Draft version of the new Financial Reporting Standard for Fourth Category Entities is now available for comments

SARAS will develop new, simplified version of Financial Reporting Standard for Fourth Category Entities with the support of UK Good Governance Fund.

The draft version of the Standard can be found at the following link.

The Georgian and foreign experts, including accountants, tax specialists, banks and professional associations are involved in the process of standard development.  To ensure maximal public involvement in the process of standard development, SARAS developed a questionnaire. The questionnaire allows all interested parties and professional groups to stake out their reasonable opinion regarding draft version of the Standard.

To express your opinion, please view the following link.

Furthermore, we would like to inform you, that the SARAS Board will discuss the final version in the light of your feedback received on the Standard Draft. According to the Georgian law “on Accounting, Reporting and Auditing”, Standard will be adopted before July 1, 2018. Non-mandatory self-learning material with practical examples will accompany the Standard.

It is important to note, that SARAS will look closely at the Standard application process from the adoption date until the end of the year and, if necessary, make relevant amendments. Our objective is to develop Standard that will generate significant benefit for fourth category entities and minimize administrative pressure. 

The deadline for comments is June 7, 2018.

We would like to thank you for your active participation and cooperation.

Instruction for completing the questionnaire:

• choose specific part and paragraph of the Standard you want to comment and enter your reasonable opinion into the relevant field

• enter the edited text in the field named “proposed comments”  

• for completion, please press “SUBMIT”

• if you have a comment regarding a few paragraphs, please press ‘SUBMIT ANOTHER RESPONSE’    

• Please note that all fields marked with an asterisk (*) are required