Position of Georgia on updating IFRS for SMEs Standard

A comment letter on an exposure draft of IFRS for SMEs Standard, reflecting a consolidated position of Georgia, was sent to World Bank by SARAS. 

SARAS assumes that it is important for Georgia to be involved in projects like this.  That’s why, SARAS actively cooperated with all interested parties, including professional organizations, the Reform Support Foundation, IFRS for SMEs trainers and business associations for the purpose of developing comments. 

SARAS greatly appreciates the cooperation of all parties who participated in the process of forming the position. 

In the near future, a comprehensive review of the IFRS for SMEs will be organized by the World Bank for the representatives of STAREP countries. It aims at developing comments, reflecting a consolidated position that will be submitted to IASB for further discussion.  

It should be noted that any interested party can provide IASB with reasonable comments on updating IFRS for SMEs Standard individually, following the requirements regarding the format of the response document.