Compliance rate of annual reporting exceeded 90% in 2019
According to the Law of Georgia “on Accounting, Reporting and Auditing”, Public Interest Entities and the entities of 1st, 2nd and 3rd categories were required to submit their 2018 annual reports to SARAS. The reporting requirement for the 4th category entities has been postponed to 2021.
It must be noted that a higher compliance rate and quality of compliance with the law during the current year was noted comparing to the previous period. The statistics of submission by the 4th category entities is also noteworthy.
The process of submission of annual reports and appropriate enforcement from SARAS is in progress. Most of the submitted reports are already available at reportal.ge.