[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108141-en":3,"doc-seo-108141-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108141,1099513958762,"Logic","https://ap-avatar.wpscdn.com/avatar/1000023916a998db790?x-image-process=image/resize,m_fixed,w_180,h_180&k=1784791008015729253",8,"Research & Report","Georgia - Report on the Observance of Standards and Codes, Accounting and Auditing","June 2023 World Bank report assessing financial reporting and auditing standards, institutions, and practices in participating countries, with a focus on accounting and auditing arrangements in Georgia. The document includes an overview of observed financial reporting practices, an assessment of the institutional framework for corporate financial reporting, and coverage of major sectors such as listed companies, banking, microfinance, insurance, and state-owned enterprises. It also outlines main changes since the previous ROSC A&A assessment and presents recommendations for further improvement.","Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \nJune 2023  \n© 2023 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000;  \n[Internet: www.worldbank.org](Internet: www.worldbank.org)[ ](Internet: www.worldbank.org)[Some rights reserved.](Some rights reserved.)  \nThis work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors ofThe World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries.  \nThis publication has been produced with the assistance of the European Union. Its contents are the sole responsibility of the World Bank Group and do not necessarily reflect the views of the European Union.  \nRights and Permissions  \nThe material in this work is subject to copyright. Because the World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given.  \nAll queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications,  \nThe World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [pubrights@worldbank.org](pubrights@worldbank.org).  \nTable of Contents 1  \nTABLE OF CONTENTS  \nAbbreviations  2  \nPreface  5  \nAcknowledgements  6  \nExecutive Summary  7  \nI. Introduction  16  \nII. Assessment  20  \nA. Accounting & Auditing Standards  20  \nB. Institutional Framework for Corporate Financial Reporting  22  \n1. General Financial Reporting Requirements  23  \n2. Listed Companies  28  \n3. Banking Sector  37  \n4. Microfinance Sector  48  \n5. Insurance Sector  52  \n6. State-Owned Enterprises  60  \n7. The Accountancy Profession  64  \n8. Professional Education and Training  70  \n9. Audit Regulation, Quality Assurance, and Public Oversight  75  \n10. Setting Accounting and Auditing Standards  82  \nC. Observed Financial Reporting Practices and Perceptions  83  \nIII. Main Changes since the Previous ROSC A&A Assessment  97  \nIV. Recommendations  99  \nAnnex A. Progress on ROSC 2015 Recommendations  107  \n2 Abbreviations  \nABBREVIATIONS  \nACCA  \nAFS  \nAGM  \nAML  \nBSD  \nCGCCB  \nCGCI  \nCGCSOE  \nCPD  \nCPF  \nCTF  \nEC  \nEFRAG  \nESRS  \nEU  \nFRMU  \nGAAP  \nGEL  \nGDP  \nGFAAFM  \nGFPAA  \nGSE  \nHEI  \nI&D  \nAssociation of Chartered Certified Accountants Annual Financial Statements  \nAnnual General Meeting Anti-Money Laundering Bank Supervisory Department  \nCorporate Governance Code for Commercial Banks  \nCorporate Governance Code for Issuers of Public Securities  \nCorporate Governance Code for SOEs Continuing Professional Development Country Partnership Framework Countering Terrorist Financing European Commission  \nEuropean Financial Reporting Advisory Group European Sustainability Reporting Standards  \nEuropean Union  \nFiscal Risk Management Unit  \nGenerally Accepted Accounting Principles Georgian lari (currency)  \nGross Domestic Product  \nGeorgian Federation of Accountants, Auditors, and Financial Managers Georgian Federation of Professional Accountants and Auditors  \nGeorgian Stock Exchange Higher Educational Institution Investigation and Discipline  \nAbbreviations 3  \nIAASB  \nIAESB  \nIASB  \nIES  \nIESBA  \nIFAC  \nIFIAR  \nIFRS  \nIFRS for SMEs  \nIMF  \nISA  \nISQC  \nISQM  \nISSSG  \nIT  \nJSC  \nLIE  \nLLC  \nMD&A  \nMFI  \nMoE  \nMoESD  \nMoF  \nNBFI  \nNBG  \nNCEQE  \nNISD  \nOECD  \nPAO  \nInternational Auditing and Assurance Standards Board International Accounting Education Standards Board  \nInternational Accounting Standards Board International Education Standards  \nI","cbCaia6yWQgl8ded","https://ap.wps.com/l/cbCaia6yWQgl8ded","pdf",7686688,2,1,116,"English","en",105,"# Abbreviations\n# Preface\n# Acknowledgements\n# Executive Summary\n# Introduction\n# Assessment\n## Accounting & Auditing Standards\n## Institutional Framework for Corporate Financial Reporting\n# Main Changes since the Previous ROSC A&A Assessment\n# Recommendations\n# Annex A. Progress on ROSC 2015 Recommendations","[{\"question\":\"What is the purpose of the ROSC A\\u0026A reports in this document?\",\"answer\":\"ROSC A\\u0026A reports assess financial reporting and auditing standards, institutions, and practices in participating countries as part of a joint World Bank initiative.\"},{\"question\":\"Which areas does the assessment cover under accounting and auditing in Georgia?\",\"answer\":\"The assessment includes accounting and auditing standards, the institutional framework for corporate financial reporting, and sector-specific coverage such as listed companies, banking, microfinance, insurance, and state-owned enterprises.\"},{\"question\":\"What content is provided after the assessment section?\",\"answer\":\"The report summarizes main changes since the previous ROSC A\\u0026A assessment and presents recommendations, followed by annex material on progress related to prior recommendations.\"}]",1784469061,292,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"georgia-report-on-the-observance-of-standards-and-codes-accounting-and-auditing","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,47,50],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":20},"https://docshare.wps.com/document/","Document",{"item":48,"name":12,"@type":43,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":43,"position":52},"https://docshare.wps.com/document/georgia-report-on-the-observance-of-standards-and-codes-accounting-and-auditing/108141/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":24,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-29","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What is the purpose of the ROSC A&A reports in this document?","Question",{"text":75,"@type":76},"ROSC A&A reports assess financial reporting and auditing standards, institutions, and practices in participating countries as part of a joint World Bank initiative.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Which areas does the assessment cover under accounting and auditing in Georgia?",{"text":80,"@type":76},"The assessment includes accounting and auditing standards, the institutional framework for corporate financial reporting, and sector-specific coverage such as listed companies, banking, microfinance, insurance, and state-owned enterprises.",{"name":82,"@type":73,"acceptedAnswer":83},"What content is provided after the assessment section?",{"text":84,"@type":76},"The report summarizes main changes since the previous ROSC A&A assessment and presents recommendations, followed by annex material on progress related to prior recommendations.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,135],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":46,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":46,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":46,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":46,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":46,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":132,"doc_module":4,"doc_module_name":46,"category_name":133,"show_sort_weight":132,"slug":134},10,"Lifestyle","lifestyle",{"id":136,"doc_module":4,"doc_module_name":46,"category_name":137,"show_sort_weight":106,"slug":138},19,"General","general"]