The Service (SARAS), in cooperation with the World Bank, launches a program to support the implementation of the updated IFRS for SMEs Standard
To facilitate the effective implementation of the updated standard, SARAS launched a support program on March 9 of this year. The program focuses on the implementation of the amendments made to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) in 2025. This multi-stage initiative aims to ensure the efficient and consistent practical application of the updated 2025 IFRS for SMEs in Georgia.
In the first phase, supported by the World Bank and in cooperation with the Academy of the Ministry of Finance, the first stage of Training of Trainers (ToT) was conducted in English on March 9-11, 2026. The sessions were dedicated to a detailed discussion of the amendments and practical nuances within the standard. The goal of these trainings was to enhance the professional knowledge and qualifications of Georgian trainers, enabling them to share comprehensive information regarding the updated requirements with the wider professional community.
The training was led by Michael Wells, an invited expert by the World Bank, who possesses years of experience conducting ToT sessions across various countries, including Georgia. His involvement ensures the sharing of international best practices and aligns the reform process with global standards.
As part of the program, the trained trainers are planned to conduct the Georgian sessions across the country for fellow trainers and entity representatives. These activities will facilitate the systematic dissemination of knowledge.
The translation of the updated IFRS for SMEs Standard and its corresponding training materials is currently underway. These resources will be made available to all interested parties, facilitating the practical implementation of the standard.
Adopting the updated standard creates significant value for small and medium-sized entities. Preparing financial statements in accordance with international standards increases transparency, improves relationships with the financial sector, and helps broaden access to financial resources.