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

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.

Bibliographic Details

Main Author:	World Bank Group
Format:	Report biblioteca
Language:	English en_US
Published:	World Bank, Vienna 2015-03
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 https://hdl.handle.net/10986/22971
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