Annual Reporting Compliance is a critical obligation for all business entities in Georgia. Under the "Law on Accounting, Reporting and Auditing," companies are required to prepare and submit financial statements to the Service for Accounting, Reporting and Auditing Supervision (SARAS). This obligation applies not only to large corporations but also to small and medium-sized enterprises (SMEs), albeit with differing standards. Failure to submit or incorrect submission results in significant monetary fines and reputational damage (deterioration of company status in public registries). Besides financial data, large companies are also required to submit a "Management Report," which includes non-financial information. Specialists on Legal.ge help you comply with these complex regulatory requirements so that your business remains transparent and law-abiding.
What Does Annual Reporting Compliance Service Cover?
This service goes beyond simple accounting and includes full legal and regulatory support. Experts on Legal.ge offer:
- Determining Entity Category: The law divides companies into 4 categories based on size. Identifying the correct category is critical as it determines the reporting standard (IFRS for SMEs vs. full IFRS).
- Preparing Management Reports: Drafting mandatory non-financial reports for Category I and II entities (business model, risks, environmental issues).
- Liaising with Auditors: Legal support during the external audit process, answering auditor queries, and preparing Representation Letters.
- Submission to SARAS: Timely and correctly formatted uploading of reports to the Reportal.ge portal.
- Corporate Approval: Preparing minutes of partners'/shareholders' meetings approving the reports before submission.