Georgian businesses will prepare and publish management reports for the first time, starting 2018. This implementation step in accounting and audit reform contributes to increased transparency of Georgian market, expanding investment prospects and simplifying access to credit. To support the local business community and assist Georgian companies in this important novelty, the Georgian Service for Accounting, Reporting and Auditing Supervision (SARAS) has launched a series of events to raise awareness about this new legal requirement and help companies better understand what is expected from them.
During February 1-2, 2018, the World Bank’s CFRR joined forces with SARAS to meet with Georgian business community, sharing the world-wide best practices of management reporting. Three thematic workshops convened nearly 600 participants from large and medium companies, accounting profession and consulting firms, where they learned of the management reporting and integrated reporting from the key-note speaker, Erik Vermeulen, Professor of Business and Financial Law at Tilburg University and Vice President of Philips Lighting.
Participants enjoyed an interactive discussion, taking an opportunity to connect with speakers from SARAS, the World Bank and the key note speaker. Providing a positive feedback on the events, participants expressed their high interest in the topic seeking further opportunities to deepen understanding of technical aspects of the management reporting and its components, corporate governance statement and non-financial report. SARAS and the World Bank’s CFRR will continue supporting the Georgian business community in its strive for better financial information and transparency under the regional program "Strengthening Auditing and Reporting in the Eastern Partnership" (STAREP).
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