Starting this year, Georgian businesses will prepare and publish management reports for the first time, as part of reform in accounting and audit practices that aims to achieve greater transparency on the Georgian market, expanding investment prospects and simplifying access to credit. To support local companies, the Georgian Service for Accounting, Reporting and Auditing Supervision (SARAS), with the help of the EU4Business STAREP programme, has launched a series of events to raise awareness about this new legal requirement and help companies better understand what is expected from them.
On February 1-2, the World Bank’s Centre for Financial Reporting Reform (CFRR) joined forces with SARAS to meet the Georgian business community, sharing international best practices of management reporting.
Three thematic workshops brought together nearly 600 participants from large and medium companies, accounting and consulting firms, to learn about management reporting and integrated reporting from the keynote speaker, Erik Vermeulen, Professor of Business and Financial Law at Tilburg University and Vice President of Philips Lighting.
Participants enjoyed an interactive discussion, taking an opportunity to connect with speakers from SARAS, the World Bank and the keynote speaker. Providing a positive feedback on the events, participants expressed their high interest in the topic, seeking further opportunities to deepen their understanding of technical aspects of management reporting and corporate governance.
SARAS and the World Bank’s CFRR will continue supporting the Georgian business community in its efforts for better financial information and transparency under the EU4Business regional programme Strengthening Auditing and Reporting in the Eastern Partnership (STAREP).
STAREP is a regional programme funded by the EU under its EU4Business initiative. It aims to create a transparent policy environment and effective institutional framework for corporate reporting within the countries that make up the EU's Eastern Partnership.