Development of financial reporting standards for IV category enterprises enters its active phase

On March 29, the SARAS held the presentation organized within the frame of the technical support project initiated by the Good Governance Fund of UK Government. The representatives of Georgian state institutions, business associations, bank sector, non-governmental organizations and professional and academic circles attended the meeting.

The presentation aimed to introduce the project “Financial Reporting for IV Category Enterprises” to stakeholders, as well as to discuss the efficiency of the reform, the work performed and the future action plan. Deputy Minister of Finance of Georgia Nikoloz Gagua, the Head of SARAS Yuri Dolidze and the Regional Portfolio Manager of UK Embassy Ben Luckock opened the meeting.  It was noted that, considering the best practice of EU and the world, implementation of simplified Financial Reporting Standards assists business growth of IV Category Enterprises and ensures easy access to finances. 

During the meeting, GGF Project Team Leader, Michael Wells - an expert in IFRS for SMEs development and adoption - held the presentation. Michael Wells leads the Education Initiative of the IFRS Foundation for years. He is a member of a number of international accountancy education advisory groups.

The final part of the event was dedicated to the discussion of relevant issues. Representatives of SARAS, the Chamber of Commerce and Industry, the Revenue Service, the Credit Bureau, Bank and consulting company and gender equality expert participated in the discussion. They discussed reform objectives and assessed the project progress.  The audience was able to ask questions to representatives of SARAS and other participants of the discussion. 

Prior to the event, two-day working meetings of the consulting group were held within the project. Meetings aimed to discuss the basic principles of IFRS for SMEs. The representatives of the Revenue Service, large banks and professional and academic sector were involved in the Consultative Group. 


Please refer to linked presentations in Georgian and English.