Eastern Partnership

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.

National initiatives for improving accounting education and strengthening professional accounting organizations (PAO) in Azerbaijan were discussed at a workshop organized by the World Bank’s CFRR on November 22-23.

The Accounting and Auditing Education Community of Practice of the regional Strengthening Auditing and Reporting in the Countries of the Eastern Partnership (STAREP) program took part in a virtual seminar on November 28, 2017. The seminar focused on the implementation of competency-based accounting education, including providing feedback on a new education and training guide book being produced as part of the STAREP program.

Serbian Finance Minister and other government and EU representatives discuss reform progress and share experiences

• Serbian Finance Minister Dusan Vujovic joined senior representatives from the World Bank Centre for Financial Reporting Reform (CFRR) program beneficiary countries, CFRR development partners including the European Commission, and the Governments of Austria, Switzerland and Luxembourg, as well as World Bank/CFRR representatives in Brussels on 29 March 2017.
• The meeting was convened to discuss financial reporting reform progress in countries in the Wester

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.

During the first week of May, the regional "Strengthening Auditing and Reporting in the Eastern Partnership" program hosted several knowledge and capacity events aimed at strengthening accounting and auditing profession in Georgia. Joining forces with the Service for Accounting, Reporting and Auditing Supervision (SARAS) and IFRS Foundation, the World Bank’s CFRR delivered two roundtables dedicated to the accounting education and professional development, as well as IFRS Workshop.