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NEWS

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Introducing Short-Cycle Educational Programs in Georgia

05-Dec-2018

Introducing Short-Cycle Educational Programs in Georgia

On December 5, a stakeholder workshop was held under the UK Government’s Good Governance Fund (GGF) in order to support the Ministry of Education, Science, Culture and Sport of Georgia (MoESCS) in the implementation of SCEPs in Georgian education system.VET program...

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Discussing the Challenges Facing SMEs Seeking Access to Finance

29-Nov-2018

Discussing the Challenges Facing SMEs Seeking Access to Finance

On November 29, Giorgi Khishtovani, Director at PMC Research, presented the main findings and recommendations of –research entitled “Leveraging SME Finance through Value Chains in Georgia” in Astana, Kazakhstan.The research is focused on studying the challenges facing S...

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Presenting New and Simplified Financial Reporting Standards to SMEs

23-Nov-2018

Presenting New and Simplified Financial Reporting Standards to SMEs

On November 21-22, an informative-consultative meeting of 4th category enterprise representatives took place in Batumi and Telavi. The event was intended to increase awareness of representatives of small- and medium-sized enterprises (SMEs) regarding new financial repor...

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Supporting Intellectual Property Rights Reform in Ukraine

20-Nov-2018

Supporting Intellectual Property Rights Reform in Ukraine

We are collaborating with the Ministry of Economic Development and Trade of Ukraine (MoEDT) to implement reforms to the state management of intellectual property (IP) rights.The main aim of the project is to enhance Ukraine’s performance in managing IP and to develop a ...

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Better Skills for Better Jobs – Developing Employment and Vocational Education System in Georgia

16-Nov-2018

Better Skills for Better Jobs – Developing Employment and Vocational Education System in Georgia

On November 15, the Delegation of the European Union to Georgia and the Government of Georgia summarized four years of cooperation aimed at developing the Employment and Vocational Education and Training (EVET) system in Georgia.The summary focused on highlighting the a...

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Sharing Georgia’s Successful Reforms with Ukrainian Delegation

14-Nov-2018

Sharing Georgia’s Successful Reforms with Ukrainian Delegation

On November 9, David Lezhava, Public Policy Sector Director at PMCG, delivered a presentation and shared Georgia’s experience of introducing economic reforms and innovations in the public sector to a delegation from Ukraine. “The focus was placed on the continuous and c...

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Chinese Academy for Fiscal Sciences Set for Cooperation with Tbilisi State University and Academy of the Ministry of Finance of Georgia

13-Nov-2018

Chinese Academy for Fiscal Sciences Set for Cooperation with Tbilisi State University and Academy of the Ministry of Finance of Georgia

On November 6, PMC Research organized a meeting between the Chinese Academy of Fiscal Sciences (CAFS) and Tbilisi State University (TSU), with the aim of introducing these two institutions to each other and discussing collaboration opportunities. As a result of the meet...

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PMCG Shortlisted to Support Tajikistan and Kyrgyz Republic to Improve Municipal Infrastructure

12-Nov-2018

PMCG Shortlisted to Support Tajikistan and Kyrgyz Republic to Improve Municipal Infrastructure

We are pleased to announce that we have been shortlisted by the European Bank for Reconstruction and Development (EBRD), as part of a consortium led by HPC AG, to implement its Municipal Infrastructure Programme in the Republic of Tajikistan and the Kyrgyz Republic.Our ...

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Hosting Delegation from China to Start Collaboration

08-Nov-2018

Hosting Delegation from China to Start Collaboration

On November 6-7, PMC Research hosted a delegation from China, comprising high-ranking officials from the Chinese Academy for Fiscal Sciences (CAFS). The aim of the visit was to discuss the prospects of future collaboration between the two institutions.During the meeting...

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Azerbaijan and Kazakhstan Make Significant Progress in the World Bank’s Doing Business Ranking 2019

05-Nov-2018

Azerbaijan and Kazakhstan Make Significant Progress in the World Bank’s Doing Business Ranking 2019

We congratulate the Governments of Azerbaijan and Kazakhstan with their countries’ substantial improvements in the World Bank’s Doing Business Ranking 2019. Azerbaijan has moved from 57th place in 2018 to 25th place, and is among the ten economies to have made the ...

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PUBLICATIONS

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Issue 107: Georgia in International Rankings in 2018

12-Dec-2018

Issue 107: Georgia in International Rankings in 2018

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 in 2018 and their dynamics will be reviewed based on recent...

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Issue 106: Foreign Direct Investment, January-June 2018

18-Sep-2018

Issue 106: Foreign Direct Investment, January-June 2018

Analysis of the preliminary data on FDI for the first half of 2018 revealed the following general findings: The financial, energy, and construction sectors attracted the most FDI; Azerbaijan, the United Kingdom, and the Netherlands were the largest investing countries for Geo...

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Issue 105: External Trade, January-June 2018

03-Aug-2018

Issue 105: External Trade, January-June 2018

The first half of 2018 produced some interesting figures regarding Georgia’s external trade. Even though the existing data is only preliminary, the analysis thereof unveils some curious results. Georgia’s exports and imports reached their highest point for the observed period of ...

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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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