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The Project on Feasibility Study of the XBRL Standard implementation initiated by SARAS and financed by the World Bank had been conducted by the Polish company – BR-AG.
On December 20, a workshop on the final Feasibility Study results of the XBRL Standard implementation was held. The workshop was aimed at presenting the final Feasibility Study results and conclusions of the XBRL Standard. Michał Zubrycki, a representative of the Polish company, gave the presentation.
It should be stressed that the results of the Project are positive, and the feasibility of implementing the Standard became apparent.
To enhance the participation of stakeholders, the workshop was attended by the following parties: World Bank, SARAS, 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.
To remind, XBRL is an open international standard for exchanging business information widely used across the globe. Its main objective is to protect the public interest. Using the Standard facilitates data comparability, alignment with international standards, and improved quality and reliability of data. There is already a requirement for such digital reporting in EU countries, and Georgia needs to keep up with international standards.