Mongolian Financial Statement Report Mongolia

A Financial Statement is a written report that quantitatively summarizes the financial status of an organization for a stated period of time.
A Financial Statement includes an income statement and balance sheet describing the flow of resources, profit or loss, and the distribution or retention of profits.
A Financial Statement is a statutory requirement for every organization, irrespective of the kind and size, to prepare and maintain financial statements.

An income statement is a financial statement containing the net income/net loss incurred by an organization during a particular period of time. It is also known as a Profit/Loss Statement.
Net income/Net loss is calculated by adding all the revenues during a certain period and subtracting all the expenses incurred in the same period.
An income statement usually contains Gross Revenue (Gross Sales), Costs of Goods sold, Returns and allowances, Selling, General and Administrative Expenses, Net Income (profit) or Net loss.

A Balance Sheet is a very important financial statement depicting the financial position of an organization on a particular date.
It lists the Assets (what the business owns) and Liabilities (what a business owes).
The difference between the Assets and Liabilities is known as the Net Worth of the organization.

A cash Flow Statement depicts an organization's cash position during a period of time.
A cash Flow Statement has three categories: Financial Activities, Operating Activities and Investment Activities.
A cash Flow Statement also depicts the increase or decrease in cash and also the percentage change on comparing the statements of two different periods.

Mongolia' fiscal year end on 31 December
The entities shall file their annual financial statements to the regulating agencies by 10th February.
The entities shall file their quarterly financials by 20th of the following month (20th of April, July, October, January).
The financial statements shall be prepared in accordance with ISA/IFRS.
ISA/IFRSs can be adopted by interpreting them in the way that they reflect national specification.