Mongolian requirements
Mongolian Limited Liability Companies (LLCs) need to ensure:
- that bookkeeping and supporting records are kept in such a way as to enable the Mongolian Tax Authorities to carry out periodic tax inspections efficiently
- compliance with the quarterly financial reporting regime as regulated by the Ministry of Finance
- year-end financial statements with accompanying notes are audited and submitted by 10th February
- the financial statements reconcile to tax submissions and accounting records
Most companies find that the local financial statements do not provide sufficient information for management decision making and that further analysis is necessary.
How we can help
We prepare financial statements in accordance with the local requirements and also monthly management accounts for you in a format of your choice. We can help you keep your accounts in order by:
- regular bookkeeping and maintenance of your hard copy support files
- analysis and commentary on your business activities
- regular meetings with local management or parent company finance function to discuss performance, risks and issue resolution
- translation of statutory local reports into English
- submission of your financial statements every quarter
- full management of your statutory annual audit
Points to consider
The main points to note about bookkeeping and financial reporting in Mongolia are that:
- IFRS has been formally adopted in Mongolia but a company’s options in practice are restricted by local accounting and tax regulation in a number of areas, leading to regular differences to international standards
- Mongolian LLCs are required to file Mongolian language financial statements in a specific format every six months in parallel with its quarterly Corporate Income Tax returns
- routine tax inspections mean that a company should maintain its books of account, together with original support in the territory of Mongolia and in the Mongolian language