Reporting requirement for fourth category entities are changing

As per decision of the Government of Georgia, the amendments to the law on `Accounting, Reporting and Auditing’ has been initiated according to which reporting deadlines for fourth category entities will be postponed for 2 years. If the law is not adopted by the Parliament until October 1, SARAS will not use sanction towards fourth category entities. 

Despite of the noted change, fourth category entities can present financial statements on a voluntary basis. which will serve increasing access to finances and contribute to developing business relations.

it must be noted, that noted amendments do not apply to PIEs, I, II and III category entities. They still must present financial statements no later than October 1.