New Challenge for Business - Financial Reporting / ბიზნესის ახალი გამოწვევა - ფინანსური ანგარიშგება

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Mariam Girsiashvili

Doctor of Business Administration ORCID iD: https://orcid.org/0000-0001-6879-022X Email: Mariam.ghirsiashvili@gmail.com


In the 21st century, international accounting standards are being introduced in more and more countries, which is a way of comparing the economic indicators of countries in the world economy. Many enterprises around the world submit financial statements to external customers. Although the financial statements of different countries are similar to each other, there are still some differences between them, which is due to many social, economic and legislative factors. Also, the creation of national accounting standards in these countries takes into account the interests of different categories of financial reporting users.

These differences are the reason why the financial statements of all enterprises are accompanied by explanatory notes, which provide an explanation of each element of the financial statements in accordance with the accounting policies of the enterprise. Reducing these differences is the goal of the International Accounting Standards Board (IASB).

The purpose of this article is to review the impact of the changes for enterprises registered in Georgia. Enterprises registered in Georgia from 2019 will face various obligations, which have led to changes in Georgian tax legislation and the introduction of international accounting standards. Accordingly, the management of the company focused on bringing each operation carried out in the company in compliance with international standards and Georgian legislation.

The purpose of financial reporting is to create a transparent and trustworthy business environment in the country. From 2019, enterprises will submit financial statements to the Accounting, Supervision and Audit Supervision Service. The submitted report is important for creating a transparent business environment and allows the country to be more informed, to have information about the current economic situation in the country. Consequently more submitted reports are important to get information about the economic situation of the country.

The information presented in the article builds on the experience gained over the last 4 years, which includes the provision of financial reporting services in various sectors. Surveys conducted by company management and accountants and experience gained in preparing financial statements have had a significant impact on the findings in this article.

Keywords: Financial Reporting, International Standard, Certified Accountant. / ფინანსური ანგარიშგება, საერთაშორისო სტანდარტი, სერთიფიცირებული ბუღალტერი


The New Economist N3-4, (2021), Vol 16, Issue 3

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