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01 January
2025
SARAS informs auditors/audit firms of important news they should consider before January 2025
“What to be considered while submitting financial statements in 2020” – an online meeting was held by SARAS
The meetings intended for the III category entities aimed at discussing the errors in the submission process of financial statements and the amendments to the reporting format
European Parliament Adopted Report on Georgia’s Association Agreement (AA) Implementation
In the report, European Parliament assumes transparency as a key basis for the development and improvement of the investment climate and underlines the importance of structural reforms in this area
Notice to PIEs, I, II and III category entities
According to the Georgian law on “Accounting, Reporting and Auditing”, PIEs, I, II and III category entities/groups are required to submit their 2019 financial statements no later than October 1
It is not mandatory for the IV category entities to submit their financial statements in 2020
The IV category entities may, on a voluntary basis, submit their 2019 financial statements prepared in accordance with the simplified financial reporting standard or any other standard of higher rank permitted by law
International Financial Reporting for Non Profit Organizations – Georgia is becoming a participant of an international project
The project is initiated by Humentum and CIPFA and aims at developing internationally applicable financial reporting standard for Non Profit Organizations (NPOs)
In which case are the I and II category entities allowed to use the simplified rule to write off the damaged/spoiled inventories
According to the amendment of the Order N994 of the Minister of Finance of 31.10.2010, I and II category entities (if they meet certain requirements) will be able to use the simplified rule to write off the damaged/spoiled inventories
