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A kick-off workshop on the Feasibility Study of the XBRL Standard Implementation was held

In order to improve the quality of reporting, make faster business decisions, promote capital market development, and increase access to finance for entities, it is important to provide financial data in digital format. Delivery of data is of better quality, more comparable and reliable this way. That is the purpose of XBRL, the open international standard on exchange of business information widely used across the globe. Its main objective is to protect the public interest, and there is already a requirement for such digital reporting in EU countries.

It is important for Georgia to keep up with international standards. For this purpose, the Project on Feasibility Study of the XBRL Standard Implementation initiated by SARAS and financed by the World bank has been launched. The Project is being conducted by the Polish company – BR-AG.

On October 6, a kick-off workshop of the Project was held. The workshop aimed at giving an overview of the XBRL Standard. Michał Zubrycki and Katarzyna Sokowicz gave the presentation. Participants talked about the benefits of the XBRL Standard and international practices. They stressed the importance of using the Standard, and said that it facilitates data comparability, alignment with international standards, and improved quality and reliability of data.

It is noteworthy that the implementation of the XBRL Standard will enable entities to prepare their financial statements in a fully digital format. This will simplify the data processing by both SARAS and other state agencies, and all other stakeholders too.

To maximise participation of stakeholders in the Project, the workshop was attended by the following parties: World Bank, National Bank of Georgia, Revenue Service, National Statistics Office of Georgia, Georgian National Energy and Water Supply Regulatory Commission, Insurance State Supervision Service of Georgia, Communications Commissions, Ministry of Finance, Ministry of Economy and Sustainable Development, Enterprise Georgia, Creditinfo Georgia, Georgian Stock Exchange, Banking Association of Georgia.

Please be informed that workshops related to the Feasibility Study on XBRL Standard Implementation continue, and information will be published on the SARAS webpage.