Georgia : Accounting and Auditing
This report provides an assessment of accounting, financial reporting and auditing requirements and practices within the enterprise and financial sectors in Georgia. The report uses International Financial Reporting Standards (IFRS), International...
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| Language: | English en_US |
| Published: |
Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2007/01/7454968/georgia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8022 |
| Summary: | This report provides an assessment of
accounting, financial reporting and auditing requirements
and practices within the enterprise and financial sectors in
Georgia. The report uses International Financial Reporting
Standards (IFRS), International Standards on Auditing (ISA)
and draws on international experience and good practices in
the field of accounting and audit regulation, including in
European Union (EU) Member States, to assess the quality of
financial information and make policy recommendations. The
financial sector in Georgia is growing rapidly but remains
largely underdeveloped, partly due to the lack of funding
from local deposits and limited access to funding from
foreign financial institutions. This report focuses on the
principal reason for continuing with further reforms;
specifically, on the benefits that the proposed reforms will
bring to Georgia and its citizens. In this context, this
report sketches policy recommendations to enhance the
quality of corporate financial reporting and foster a
financial reporting platform conducive to sustainable
private and financial sector growth, thus increasing access
to global financial markets and other tools of a market
economy. The report specifically recommends: measures to
encourage preparers of financial statements in Georgia to
improve their accounting knowledge; that the GFPAA establish
a recognized qualification at a lower level than its full
qualification; that the GFPAA work to bring the quality of
its Georgian language ACCA-based qualification up to the
standard of the English language; that the GFPAA work
closely with Georgian universities to coordinate syllabuses;
and that key operational staff from regulators such as the
NBG, NSC and SISSG are seconded to similar agencies abroad
for 'on the job' training. |
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