Business Sector Meeting Meeting with Financial Reporting Oversight Service

---

Organized by the Association of Georgian Employers, small and medium-sized companies met with the heads of the Accounting, Reporting and Audit Supervision Service of the Ministry of Finance. The purpose of the meeting was to raise awareness of the International Financial Reporting Standards (IFRS for SMEs) for small and medium-sized enterprises and introduce news. The reform planned by the Accounting, Reporting and Audit Supervision Service obliges small and medium-sized companies to submit various financial and non-financial information. Medium-sized enterprises will switch to the new standard from 2018, and small-sized companies - from 2019. At the meeting, Davit Mchedlidze, the Head of the Department of the Supervision Service of the Ministry of Finance, made a presentation about the website of the Supervision Service www.saras.gov.ge and the requirements of the law. Meanwhile, the managing partner of the financial office, Mikheil Chelidze, made a report on the international standards of financial reporting for small and medium-sized enterprises (IFRS for SMEs). At the end of the meeting, in the discussion part, the meeting participants heard the answers to their interesting questions directly from the head of the accounting, reporting and audit supervision service, Yuri Dolidze. The meeting was held in the conference hall of the Association of Georgian Employers and representatives of more than 60 companies took part in it.