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12/31/2020

Compliance rate of annual reporting is 90% in 2020

According to the Law of Georgia “on Accounting, Reporting and Auditing”, Public Interest Entities and the entities of 1st, 2nd and 3rd categories were required to submit their 2020 annual reports to SARAS. The 4th category entities could submit their financial statements on a voluntary basis.

Despite the Covid-19 pandemic and all the challenges faced by the entities, it should be noted that compliance rate is still high - 90%. 

Due to delay caused by pandemic, the annual reports submission and proper administration process are in progress.  

Most of the submitted reports are already available at reportal.ge. Herewith, the stakeholders of the reform (consulting, banking, analytical credit rating companies, research organizations, oversight bodies) started digital information processing. 

SARAS expresses gratitude to each entity and professional who acknowledge the importance of the accounting reform in and present financial and non-financial information via reportal.ge.

See the statistics of submission.

© Service for Accounting, Reporting and Auditing Supervision. 2018