Michael Wells: “Georgia’s involvement in IFRS for SMEs standard improvement process is extremely important!”

On October 2-3, SARAS held events for IFRS for SMEs standard trainers and trainees led by the Michael Wells, World Bank’s invited expert. Events were held with the support of the EU and the World Bank.

The events aimed to discuss characteristics of IFRS for SMEs Standard, ways to improve the adoption process. 
The main subjects of the first day were: transactions with owners in their capacity as owners; Selected issues (including PPE, Inventory and Revenue).

Please visit the following links to view the presentations of October 2: link 1, link 2.

The second day of the events was dedicated to following topics: Georgian feedback on the IASB Request for Information to inform its 2019 Comprehensive Review of the IFRS for SMEs; whether and how to align the IFRS for SMEs with full IFRS not incorporated in the IFRS for SMEs (2015).

The international expert discussed issues that arose during training and summed up practical ways to overcome them with trainers and representatives or SARAS. The audience, also, discussed Georgia’s respond on suggested amendments on IFRS for SMEs for standard’s further improvement while keeping it appropriately simple.  

Please visit the following links to view the presentations of October 3: link 1, link 2.