Transport and Development Bank’s financial and accounting operations are overseen by Chief Financial Officer. As the Vice President in charge of Financial Management Division, he also oversees Accounting Policy, Financial Reporting and Monitoring Department and Budgeting and Financial Management Department.
The main roles and responsibilities of the Financial Management Division include:
- Determining main aspects of the Bank’s financial operations, preparing a set of internal accounting documents in accordance with relevant legal framework and International Financial Reporting Standards and monitoring its implementation;
- Preparing the Bank’s financial statements in accordance with International Financial Reporting Standards in a true and fair manner, having them assured by an independent auditor and providing financial information users with quantitative information;
- Designing and implementation of accounting policy;
- Estimating fiscal budget and procurement plans, monitoring and analyzing performances;
- Amending fiscal budget based on financial outlook and performances;
- Performing financial analysis on the Bank’s overall operations;
- Monitoring fund transfer pricing and segment reports;
- Responsible for credit assessment by international credit rating agencies.
On daily operations of financial and accounting, we adhere to Company Law, a set of Banking Laws, a set of Tax Laws, Accounting Law, International Financial Reporting Standards, a set of Bank’s accounting documents jointly issued by Governor of Bank of Mongolia and Minister of Finance and the Bank’s a set of internal accounting documents and other procedures and regulations.
The Bank’s financial reporting and monitoring process is shown below.