SARAS held online meeting about the draft amendments to the Financial Reporting Standard for IV Category Entities

In order to bring the document even closer to the simplified principles of financial accounting of micro entities (here - IV Category Entities) developed by EU Directives, Service for Accounting, Reporting and Auditing Supervision of Ministry of Finance of Georgia plans to make amendments to the simplified Financial Reporting Standards for IV Category Entities.

On October 29, with the support of the World Bank, SARAS held the third online meeting on the draft amendments with the representatives of IV category entities. The representative of the Worl Bank opended the meeting and discussed the project. The representatives of SARAS and Committee Members informed the attendees about draft amendments and answered their questions.

See presentations here: link 1; link 2; link 3; link 4.

(*Examples given in the presentations are explanatory and do not generate any other requirements other than the Standard.)

The draft amendments to the Financial Reporting Standards for IV Category Entities will come into force in the near future. 

An updated version of the Standard will be available on the web-pages of SARAS and  Legislative Herald of Georgia.