SARAS publishes a draft Order on the Approval of the Rule for Determining the Type/Amount of Sanctions and Their Imposition in order to receive feedback from interested parties

As it is known, SARAS is authorized to determine the type and amount of sanctions to be imposed on persons subject to supervision, and the Law of Georgia on Accounting, Reporting and Auditing, as amended on 15 June 2024, requires SARAS to adopt a subordinate normative act determining the type/amount of sanctions and the rules for their imposition no later than 1 January 2025. Accordingly, SARAS has developed a draft subordinate normative act.

The draft version is intended to ensure the legislative reinforcement of the approaches and processes of sanctions policy that have been developed and implemented during the reform process. Accordingly, the draft represents a generalization of the sanctions measures approved during the existence of SARAS and their implementation at the normative level.

Stakeholder engagement is important in the development process of the project, therefore, SARAS publishes the draft Order of the Head of SARAS on the Approval of the Rule for Determining the Type/Amount of Sanctions and their Imposition by the Service for Accounting, Reporting and Auditing Supervision for feedback.

Suggestions and/or recommendations should be sent electronically (via the SARAS e-mail function - https://saras.gov.ge/ms/) by 27 December.