Enhancing Accounting and Audit Quality In Georgia
Several consultative meetings were held with participation of experts specializing in reporting and the staff of SARAS. The issues discussed revolved around the gaps encountered in Georgia’s legal framework for accounting and reporting in relation with the EU legislation and specifically with the Accounting Directive (2013/34/EU).
The approach was to analyze the EU legislation article by article to verify correspondence between the Georgian and EU legislations, confirming this way the relative gaps and sharing best practices and experience.
The experts also had the opportunity to meet and consult on relevant matters with Deputy Business Ombudsman of Georgia, a member of the Office of Business Ombudsman of Georgia, and representatives of the National Bank of Georgia.
Findings of the gap analysis revealed that although the 2013 Accounting Directive was incorporated into Georgian law, certain gaps nevertheless remained, as can be seen below.
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