to understand. 
4.1.4. Per the methodology, accounting and reports information shall be organized as possible to compare with future and past information. 
4.1.5. Best choice that met its features should be applied in administrative and cost accounting. 
4.1.6. Activities should be continued permanently 
Article 5. Basis of accounting records5.1. A business entity and organization should maintain accounting on the accrual basis. 
5.2. A business entity or organization can maintain its accounting on the cash basis, in case the State Central Administrative Body on Finance and Accounting permitted. 
5.3. Organization, which maintains accounting on the cash basis, shall convert its year- ended financial statements on accrual basis. 
Article 6. Unit of Accounting6.1. A unit of accounting shall be denominated in Tugrug and Mungu ­ the currency of Mongolia. 
CHAPTER TWOMAINTENANCE OF ACCOUNTING RECORDSArticle 7. Primary Accounting Document7.1. The primary accounting document shall be basis to maintain accounting record and prepare the financial statements and information fairly and properly. 
7.2. The State Central Administrative Body on Finance and Accounting and the National Statistic Department shall jointly approve a sample and methodology of the primary accounting document. 
7.3. The business entity and organization shall be in conformity its financial documents and forms for internal use with the paragraph 2 of this article. 
7.4. Management and accountants of the business entity or organization shall be responsible for compiling to record the primary accounting document and prepare entries for each movement and change of assets and liabilities, which incurred in the extent of the service and production stages and business activities on the basis of those documents. 
7.5. The primary accounting document shall be considered as a valid document, upon signing and affixing a seal by the persons who prepared, permitted and inspected. 
7.6. Employees who prepared, permitted, inspected and received the document shall be responsible for the compilation and faithfulness of the primary accounting document. 
7.7. Any transaction without the primary accounting document shall be forbidden to record in the accounting records and financial statements. 
Article 8. Maintenance of Accounting8.1. The business entities and organizations, which are engaged in business within the territory of Mongolia, shall maintain accounting records and prepare financial statements. 
8.2. The business entity or organization shall maintain accounting records in double entry form. 
8.3. Activity processing accounting information shall be implemented in the following stages of: 
8.3.1. compilation of the primary accounting documents; 
8.3.2. entry of the journal; 
8.3.3. maintenance of the detailed and general accounts; 
8.3.4. preparation of transactions' information; 
8.3.5. preparation of statements. 
8.4. To adjust errors occurred during the maintenance of accounting record, the additional documents shall be compiled and noted the proper descriptions of adjustment, and it shall be assured through signing by person who made the adjustments. 
8.5. If the management of the business entity and organization agrees with the auditor's report on occurring errors in financial statements, it shall be adjusted in accordance with the provision specified in the Article 8.4 of the present law. 
Article 9. Valuation of Assets and Liabilities9.1. The business entity or organization shall assess and reflect its assets and liabilities in accounting record in accordance with the International Accounting Standards. 
9.2. The business entity or organization shall record the income and expense transactions denominated in foreign currencies into accounts in Togrogs at the exchange rate announced by Mongol Bank at the date of transactions. 
9.3. In order to prepare the financial statements, the balance of receivables and payables denominated in foreign currencies shall be recorded in Togrogs at the exchange rate announced by Mongol Bank . 
9.4. A loss or damage of an asset of the entity or organization that is wholly or partially owned by the state shall be settled by the highest value between the market price and the cost of the loss or damage. 
CHAPTER THREEFRAMEWORK FOR THE PREPARATION OF FINANCIAL STATEMENTSArticle 10. Composition of Financial Statements10.1.The business entity or organization shall prepare the financial statements in accordance with the International Accounting Standards. 
10.2.Financial statements shall have the following composition: 
10.2.1. Balance sheet 
10.2.2. Income statement 
10.2.3. Statement of changes in equity 
10.2.4. Statement of cash flow 
10.2.5. Other required additional disclosures to the financial statements 
10.3.The notes and disclosures of the significant events that effected to the operation of a business entity or organization along with the auditor's opinion and managerial report shall be enclosed in the audited financial statements. 
10.4.A business entity or organisation shall prepare their financial statements on quarterly basis on a cumulative from the beginning of a year. 
10.5.Either the director, chairman and head of a financial department, chief (senior) accountant of the business entity and organization or the contracted accountant shall sign and stamp in the financial statements. 
Article 11. Property Count
11.1.The management of the business entity and organization shall be responsible for organizing the inventory count. 
11.2.Property count must be performed in following cases: 
11.2.1. Prior to the preparation of annual financial statements; 
11.2.2. Replacement of the stock-keeper and employees, whose duty is related to the property; 
11.2.3. In case of a lack of property or a illegal disbursement of property; 
11.2.4. After the natural disaster, fire and the other contingencies; 
11.2.5. In case of a business entity or organization publicized its restructure or bankrupt and liquidation; 
11.2.6. Other cases specified in the legislation. 
11.3.A property count shall be carried out according to the period stated in Law of State and Local Property and other legislation or when required. 
Article 12. Submission of Financial Statements12.1.The quarterly financial statements can be reviewed by an independent auditor. 
12.2.The relevance organization shall settle account with the taxation, premium and other payment fees on based of the financial statements of business entity and organization which reviewed and received by the corresponding financial institutions, a. 
12.3.In case a business entity and organization did not submit its financial statements, the corresponding financial institution shall publicize abou