The amendments were made to the IV Category Entities’ Financial Reporting Standard

On December 7, 2020, draft amendments to the simplified Financial Reporting Standard for the IV Category Entities were adopted. Updated Standard was published on the SARAS web-page.

(To become acquainted with the amendments, see the “track-change” version.) 

In 2019, with the support of the World Bank, the Interpretation Committee of this standard was created at SARAS. The Committee prepared the draft amendments with the participation of an international consultant. To ensure the active participation of the professional society, the project was placed on SARAS and Legislative Herald of Georgia web-pages in February 2020.  

SARAS held three online informative meetings with the representatives of IV Category Entities. Up to 500 accountants attended the events. Within the scope of the meetings, participants were introduced to the draft amendments and were able to evaluate those.  

SARAS expresses gratitude to everyone who participated in preparing the draft amendments and contributed to the improvement of the standard.

We would like to inform you that in the first quarter of the next year, the renewal of the self-learning manual is also planned with the support of the World Bank.