Georgia is involved in consultations on updating IFRS for SMEs Standard

IASB consults on approach to updating its IFRS for SMEs Standard. The objective of the consultation is to seek views on whether and how to align the IFRS for SMEs  Standard with newer IFRS Standards, such as IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases. IASB asks every interested party - countries, organizations or individuals - to actively involve in an update process and submit their comments. 

SARAS, as Georgian standard-setting body intends to actively participate in this process and cooperate with all interested parties, including professional organizations, IFRS for SMEs trainers, business associations and. This aims at developing comments that will be submitted to IASB on behalf of Georgia. 

In coordination with the World Bank, the document reflecting the views of Eastern Partnership countries' oversight/regulatory bodies, including Georgia will be submitted to IASB.