5 cities, 8 meetings - SARAS held events for IV category entities

In 2016, SARAS created reporting portal (reportal.ge), where all category entities operating in Georgia submit their reports. Unified informational area allows entities to demonstrate to a wide audience how reliable and stable their business is, which helps them attract new business partners and makes finances more accessible.

It should be noted that submission rate remains high every year. In 2021, the submission rate for PIEs, I, II, III category entities is 95%, and considering IV category entities it made 80%.

In order to strengthen accounting and reporting field, and to increase the quality of submitted reports, SARAS actively communicates with stakeholders from the day of its establishment, it is open to feedback, and provides dissemination of current information in various ways. SARAS annually conducts meetings with entities of different categories regarding the current issues of the reform. Meetings serve to inform society, to simplify the process of submission, and to enhance quality.

Due to pandemic, SARAS was holding events virtually in 2019-2022. However, depending on the need, a preliminary survey was conducted this year, and according to the results, meetings for representatives of IV category entities were conducted this September in 5 different cities: Kutaisi, Zugdidi, Batumi, Tbilisi and Telavi. The meetings served to review report submission process and financial reporting standard for IV category entities. Up to 700 accountants attended the meeting.

Within the meeting, attendees were given a self-study manual of financial reporting of IV category entities, which was printed with the support of the World Bank, within the framework of The European Union - World Bank joint project – Financial Inclusion and Accountability.

*We would like to remind you that according to the Law of Georgia "On Accounting, Reporting and Auditing", entities submit their annual reports on the reporting portal no later than October 1. However, since October 1 is a non-working day this year, entities must submit their annual reports for the reporting period of 2021 no later than October 3.