Program to promote implementation of the IFRS for SMEs for the second and third category entities

Since 2017, SARAS has been actively holding the events to increase awareness of IFRS for SMEs with the support of partner organizations in accordance with governmental plans for promotion of small and medium businesses.

Within the frameworks of above mentioned governmental plan, program for the promotion of implementing IFRS for SMEs for the second and third category entities has started. The program is initiated by SARAS and will be implemented with the grant of the USAID G4G project “Governing for Growth” and complementary support from the WB.

The program includes following main components:

- Training of English speaking trainers selected by contest;
- Training of Georgian trainers selected by contest;
- Translating training materials of IFRS for SMEs prepared by IFRS Foundation and publishing them on website.

At the first stage, contest for selection of English speaking trainers is announced within the framework of the program. You can see the detailed information on the link. 

All interested parties, including professional and training organizations, business associations and consulting/audit firms, with the help of trained trainers and already prepared materials, will be able to train accountants of the second and third category entities. After trainings, the accountants will have capacity to prepare financial statements in accordance with the IFRS for SMEs. Appropriate quality of financial reporting will increase trust to the entities on the local and foreign markets, which by itself will promote development of capital market in the country and increase access to finance of the entities.

European Bank for Reconstruction and Development and the World Bank, which provides continuous support in implementation of IFRS for SMEs in Georgia, , have announced their desire to finance the IFRS for SMEs trainings for respective entities.

SARAS actively collaborates with the main participants that are involved in the program. All news about the program will be available on SARAS website.