Law of Georgia on Accounting, Reporting and Auditing came into force after it was signed by the President of Georgia and was published on June 25, 2016. The new Law is part of the commitments made under the EU Association Agreement and aims at establishing the requirements regarding accounting and audit envisaged by the EU directives.

According to the new regulations Accounting, Reporting and Audit Supervision Service under the Ministry of Finance will provide oversight of auditors and audit firms and carry out monitoring of quality control system. As for certification of accountants/auditors, continued learning and ethical requirements, they will be provided by professional associations/organizations.

According to the Law certain category of enterprises are required only to prepare financial statements, the other category is required to prepare and publish financial statements and the first and second category enterprises which are public interest entities (PIEs) are also required have their financial statements audited.

Requirements regarding maintaining accounting have become stricter. Liabilities are defined for non- compliance with the requirements of the Law, etc. Follow the link to access the Law.