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NEWS

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Parliamentary Oversight in Georgia: Plans and Prospects

16-Apr-2018

Parliamentary Oversight in Georgia: Plans and Prospects

On April 13, a presentation of the project “EU Support to Parliamentary Oversight of the Security Sector” was held at the Parliament of Georgia.The Ambassador of the European Union to Georgia, H.E. Janos Herman, Chairman of the Parliament of Georgia, Mr. Irakli Kobakhid...

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Contributing to the Development of Simplified Financial Accounting and Reporting Standards for Micro, Small and Medium Enterprises

03-Apr-2018

Contributing to the Development of Simplified Financial Accounting and Reporting Standards for Micro, Small and Medium Enterprises

Some of the prerequisites of strong and transparent micro, small and medium enterprises (MSMEs) are a favorable business environment, competence, skills, entrepreneurial culture and access to finance.Limited access to finance remains one of the main obstacles to growth ...

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Sharing Experience of Transforming Economies with George Washington University Students

27-Mar-2018

Sharing Experience of Transforming Economies with George Washington University Students

We had the pleasure of hosting a delegation from George Washington University (GWU) with whom we shared PMCG’s experience in transforming economies and changing institutions on March 14.Aleksi Aleksishvili, CEO and Chairman at PMCG, delivered a presentation to around 20...

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EU-funded Projects Aiming to Show Everyone is Employable

22-Mar-2018

EU-funded Projects Aiming to Show Everyone is Employable

On March 15, the Delegation of the European Union to Georgia, together with its partner institutions - the Ministry of Education and Science and the Ministry of Labor,Health and Social Affairs - presented the results and achievements of four EU-funded grant scheme proje...

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Facilitating business linkages between SMEs and MNCs in Georgia

21-Mar-2018

Facilitating business linkages between SMEs and MNCs in Georgia

The official launch of a new pilot project - Supporting the Growth of Georgia’s Small and Medium-Sized Enterprises under the Good Governance Fund (GGF) was held on March 14.The initiative aims to strengthen linkages between small- and medium-sized enterprises (SMEs) and...

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Discussing Destination Marketing Management Priorities with Destination Management Organizations from Imereti and Kakheti

07-Mar-2018

Discussing Destination Marketing Management Priorities with Destination Management Organizations from Imereti and Kakheti

On March 1, we hosted some Destination Management Organizations (DMOs) from Imereti and Kakheti with whom we discussed destination marketing management priorities. The working meeting was held as part of the World Bank project - Tourism Marketing, Promotion, Online Cove...

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Working with Ministry of Regional Development and Infrastructure of Georgia to Facilitate Decentralization and Good Governance

01-Mar-2018

Working with Ministry of Regional Development and Infrastructure of Georgia to Facilitate Decentralization and Good Governance

We recently launched a project under the USAID Good Governance Initiative (GGI), as part of a consortium led by Tetra Tech ARD to support the Ministry of Regional Development and Infrastructure of Georgia (MRDI) to facilitate the development of a mid-term strategy of de...

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Research into Railway Infrastructure in Tbilisi Presented and Discussed

26-Feb-2018

Research into Railway Infrastructure in Tbilisi Presented and Discussed

On February 22, we hosted a presentation and public discussion of research outcomes regarding railway infrastructure in Tbilisi.The research focused on four main aspects of railway infrastructure in the capital city: Status quo Railway bypass according to 2009 proje...

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Assisting the Ministry of Regional Development and Infrastructure of Georgia to Introduce Performance Evaluation Systems

21-Feb-2018

Assisting the Ministry of Regional Development and Infrastructure of Georgia to Introduce Performance Evaluation Systems

We are working with the the Ministry of Regional Development and Infrastructure of Georgia (MRDI) to develop a performance evaluation framework, as part of a consortium led by Tetra Tech ARD, within the USAID-funded Good Governance Initiative (GGI). The newly adopt...

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Enhancing Access to Justice Services in Azerbaijan

20-Feb-2018

Enhancing Access to Justice Services in Azerbaijan

We have started working with the Ministry of Justice of the Republic of Azerbaijan to improve access to, and delivery of, justice services through improved management of sector resources, by preparing a Sector Expenditure and Efficiency Review (SEER).The SEER is necessa...

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PUBLICATIONS

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101: Georgia in International Rankings

05-Mar-2018

101: Georgia in International Rankings

Positions in international rankings are an important indicator of how a country is performing with regard to its economic, social and political environment. In this bulletin, Georgia’s positions in international rankings and their dynamics will be reviewed based on recent data. ...

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100: Georgian Economy - Overview, 2007-2017

16-Jan-2018

100: Georgian Economy - Overview, 2007-2017

The 100th edition of Economic Outlook and Indicators happily coincides with PMCG’s 10-year anniversary. Through the last decade, Georgia’s economic indicators have fluctuated substantially. In this edition, we present the dynamics of development for this period, and also analyze ...

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99: Tourism- January-September, 2017

13-Nov-2017

99: Tourism- January-September, 2017

  In 2017, compared to the corresponding period of 2016: • In the first three quarters, the number of tourists increased by 29%; in the third quarter, the proportion of tourists making up total international travelers reached its peak at 52.1%.• In the first three quarters...

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Contributing to the Development of Simplified Financial Accounting and Reporting Standards for Micro, Small and Medium Enterprises

03-Apr-2018

GGF Reporting


Some of the prerequisites of strong and transparent micro, small and medium enterprises (MSMEs) are a favorable business environment, competence, skills, entrepreneurial culture and access to finance.

Limited access to finance remains one of the main obstacles to growth in the MSME sector. Overcoming this challenge would allow MSMEs to develop and expand their production, improve infrastructure, comply with various international and national standards, attract potential investors, develop different skills and increase working capital.

PMCG, in partnership with PricewaterhouseCoopers (PwC), is assisting the Service for Accounting, Reporting and Auditing Supervision (SARAS) under the Ministry of Finance of Georgia to develop new, simplified financial accounting and reporting standards for MSMEs.

GGF Reporting 2

The project was officially launched on March 29 and will be implemented in the following three main stages:

  • Assessment of current regulatory framework, practice and gaps to meet international standards and requirements, and assessment of demand of financial intermediaries for MSMEs’ financial documentation
  • Development of corporate financial accounting and reporting framework for MSMEs and development of self-learning materials for MSMEs
  • Development and implementation of communication campaign to raise awareness about new corporate financial reporting framework


As a result of the collaboration, new, simplified financial accounting and reporting standards will be developed for MSMEs that will ultimately improve the quality and transparency of corporate financial statements, enable easier compliance with obligations, reduce administrative burdens, and provide an opportunity to focus on business growth and access to finance.

The assistance is being implemented under the UK Government Good Governance Fund (GGF) project “Corporate Financial Reporting for Micro, Small and Medium Enterprises”.


Please kindly follow the link below for detailed information about the project:
Good Governance Fund



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