FAQs - Part 1

According to the inquires received to the Hotline, SARAS will offer weekly answers to the FAQs on the web page.

Please have a look at FAQs of September:

 

1. Where am I required to submit an annual report?

Annual reports are submitted via www.rms.reportal.ge

 

2. Is non-entrepreneurial (non-commercial) legal entity required to submit an annual report?

Non-entrepreneurial (non-commercial) legal entity is not required to submit an annual report.

See Article 9 (2) of the Georgian Law on “Accounting, Reporting and Auditing”: https://bit.ly/39c7fyZ

 

3. Is partnership required to submit an annual report?

 

Partnership is not required to submit an annual report.

See Article 2 (1)(e) of the Georgian Law on “Accounting, Reporting and Auditing”: https://bit.ly/39c7fyZ

 

4. Should the 2018, 2019 and 2020 annual reports be submitted together? (Fourth category entities)

 

Only the 2020 annual report with comparative periods must be submitted by October 1, 2021 which must include:

Statement of financial position for the end of 2020, 2019 and 2018 reporting periods.
Statement of income, expenses and undistributed profit for 2020 and 2019 reporting periods.
Relevant disclosures for 2020 and 2019 reporting periods.

 

5. In the Performance results it is not permitted to write figure in the inventory items.

 

In the Performance results the inventory items are cancelled and replaced by the item - cost of sales

 

6. Is dormant entity required to submit an annual report?

Submission of annual report is mandatory regardless of whether the entity is going concern or not. Dormant entity must uncheck “going concern” when submitting an annual report.

 

7. The "Cash from operating activities" is doubled in the cash flow statements tab.

 

This item is cancelled; it can be balanced using the article "Other cash from operating activities".

 

8. How can I cancel my activation on the company?

The cancellation of a user on the specific company should be done in the "Users" tab. Click on the edit button along with the user, after which we uncheck the "is active" button and click save.

 

9. How can I add a new company?

Adding an entity to the personal account is possible with RS authorization, see the video instruction.

 

10. What is written in the user field on Rms.reportal.ge?

 

The personal number is displayed in the user field.