SARAS and the Bank of Georgia organized the presentation aiming to raise awareness regarding IFRS for SMEs

The Service for Accounting, Reporting and Auditing Supervision Subdivision of the Ministry of Finance of Georgia and the Bank of Georgia organized the presentation aiming to raise awareness regarding IFRS for SMEs on October 17, 2017.  Small and medium size business representatives invited by the Bank of Georgia attended the event. 

The objective of the event was to inform the audience of International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs), as well as of the legislative changes regarding reporting reform and the benefit of implementation of International standards in Georgia.

The objective of the reporting reform is to develop the capital market and improve the investment environment as a result of increasing the quality and reliability of corporate governance and reporting. Noted objective can be reached by sharing and implementing the EU and International practice in supervision and reporting. The reform implementation will support companies to increase activity effectiveness and will give them new opportunities to obtain investment and loan resources on local, as well as international basis.

Similar presentations aiming to raise awareness regarding reporting reform are regular and will also be held in the future. The presentation format considers concerns of interested parties. Besides receiving information about significant issues regarding the reform, they also get an opportunity to raise important questions.

Please refer to linked presentation.