Financial accounting framework
Financial accounting framework
Financial Management Division of the Golomt Bank determines the main directions of the bank’s financial activities, develops long-term and short-term strategic plans and budgets, monitors their implementation, defines accounting policies, prepares financial statements and provides information to external and internal stakeholders.
Accounting Policy and Controlling department of the Financial Management Division develops the Bank’s “Accounting Policy”, provides unified accounting management to its branches, monitors their accounting, and prepares consolidated financial statements in accordance with International Financial Reporting Standards and applicable laws and regulations, certifies by an external audit organization, and publishes its financial statements on a semi-annual and annual basis.
Golomt Bank’s complies with the Mongolian Accounting Law, the Banking Law, the Corporate Income Tax Law, the Personal Income Tax Law, the Social Insurance Law, the International Financial Reporting Standards, the 2003 Banking Accounting Guidelines approved by the President of the Bank of Mongolia, relevant regulations, instructions and orders issued by the Ministry of Finance, the Financial Regulatory Commission, the General Department of Taxation, and the Bank of Mongolia, the “Accounting Policy Document” approved by the CEO of Golomt Bank, and other rules, regulations, and instructions in its accounting activities.
Golomt Bank’s accounting system records, processes, stores, monitors transactions based on primary documents, prepares reports and conducts accounting control in the form of step-by-step control, tripartite control, auto control, reporting control, and on-site control.
The day-to-day accounting operations of Golomt Bank are managed by senior officers, supervisor accountants and senior tellers at the branch and settlement center, and external and internal training will be organized by the Human Resources Division in accordance with the training plan for each area of the bank’s activities
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