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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| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
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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 |
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okr-10986-80222021-04-23T14:02:36Z Georgia : Accounting and Auditing World Bank ACCOUNT ACCOUNTANCY ACCOUNTING ACCOUNTING DOCUMENTS ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCOUNTS ACCRUAL ACCRUAL ACCOUNTING ACCRUALS ARTICLES OF ASSOCIATION AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BANK BRANCHES BANK OF LATVIA BANKING LAW BANKING SECTOR BANKING SUPERVISION BOOKKEEPING BUSINESS ADMINISTRATION BUSINESS SCHOOLS CERTIFIED ACCOUNTANTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL ENTERPRISES COMMERCIAL ENTITY COMMODITY EXCHANGES COMPANY COMPANY LIMITED CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATION DEPOSITS DISCIPLINARY SYSTEMS ENFORCEMENT POWERS EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN BANKS GOOD PRACTICE GOOD PRACTICES INDEPENDENT OVERSIGHT INDIVIDUALS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTIGATION JOINT STOCK COMPANIES JOINT STOCK COMPANY LAWS LEGAL ENTITIES LEGAL ENTITY LEGAL FRAMEWORK LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED LIABILITY COMPANY LIQUIDATION MANAGEMENT ACCOUNTING MANAGERS MEMBER STATES NATIONAL BANK NUMBER OF SHAREHOLDERS PARENT COMPANY PENSIONS PERSONS PRIVATE ENTERPRISE PRIVATE ENTITIES PRIVATIZATION PROFESSIONAL BODY PROFESSIONAL ORGANIZATION PROFESSIONAL ORGANIZATIONS PUBLIC ACCOUNTANTS PUBLIC DISCLOSURE QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY AUTHORITIES SEPARATION OF OWNERSHIP SHAREHOLDERS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK COMPANIES SUBSIDIARIES SUPERVISORY AUTHORITIES UNION UNIONS UNIVERSITIES 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. 2012-06-14T16:17:32Z 2012-06-14T16:17:32Z 2007-01 http://documents.worldbank.org/curated/en/2007/01/7454968/georgia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8022 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Europe and Central Asia Georgia |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNT ACCOUNTANCY ACCOUNTING ACCOUNTING DOCUMENTS ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCOUNTS ACCRUAL ACCRUAL ACCOUNTING ACCRUALS ARTICLES OF ASSOCIATION AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BANK BRANCHES BANK OF LATVIA BANKING LAW BANKING SECTOR BANKING SUPERVISION BOOKKEEPING BUSINESS ADMINISTRATION BUSINESS SCHOOLS CERTIFIED ACCOUNTANTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL ENTERPRISES COMMERCIAL ENTITY COMMODITY EXCHANGES COMPANY COMPANY LIMITED CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATION DEPOSITS DISCIPLINARY SYSTEMS ENFORCEMENT POWERS EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN BANKS GOOD PRACTICE GOOD PRACTICES INDEPENDENT OVERSIGHT INDIVIDUALS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTIGATION JOINT STOCK COMPANIES JOINT STOCK COMPANY LAWS LEGAL ENTITIES LEGAL ENTITY LEGAL FRAMEWORK LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED LIABILITY COMPANY LIQUIDATION MANAGEMENT ACCOUNTING MANAGERS MEMBER STATES NATIONAL BANK NUMBER OF SHAREHOLDERS PARENT COMPANY PENSIONS PERSONS PRIVATE ENTERPRISE PRIVATE ENTITIES PRIVATIZATION PROFESSIONAL BODY PROFESSIONAL ORGANIZATION PROFESSIONAL ORGANIZATIONS PUBLIC ACCOUNTANTS PUBLIC DISCLOSURE QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY AUTHORITIES SEPARATION OF OWNERSHIP SHAREHOLDERS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK COMPANIES SUBSIDIARIES SUPERVISORY AUTHORITIES UNION UNIONS UNIVERSITIES |
| spellingShingle |
ACCOUNT ACCOUNTANCY ACCOUNTING ACCOUNTING DOCUMENTS ACCOUNTING PRACTICES ACCOUNTING STANDARDS ACCOUNTS ACCRUAL ACCRUAL ACCOUNTING ACCRUALS ARTICLES OF ASSOCIATION AUDITED FINANCIAL STATEMENTS AUDITING AUDITING PROFESSION AUDITING STANDARDS AUDITORS AUDITS BANK BRANCHES BANK OF LATVIA BANKING LAW BANKING SECTOR BANKING SUPERVISION BOOKKEEPING BUSINESS ADMINISTRATION BUSINESS SCHOOLS CERTIFIED ACCOUNTANTS COMMERCIAL BANK COMMERCIAL BANKS COMMERCIAL ENTERPRISES COMMERCIAL ENTITY COMMODITY EXCHANGES COMPANY COMPANY LIMITED CONFLICT OF INTEREST CONSOLIDATED FINANCIAL STATEMENTS CORPORATION DEPOSITS DISCIPLINARY SYSTEMS ENFORCEMENT POWERS EXTERNAL AUDITORS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REPORTING FINANCIAL REPORTING STANDARDS FOREIGN BANKS GOOD PRACTICE GOOD PRACTICES INDEPENDENT OVERSIGHT INDIVIDUALS INSURANCE INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL ACCOUNTING STANDARDS COMMITTEE INVESTIGATION JOINT STOCK COMPANIES JOINT STOCK COMPANY LAWS LEGAL ENTITIES LEGAL ENTITY LEGAL FRAMEWORK LEGISLATION LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIMITED LIABILITY COMPANY LIQUIDATION MANAGEMENT ACCOUNTING MANAGERS MEMBER STATES NATIONAL BANK NUMBER OF SHAREHOLDERS PARENT COMPANY PENSIONS PERSONS PRIVATE ENTERPRISE PRIVATE ENTITIES PRIVATIZATION PROFESSIONAL BODY PROFESSIONAL ORGANIZATION PROFESSIONAL ORGANIZATIONS PUBLIC ACCOUNTANTS PUBLIC DISCLOSURE QUALITY ASSURANCE QUALITY AUDITS QUALITY CONTROL REGULATORY AUTHORITIES SEPARATION OF OWNERSHIP SHAREHOLDERS STAKEHOLDER STAKEHOLDERS STATUTORY AUDITORS STOCK COMPANIES SUBSIDIARIES SUPERVISORY AUTHORITIES UNION UNIONS UNIVERSITIES World Bank Georgia : Accounting and Auditing |
| geographic_facet |
Europe and Central Asia Georgia |
| description |
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. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Georgia : Accounting and Auditing |
| title_short |
Georgia : Accounting and Auditing |
| title_full |
Georgia : Accounting and Auditing |
| title_fullStr |
Georgia : Accounting and Auditing |
| title_full_unstemmed |
Georgia : Accounting and Auditing |
| title_sort |
georgia : accounting and auditing |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2007/01/7454968/georgia-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/8022 |
| _version_ |
1764403718639321088 |