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On the initiatives of SARAS, within the final stage of the EU Twinning project on February 5, a virtual event was held on: "European Single Electronic Format (ESEF) and eXtensible Business Reporting Language (XBRL)".
The event was aimed to review the key issues of the usage of ESEF and XBRL.
The event was attended by the SARAS, Financial Analytical Service of MOF, National Bank of Georgia, the Insurance State Supervision Service, Semeki and the representatives of the Communications Commission.
The representatives of the Greek business register, securities regulator, and audit oversight body made the presentations. At the event, the speakers reviewed European legislation and its benefits in the direction of electronic financial reporting and the main principles and algorithms of XBRL. They also talked about the challenges related to the implementation of digital reporting in the context of confirmed financial statements by each category of entities and auditors, both in Greece and the EU.
Within the meeting, the dialogue was held on the current situation in Georgia and its future plans, including implementing the “single window principle”. European experts positively assessed the first and important step which is already taken by Georgia in terms of translating IFRS taxonomy. The next step is considered to be the facilitation of the issue on the inter-agency level and preparation of the so-called “road map” project with the involvement of leading European experts.