“Priorities for 2021 and 2022 Annual Reports review process” – an important document for the entities was placed on the SARAS web-page

SARAS has developed an important document for entities: “Priorities for 2021 and 2022 annual reports review process”. The document was developed for entities defined by the Law of Georgia on Accounting, Reporting and Auditing, and their serving auditors, oversight/regulatory bodies and other stakeholders. The document highlights the priorities and approaches that SARAS will concentrate on when reviewing the 2021 and 2022 reports.

The document also describes the criterias according to which SARAS will select annual reports submitted and published by entities. When reviewing annual reports, SARAS will focus on such issues as basic financial statements, accounting policies and explanatory notes; financial instruments; and basic information about the entity to be disclosed in the report.

The document will help entities submit high-quality reports in compliance with IFRS standards. Therefore, entities need to familiarize themselves with the mentioned document.

Furthermore, you can read the document on discrepancies identified as a result of reviewing annual reports of 2020-2021 (third edition).