Inter-agency memorandum of cooperation

A memorandum of cooperation was signed between the following parties:

• the National Bank of Georgia; 
• the Insurance State Supervision Service of Georgia;
• Georgian National Energy and Water Supply Regulatory Commission;
• Georgian National Communications Commission; and 
• Service for Accounting, Reporting, and Auditing Supervision of the Ministry of Finance of Georgia.

The cooperation aims to jointly discuss the important issues related to financial and management reporting of accountable entities operating in the supervisory/regulated areas of the parties to the wide range of stakeholders. 

Based on the memorandum, a working group, comprising representatives of the profession, experts and other competent persons will be created. Manuals and other publications will be prepared and published under the name of the working group. 

It should be noted that the parties will operate within the frames of recommended approaches of IFRS Foundation, excluding the development of IFRS standards interpretations and consideration of individual cases within the framework of inter-agency cooperation.