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NEWS

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PMCG Joins Professional Services Council to Enhance Collaboration Between Industry and Government

10-May-2019

PMCG Joins Professional Services Council to Enhance Collaboration Between Industry and Government

We are pleased to announce that we recently became a member of the Professional Services Council (PSC), a leading advocate and resource for the government technology and professional services industry.“Being part of the council will give us an opportunity to contribute ...

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PMCG Contributes to Enhancing Parliamentary Oversight in Security Sector

06-May-2019

PMCG Contributes to Enhancing Parliamentary Oversight in Security Sector

We recently completed a European Union project designed to enhance parliamentary oversight in the security sector and to increase transparency by ensuring effective parliamentary oversight of defense and security agencies and improving relevant legislation of Georgia.&n...

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Supporting Enterprise Georgia to Enhance its Institutional Capacity

25-Apr-2019

Supporting Enterprise Georgia to Enhance its Institutional Capacity

We recently launched a new project aiming to strengthen the organizational performance and bolster the institutional effectiveness of Enterprise Georgia.Enterprise Georgia is a subordinated agency of the Ministry of Economy and Sustainable Development of Georgia and it ...

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Supporting Human Rights Education and Monitoring Center (EMC) to Enhance its Institutional Effectiveness

18-Apr-2019

Supporting Human Rights Education and Monitoring Center (EMC) to Enhance its Institutional Effectiveness

We are collaborating with the Human Rights Education and Monitoring Center (EMC) to enhance its organizational structure and performance. The EMC is a non-governmental organization, focusing on the fields of human rights (including social, women’s, and minority rig...

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PMCG’s CEO Shares Experience of Fighting Corruption at IMF Spring Meetings

15-Apr-2019

PMCG’s CEO Shares Experience of Fighting Corruption at IMF Spring Meetings

On April 11, Aleksi Aleksishvili, Chairman and CEO at PMCG, participated in the IMF Spring Meetings Seminar “Curbing Corruption by Improving Economic Governance in the Middle East and Central Asia.”The main goal of the seminar was to identify key areas of economic gover...

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Supporting SMEs to Enhance their Competitiveness on International Markets

11-Apr-2019

Supporting SMEs to Enhance their Competitiveness on International Markets

On March 25, we conducted a training for representatives of small- and medium-sized enterprises (SMEs) regarding various aspects of international trade and development activities under EBRD initiative “Trade Ready.”The main objective of this project as a whole, as well ...

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Building Capacity of Ministry of Regional Development and Infrastructure of Georgia (MRDI) in Research

10-Apr-2019

Building Capacity of Ministry of Regional Development and Infrastructure of Georgia (MRDI) in Research

We recently launched a new project aiming to enhance the efficiency and reliability of the research conducted by the Ministry of Regional Development and Infrastructure of Georgia (MRDI).The project will enhance the capacity of trainees in conducting research by develop...

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Supporting the Ministry of Regional Development and Infrastructure of Georgia to Enhance Business Process Management

08-Apr-2019

Supporting the Ministry of Regional Development and Infrastructure of Georgia to Enhance Business Process Management

We recently launched a new project aiming to assist the Ministry of Regional Development and Infrastructure of Georgia, the Ministry of Internally Displaced Persons from the Occupied Territories, Labor, Health and Social Affairs of Georgia, the Social Service Agency and...

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Supporting Public Internal Control Department (PICD) to Fight Fraud

04-Apr-2019

Supporting Public Internal Control Department (PICD) to Fight Fraud

On March 29-30, we conducted a workshop for public internal auditors at the Public Internal Control Department (PICD) in order to enhance their capacity in fraud detection. The main objective of this workshop was to enable internal auditors to implement fraud detection...

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Assisting Ministry of Environmental Protection and Agriculture of Georgia to Increase the 2019 Budget Allocation for Biodiversity by GEL 300,000

02-Apr-2019

Assisting Ministry of Environmental Protection and Agriculture of Georgia to Increase the 2019 Budget Allocation for Biodiversity by GEL 300,000

We recently supported the Ministry of Environmental Protection and Agriculture of Georgia (MEPA) to engage in successful budget advocacy with the Ministry of Finance and the Parliamentary Committee on Environmental Protection and Natural Resources, thereby increasing th...

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PUBLICATIONS

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Hotel Price Index (March, 2019)

22-Apr-2019

Hotel Price Index (March, 2019)

In March 2019, in Georgia the hotel price index increased by 5.1% compared to February 2019. The prices of hotels in Tbilisi increased by 4.2%. In March 2019, compared to February 2019, the increase of hotel prices in Georgia, can be linked to increased number of tourists tr...

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Hotel Price Index (February, 2019)

14-Mar-2019

Hotel Price Index (February, 2019)

In February 2019, in Georgia the hotel price index decreased by 1.7% compared to January 2019. In Tbilisi, the hotel prices decreased by 1.9%. The decrease of hotel prices in Georgia, can be linked to decreased number of tourists' trips. In February 2019, compared to January 2019...

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Hotel Price Index (January, 2019)

25-Feb-2019

Hotel Price Index (January, 2019)

In January 2019, in Georgia the hotel price index decreased by 3.9% compared to December 2018. Among ten regions of Georgia and Tbilisi, in January 2019, compared to December 2018, the hotel prices increased only in Racha (1.3%). In Tbilisi, hotel prices decreased by 4.2%. In Jan...

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New Simplified Financial Reporting Standard for MSMEs

05-Jul-2018

discussing New Simplified Financial Reporting Standard


On June 26, the newly simplified Financial Reporting Standard for Category IV-Entities was adopted with the goal to improve the quality and transparency of corporate financial statements, according to the decree of the Head of Service for Accounting, Reporting and Auditing Supervision (SARAS).

The Standard aims to lower the administrative burden by reducing compliance obligations, improving the financial reporting process, enabling micro, small and medium enterprises (MSMEs) to focus on business growth, and increasing access to finance for about 80,000 micro entities.

This has been developed by PricewaterhouseCoopers (PwC) in partnership with PMCG under the Good Governance Fund (GGF) Managed Fund (MF). The project team conducted a needs assessment of Category IV-Entities, surveying approximately 17,000 such entities, holding in-depth interviews with professional accountants dealing with such entities as well as organizing workshops with consultative groups of key stakeholders.

The Standard was developed based on the International Financial Reporting Standard (IFRS) for MSMEs, the relevant EU Directives and the best practices of Estonia, the UK, Ireland, Singapore and Poland.

Ultimately, with increased access to finance, MSMEs can expand and develop production, improve their infrastructure, comply with various international and national standards, attract potential investors, and increase working capital. Moreover, greater access to finance will improve their competitiveness in the long term.


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

Good Governance Fund

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