SARAS intends to simplify the Financial Reporting Standard for IV Category Entities

With the support of UK Good Governance Fund, SARAS developed a new, simplified financial reporting standard for fourth category entities. 

In February 2020, an Interpretation Committee for this standard discussed several topics that need to be revised or simplified. The Committee also prepared the draft amendments to the Standard. 

Suggestions from EU Twinning Project experts in respect to further simplification stipulated by relevant directive have been considered. SARAS assumes that the Financial Reporting Standard for IV Category Entities should develop dynamically reflecting main trends and challenges in the field. Active participation of the professional society is important for improvement process and therefore it was placed for public comments on websites of SARAS and Legislative Herald of Georgia. 

Please visit the links given above and express your opinion about the amendments and the main provisions as well – email us to the following address: info@reportal.ge. (Please, indicate the following information in the subject line: “Financial Reporting Standard for IV Category Entities: section, article”). Open for comments until June 15, 2020. 

Thank you for your participation.