Report on the Observance of Standards and Codes on Accounting and Auditing Update : Georgia

Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (AA) assess accounting and auditing practices in participating countries. They form part of a World Bank and International Monetary Fund joint initiative to review the...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Vienna 2015
Subjects:	INTERNATIONAL ACCOUNTING STANDARDS GOOD PRACTICE ACCOUNTING PRINCIPLES EXTERNAL AUDITORS EMPLOYMENT CAPITAL MARKETS REGULATORY FRAMEWORK INTANGIBLE ASSETS ACCOUNTING DEPOSITS ACCOUNTING PRACTICES SMALL BANKS BUSINESS COMMUNITY FINANCIAL MANAGEMENT RETURN ON EQUITY PRINCIPAL GOOD PRACTICES PUBLIC DISCLOSURE SALES INTEREST DEPRECIATION LAWS PRIVATIZATION INDUSTRY BUSINESS ADMINISTRATION STATE PROPERTY BANKING SYSTEM BUSINESS SCHOOLS CAPITAL BASE RESOURCE ALLOCATION SERVICES REVALUATION SURPLUS FINANCIAL STATEMENTS INCOME STATEMENTS IMPACTS ACCOUNTING CURRICULUM REORGANIZATION PROJECTS OWNERSHIP PLANNING QUALITY ECONOMIC STABILITY CENTRAL BANKS REPORTING CASH FLOWS AUDITS ACCOUNTING SERVICES PRESENT VALUE SAVINGS PENALTIES CREDIT UNIONS ACQUISITION OPERATING INCOME TRANSPORT FINANCIAL DATA ACCOUNTING POLICIES PRODUCTIVITY BAD DEBT PROVISIONS CRITERIA FINANCIAL INSTITUTIONS MARKETS MARKETING DEBT FINANCIAL REPORTING LEGISLATION CAPITAL REQUIREMENTS STATUTORY AUDITORS BUSINESS COMBINATIONS AUDITING FUNCTION ACCOUNTS RECEIVABLE FIXED ASSET LOANS LABOR ENTERPRISES BAD DEBT INVENTORY FINANCIAL SYSTEM LEGAL FRAMEWORK ACCOUNT RETURN ON ASSETS FINANCE FUTURE CASH FLOWS GRANTS ASSET CLASSIFICATION INFRASTRUCTURE TAXES BANKING SECTOR BANKS RESOURCES EQUITY GAAP AUDITED FINANCIAL STATEMENTS ACCOUNTABILITY ACCOUNTANTS BUSINESS FORECASTS CAPITAL ACQUISITION COST AUDITORS EXPENSES SUBSIDIARIES VALUE BANK QUALITY AUDITS CREDIT COLLATERALIZATION PRUDENTIAL REGULATIONS ACCOUNTANCY COST OF SALES PEER REVIEW CAPITALIZATION MAINTENANCE REPORTING SYSTEMS FINANCIAL PERFORMANCE EXPENDITURES PROPERTY MANDATES MARKET DISCIPLINE FOREIGN BANKS COST BUSINESS INDICATORS ACCRUAL ACCOUNTING BALANCE SHEET AUDIT ENGAGEMENTS SUPERVISORY AGENCIES ACTUARIES TRANSACTION COSTS AUDIT REPORTS FINANCIAL REPORTING STANDARDS QUALITY CONTROL CONSOLIDATED FINANCIAL STATEMENTS SUBSIDIARY ADMINISTRATION PROFITABILITY GOVERNANCE CREDIT RISK INSURANCE BOOKKEEPING MICROFINANCE PARENT COMPANIES IMPACT ANALYSIS PRUDENTIAL REQUIREMENTS ACCOUNTING STANDARDS AUDIT COMMITTEES BUSINESS RISK MANAGEMENT ACCOUNTING COMMERCIAL BANKS INTERNAL AUDIT FINANCIAL MARKETS BANKING AUDITORS’ OPINIONS AUDIT OF ACCOUNTS COOPERATIVES REVENUE RISK MANAGEMENT LENDING ACCOUNTS QUALITY ASSURANCE FINANCIAL RISK BANKING SUPERVISION AUDITING STANDARDS AUDIT BANKING LAW AUDITING PROFESSION GOVERNMENTS LIQUID ASSETS ACCOUNTING RECORDS IMPLEMENTATION COST OF CAPITAL NONPERFORMING LOANS AUDITING FINANCIAL REPORTS CONSOLIDATION
Online Access:	http://documents.worldbank.org/curated/en/2015/05/24447080/georgia-report-observance-standards-codes-accounting-auditing-aa-rosc http://hdl.handle.net/10986/22971

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Summary:	Reports on the Observance of Standards and Codes (ROSC) Accounting and Auditing (AA) assess accounting and auditing practices in participating countries. They form part of a World Bank and International Monetary Fund joint initiative to review the quality of implementation of twelve internationally recognized core standards relevant to economic stability and private and financial sector development (the ROSC Program). Since its inception in 2000, the ROSC AA program has concluded evaluations of the AA environment in more than one hundred countries around the world. ROSC AA reports have been produced for all countries of the Europe and Central Asia Region, except Russia. This report covers the accounting, audit, and financial reporting frameworks as a whole, paying particular attention to the financial sector, state owned enterprises, SMEs and audit regulation - key areas that are important in the current economic context of Georgia. With respect to SOEs, the report focuses on the existing requirements, standards enforcement, and use of financial reports and statutory audit findings by the Government in its decision making and monitoring of SOEs. This report also discusses SMEs existing financial reporting requirements, and the need to simplify the requirements for the small and micro businesses. Finally, the report reviews the audit oversight function and a quality assurance system soon to be employed by Georgia, and provides recommendations to raise the quality of audit services through the strengthening of audit oversight.

Report on the Observance of Standards and Codes on Accounting and Auditing Update : Georgia

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