Meeting was jointly organized by the Ministry of Finance of Georgia and World Bank on September 24, 2015. World Bank Centre on Financial Reporting Reform (CFRR) presented its updated report on corporate reporting system in Georgia.

Mr. Giorgi Tabuashvili, First Deputy Minister of Finance and Director General (DG) of Georgian Revenue Service addressed the meeting participants. Video address was also made by Ms. Samia Msadek, Global Network Director.
Open discussions were held to review the findings and recommendations of Reports on the Observance of Standards and Codes (ROSC), current situation of Georgia in accounting and audit, along with measures carried out by the country for compliance with the requirements of the EU Association Agreement.
One of the key priorities of the Government of Georgia is to improve the audit and financial reporting. Ministry of Finance has thus established an Inter-Departmental Work Group to execute the country’s reform agenda in the area concerned. It includes professionals from the executive and legislative authorities, leading business associations and accounting firms.

Inter-Departmental Work Group has already drafted a Concept Paper and presented it to the participants of the meeting. It is aimed at the implementation of obligations assumed by Georgia under the EU Association Agreement to approximate its legislation with EU Directives.

“We appreciate the support rendered by CFRR of the World Bank in our quest to successfully carry out the reform agenda. It drafted a special report and shared its recommendations with authorities. We hope that open discussion held at the meeting today will assist the subject specialists, Government and businesses in planning for future and get a shared position and perspectives, ultimately manifesting in amendments to the legislation of Georgia” noted Mr. Tabuashvili, First Deputy Minister of Finance of Georgia.

“Vision of the World Bank is aimed at reducing the acute poverty and increase of common welfare. Effective accounting and audit serve to these needs. Global Management Practice Team of the World Bank does its best to establish such economy, which will focus on individuals. Our goal as accountants and auditors is to draw credible information for the protection of citizens’ rights to obtain accurate, reliable and timely information. Since signing the EU Association Agreement last year, all stakeholders engaged in the process of financial reporting in Georgia should dwell on this unique opportunity and create a situation, whereby transparency lets local businesses to go beyond the country frontiers and facilitate the footage of foreign investors in the country and their sound operation locally” noted Ms. Samia Msedak, Director of the Global Management Network of the World Bank.
Participants of the meeting included officials from the National Bank of Georgia, Federation of Professional Accountants and Auditors of Georgia, International Federation of Accountants, International Accounting Standards Board Members, representatives of the academic circles and businesses.

As commonly known, one of the Chapters of the EU Association Agreement of Georgia covers Corporate Law, Accounting and Audit, Corporate Governance, thus requiring the approximation of country’s legislation with EU Directives.

In the process of legislative amendments and improvement of framework under the Association Agreement in the area of accounting and audit, Georgian authorities are supported by the STAREP and CERP of the World Bank, aiming at the provision of assistance in financial reporting and audit supervision in the countries of Eastern Europe.

The referred program involves support in financial reporting of partner countries, improvement of the legislative base and facilitated introduction of best international practice in financial reporting and audit.