Georgian translation of IFRS for SMEs Taxonomy is published on the SARAS web page

Under the decree №2396 of the Georgian Government of December 10, SARAS was authorized to sign the License Agreement with the IFRS Foundation according to which SARAS started translating the IFRS Taxonomy into Georgian (the IFRS Taxonomy covers IFRS and also IFRS for SMEs taxonomies).

We would like to remind you that the translation of IFRS for SMEs taxonomy was finished on June 25 and the Georgian version was published on the SARAS web page. In the published version non-mandatory fields are not translated. However, SARAS plans to add a Georgian translation of this part too. 

Also, it shall be noted that currently, SARAS is translating IFRS taxonomy. Georgian translation of IFRS taxonomy will be published on the SARAS web page and will be available to all interested parties. 

IFRS Taxonomy is developed by the International Accounting Standards Board. Its purpose is to facilitate the electronic use and exchange of financial data which is prepared in accordance with IFRS Standards. IFRS taxonomy can be used by both commercial and non-commercial organizations.

IFRS for SMEs taxonomy can also be used for further improvement of the current chart of accounts. SARAS is ready to accept any suggestions on this subject from professional circles.

In case of any editorial or content deficiencies, please send us an email at the following address: translation@saras.gov.ge

About IFRS Taxonomy:

The IFRS Taxonomy improves communication between preparers and users of financial statements that comply with IFRS Standards. Preparers can use the IFRS Taxonomy's elements to tag required disclosures, making them more easily accessible to users of electronic reports. 

The IFRS Taxonomy reflects the presentation and disclosure requirements of IFRS Standards and includes elements from the accompanying materials to the IFRS Standards such as implementation guidance and illustrative examples. In addition, it contains elements for disclosures not specifically required by IFRS Standards but commonly reported in practice. 

IFRS Taxonomy is one of the reporting-area-specific hierarchical dictionaries used by the XBRL community. XBRL is the open international standard for digital business reporting, aiming to support the high-quality tagging of information presented in primary financial statements, making the reporting process faster and easier. It is committed to improving reporting in the public interest. XBRL is used around the world, in more than 50 countries. 

Translation of IFRS taxonomy in the Georgian language is the first step to create a new environment for professionals representing the reporting field - many leading countries effectively implemented IFRS Taxonomy and XBRL.