A Guide to initial application of IFRS for SMEs was published

For the 3rd category enterprises and 3rd category groups, the SARAS has developed a guide to initial application of IFRS for SMEs, which is a document of recommendations and does not create legally binding new obligations.

This guide refers to initial application of IFRS for small- and medium-sized enterprises (IFRS for SMEs) for the third category enterprises or for the third category groups, defined by “the Law of Georgia on Accounting, Reporting and Auditing”, which will submit their financial statements for 2018 to the SARAS no later than October 1, 2019.

A Guide to initial application of IFRS for SMEs for the 3rd category enterprises and the 3rd category groups, which is available to any interested person, was published on the official website of the SARAS.

To see the Guidelines, please visit the following link.