Khechinashvili University Hospital
physical Identification of Inventories and Property, Plant and Equipment
For S. Khechinashvili University Hospital, Ltd., SavvY prepared a fixed asset register and conducted an inventory count. The service provided consisted of the following three stages:
1. Identification of fixed assets – The aim of this phase is to reconcile the list of the fixed assets described during the asset census and the records in the accounting system. The balance and any possible excesses or shortfalls are then identified.2. Formation of the Fixed Asset Register – The purpose of this stage is to prepare the structure of the Fixed Asset Register consistent with IFRS.
3. Identification of inventory – Assessment of conformity between physically existing and accounted units at the level of structural divisions.
Implementation of International Financial Reporting Standards
Between December 2018 and January-February of 2019, IFRS standards were implemented in S. Khechinashvili University Hospital Ltd. This work included the following:
- Financial statement prepared according to the IFRS for SMEs for the period ended in December 31, 2018, which included a complete financial consolidation package for the following periods:
December 31, 2018, (reporting period), December 31, 2017 (comparable period) and January 1st, 2017 (date of transition).
The financial report included the following components: statement of financial position, statement of profit-loss and other comprehensive income, statement of changes in equity, statement of cash flow and notes.
2. Accounting policies of the company’s principal financial components: implementation of property, plant and equipment and development of management policies, implementation of inventory and development of management policies and implementation of accounts receivable and development of management policies.