Starting 2018, Georgian small and medium enterprises (SMEs) will transition to IFRS for SMEs. This important step is expected to raise financial transparency of Georgian businesses, increasing their opportunities for investment and simplifying access to credit. To support the local business community and assist SMEs in this important change, the Georgian Service for Accounting, Reporting and Auditing Supervision (SARAS) has launched a series of education events to raise awareness about the Standard and collaborate with the wider stakeholder groups in the country.

During November 15-16, 2017, the World Bank’s CFRR joined forces with the IFRS Foundation and SARAS to meet with Georgian SME community, explaining the transition process and providing technical overview of the IFRS for SMEs. Two thematic workshops convened nearly 300 participants from small and medium companies, accounting profession and academia, where they learned of the IFRS for SMEs and its benefits for business growth from the key-note speaker, Matt Tilling, Director of Education from the IFRS Foundation. Genevieve Boyreau, World Bank’s Program Leader, expressed the World Bank’s support to Georgia’s move towards a more transparent and accountable businesses. Participants enjoyed an interactive discussion, taking an opportunity to connect with speakers from SARAS, the IFRS Foundation and the World Bank CFRR. Providing a positive feedback on the events, business community expressed their high interest in the topic seeking further opportunities to deepen understanding of technical aspects of the IFRS for SMEs and other financial reporting issues affecting SMEs. SARAS and IFRS Foundation will plan follow up technical events on the same subject in 2018, to be delivered in partnership with the World Bank’s CFRR under the regional program "Strengthening Auditing and Reporting in the Eastern Partnership".

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Georgian small and medium businesses embrace for transition to IFRS for SMEs