IFRS for SMEs
International Financial Reporting Standards tailored for small and medium enterprises in Georgia
What is IFRS for SMEs?
IFRS for SMEs is a simplified version of full IFRS standards, specifically designed for small and medium-sized entities. Since 2016, Georgia requires all companies to prepare financial statements according to IFRS for SMEs or full IFRS, depending on their category.
Our team specializes in IFRS for SMEs implementation and can help your business achieve full compliance with Georgian accounting requirements while providing valuable financial insights.
Meet Georgian regulatory requirements with properly prepared IFRS financial statements
Financial statements accepted by international banks, investors, and partners
Dedicated IFRS specialists to handle complex accounting treatments
Annual financial statements prepared and filed on time
Who Needs IFRS for SMEs?
In Georgia, companies are categorized into four groups based on their size:
Micro Enterprises
Annual revenue under 1 million GEL
- Simplified reporting allowed
- Cash basis accounting permitted
- Minimal disclosure requirements
Small Enterprises
Revenue 1-10 million GEL
- IFRS for SMEs required
- Some simplifications available
- Annual filing to SARAS
Medium Enterprises
Revenue 10-50 million GEL
- Full IFRS for SMEs
- Complete disclosures required
- May need audit
Large Enterprises
Revenue over 50 million GEL
- Full IFRS required
- Mandatory audit
- Public disclosure
Our IFRS Services
IFRS Implementation
Transition from local GAAP to IFRS for SMEs, including opening balance adjustments and policy development.
Ongoing Bookkeeping
Monthly recording of transactions according to IFRS for SMEs requirements.
Financial Statements
Preparation of annual financial statements: Balance Sheet, Income Statement, Cash Flow, Changes in Equity, Notes.
Filing & Compliance
Submission to SARAS (Service for Accounting, Reporting and Auditing Supervision) and Revenue Service.
Key IFRS for SMEs Topics We Handle
- Revenue recognition (Section 23)
- Leases and right-of-use assets (Section 20)
- Property, plant and equipment (Section 17)
- Inventories and cost of sales (Section 13)
- Financial instruments (Sections 11-12)
- Foreign currency transactions (Section 30)
- Employee benefits and payroll (Section 28)
- Related party disclosures (Section 33)
- Deferred taxes (Section 29)
- Impairment of assets (Section 27)
Need Help with IFRS Compliance?
Our certified accountants will ensure your financial statements meet all IFRS for SMEs requirements.
Contact Us Today