Regulation of Financial Reporting Standards in Georgia for Small and Medium Enterprises in Relation to International Standards

Abstract

International Financial Reporting Standards are the international global language of business relations, which allows any business entity to make its reporting easily understandable, understandable and comparable on an international scale. The transition and implementation of international financial reporting standards for small and medium-sized enterprises in Georgia is successfully underway, but the problem is that despite various multifaceted and extensive works, these issues are still a matter of discussion, debate and controversy. The main issues and approaches to increasing the reliability and transparency of financial reporting for small and medium-sized enterprises in Georgia have not yet been formulated as a final result.

The main goal of the paper is to study and analyze the regulation of international financial reporting standards for small and medium-sized enterprises in Georgia. The scope of the Financial Reporting Standard for Small and Medium-sized Enterprises, the assessment of accounting policies and the challenges through which financial statements demonstrate the accountability of top management for the management of small and medium-sized enterprises are analyzed.