Statement of financial position as an information base for financial and economic examination in Russia and Mongolia

Subject. This article analyzes the composition and structure of the financial statements of Russia and the Republic of Mongolia in order to converge them in the future. Objectives. The article aims to study the structure and content of the balance sheets in Mongolia and Russia as an information base for financial and economic examination. Methods. For the study, we used analysis, synthesis, systematization, and generalization. Conclusions and Relevance. Based on the research, the article reveals that both in Russia and in Mongolia, the study of the balance sheet is carried out within the framework of economic examination, and the structures of the balance sheets in Mongolia and Russia are different, while the format of the balance sheets complies with IFRS (IAS 1) – Presentation of Financial Statements. Items in this form of reporting are also compliant with IFRS 1. Thus, for specialists, including expert economists from both countries, the structure and format of the balance sheet give an idea of the company's financial position. The results of the study can be applied in the theory and practice of accounting and financial reporting, financial control, financial and economic examination.