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SARAS is actively engaged with various agencies to simplify and optimize the process of preparing and submitting the financial reports.
From 2020 onwards, a single window principle, regarding the submission of financial reports prepared in accordance with IFRSs, is introduced. In particular, annual and semi-annual reports prescribed by the Law of Georgia on “Securities Market” will be submitted to the National Bank of Georgia electronically, through reportal.ge. This change also refers to the annual reports for the period of 2019.
The amendment was made to the following normative acts:
• The Order N35/04 of February 14, 2012 of the President of the National Bank of Georgia
• The Order N78/04 of August 5, 2016 of the President of the National Bank of Georgia
According to the statement of the National Bank of Georgia, regarding the given epidemiological developments due to the COVID-19 coronavirus pandemic, submission deadline for the 2019 annual report is prolonged by 45 days. Accordingly, relevant entities shall submit their audited financial reports to the National Bank of Georgia no later than June 30, 2020.