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

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

The project is initiated by Humentum and CIPFA and aims at developing internationally applicable financial reporting standard for Non Profit Organizations (NPOs)

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 

The report summarizes the key findings from the survey and concludes with some recommendations for auditors and audit firms in Georgia 

Within the framework of the memorandum signed by SARAS and the NCEQE, trainings on functioning of the reporting system will be held for the entities accountable to the Center