ABSTRACT
This chapter examines the development of Mongolian accounting practices since the fifteenth century. The evolution of contemporary accounting in Mongolia can be divided into three development phases. The first phase is prerevolutionary period, commonly defined as the fifteenth to the nineteenth century, when some bookkeeping activities existed in a very simple and crude form. The second phase refers to the period of the centrally planned economy, when some modern bookkeeping or accounting techniques or methods, such as single- and double-entry recording, memorial order recording, and journal order bookkeeping practices, were introduced in the country in 1921–1990. The third phase started in 1990, when the country redirected toward a market-oriented economy. Mongolian accounting systems have undergone significant reforms since 1991. The internationalization of Mongolian accounting advances gradually and the application of the International Accounting Standards (IAS) or the International Financial Reporting Standards (IFRS) has progressed steadily over the last two decades.
