Explanatory note on submission of financial and management reports

SARAS updated the explanatory note on submission of financial and management reports. The abovementioned explanatory note substituted the previous Note on submission of management report published on SARAS web page. 

The updated explanatory note refers to the entities required to submit their audited annual statements (individual and audited consolidated financial statement, as well as individual and consolidated management report) or those entities submitting them on a voluntary basis.  

According to the Georgian law “on Accounting, Reporting and Auditing”, PIEs, I and II category entities, as well as I and II category groups are required to ensure audit of their financial statements/consolidated financial statements, that has to be submitted immediately or no later than October 1 of the following reporting period. These entities are also required to prepare and submit their management (including consolidated) reports within the timeframe set by law.