Needs and Transparency for Corporate Financial Information in Mongolia

Abstract

Corporate financial reporting has long been evolving internationally to meet the growing needs of transparency for investors and the public, well beyond purely financial information. Modern reporting trends such as integrated reporting introduced by the International Integrated Reporting Council has enabled companies around the world to better communicate their financial and non-financial performance to the various stakeholders with due consideration to the interconnectedness of the financial, social and environmental factors concerning a business. Whilst integrated reporting still is an emerging concept and practice in the country, numerous listed companies and state-owned enterprises in Mongolia have been making efforts to advance their reporting in tandem with the international trends. The paper intends to review the existing regulatory framework for corporate reporting in Mongolia, in particular the aspects of transparency, and examine the current practices of reporting of selected companies against the key content elements and guiding principles of integrated reporting using publicly available financial information and data with a view to drawing conclusions and relevant policy recommendations.