UPDATE - MULTI-SECTORAL TECHNICAL ASSISTANCE PROJECT (MSTAP)

Awarded Firm/Indv.: Individual Consultant
Country: United States

Home assignment - 5 working days /tentative date: from 8th March to 14th March/

1. Conduct a comprehensive review on the relevant financial reporting legislations in Mongolia including the accounting law, auditing law, taxation law and company law in order to obtain sufficient understanding of the Mongolian legal framework.

2. Ensure that accounting, auditing, and financial reporting are fully consistent with the taxation framework, such as reconciliation of accounting profit/losses against taxable income etc. Fieldwork - 17 working days /tentative date: from 19th March to 10th April/ Together with and leveraging on the work conducted by the local consultant, propose changes to the statutory and legal framework surrounding the accounting, reporting and auditing environment in Mongolia in-line with international best practices and standards:

3. Finalize the accounting law draft, concept and introduction that are prepared by a local consultant, provide recommendations on changes to the other relevant laws resulting from the changes to the accounting law and ensure that the law draft is professionally developed based on international best practices and relevant standards;

4. Finalize the auditing law draft, concept and introduction that are prepared by a local consultant, provide recommendations on changes to the other relevant laws resulting from the changes to the auditing law and ensure that the law draft is professionally developed based on international best practices and relevant standards;

5. Provide recommendations on legal requirements for preparation and timeframe of consolidated financial statements of group and parent companies, form an opinion on the legal definition of public interest entities and establish criteria for public interest entities and SMEs. Furthermore provide recommendation to public interest entities and SMEs on adopting the relevant standards -- e.g. IFRS and IFRS for SMES -- and ensure that all recommendations are in line with international standards and best practices;

6. Work together with the local consultant, submit required reports timely, advice and provide information as required and perform other tasks reasonably requested by the Client.