Updated IFRS Standards Published on SARAS web page

In accordance with the Law of Georgia on Accounting, Reporting and Auditing the 2023 edition of the Blue Book has been adopted. The Standards, translated into Georgian have been published on SARAS web page and are now available to all interested parties.

The major amendments in the IFRS standards of 2023 were caused by the publication of IFRS 17. The Amendments caused by IFRS 17 were introduced in the following standards: IFRS 1, IFRS 3, IFRS 5, IFRS 7, IFRS 9, IFRS 15, IAS 1, IAS 7, IAS 16, IAS 19, IAS 28, IAS 32, IAS 36, IAS 37, IAS 38 and IAS 40. There has also been a change in the definition of an accounting estimate (IAS 8) and an important amendment to IAS 1 as a result of the document issued in February 2021 - "Disclosure of Accounting Policies" (and corresponding amendments to several other standards).

It should be noted that SARAS reviews the financial statements submitted by entities to determine their compliance with IFRS standards. In order to increase the transparency of the aforementioned process, SARAS annually prepares a document - Priorities for Annual Reports Review Process. This document is intended to help entities to submit high-quality reports in accordance with IFRS standards. In addition, SARAS published the third edition of the document “Discrepancies Identified as a Result of Reviewing Financial Statements”, which summarizes the most important discrepancies identified during the process of reviewing the compliance of financial statements.

It is worth mentioning that in 2023, Georgia is the first country to translate and adopt the 2023 edition of the Blue Book.