Financial reporting practices to improve by 2020

The American Chamber of Commerce in Mongolia

2018-09-19 13:16 GMT+8

The Bank of Mongolia (BoM) is working to introduce the 9th International Financial Reporting Standard (IFRS) to the Mongolian banking sector by 2020.

Products and services in the banking industry have dramatically increased, in conjunction with constantly evolving financial markets, so that it has become imperative to strengthen financial discipline. Deputy Governor of the BoM B. Lkhagvasuren stated, “Taking financial reporting practices to the next level, in line with international standards, will lead to increased resources for the risk funds of banks.”

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