Enhancing Accounting and Audit Quality In Georgia
Description
The experts got together with representatives of SARAS to prepare a list of legislation to be amended or developed according to the gaps identified in Georgia’s legal framework for accounting.
Outcomes
After a week of consultations, a detailed list of legislation to be amended or developed was compiled by the experts on the basis of the gaps that revealed the current inconsistency of national legislation with the provisions of the EU acquis. The amendments referred to either additions or modifications to the articles of the Law of Georgia on Accounting, Reporting and Auditing.
In some cases, despite the fact that comments regarding the alignment of Georgian Law with the Directive 2013/34/EU indicated full compliance or optional treatments, amendments were proposed as best practices.
Drafted separately was a document containing proposed amendments and developments only for fourth category (micro) undertakings.