The Financial Regulatory Commission has been notifying listed companies to comply Audit, and the Company law, and the Accounting Laws. The resolution gave assignments to meet the rules and regulations and the requirements of the International Financial Reporting Standards.
On this assignment, listed companies are required to fully audit by the auditory companies which granted license from the FRC within the second quarter of this year, adjustments must be written to the financial statements and submit the conclusion in the first half-year as a report to FRC.
Also in the future for financial statement, stock companies must be audited by auditory company which granted from FRC and dividend must be taken place directly to the shareholders’ account through the “MCSD” LLC within the year. If dividends were paid out on company itself in previous years, it is mandatory to provide a fully paid dividend calculation to FRC.
In compliance with the “Rules of Procurement and Supervision of Shareholders Meeting of Shareholders”, “Rules of Transparency of Securities”, and explanations of how the Corporate Governance Code is applied, date of notification. Also, a public company advised to have their website and actively run.
Failure to submit the assignment within the time mentioned above, and the report, commentary and relevant materials are not submitted to the Committee, it will be liable under the law.
Please, see the assignment here in full detail.
Source: www.frc.mn