SavvY is the winner of the USAID G4G Funded IFRS for SMEs Capacity building project in Georgia.

Savvy is the winner of the “International Financial Reporting Standards (IFRS) for Small and Medium Enterprises (SMEs) Capacity Building” project, funded by USAID “Governance for Growth” (G4G). This project aims to build the capacity of Georgian trainers and to increase awareness of IFRS for SMEs in Georgia.

The main beneficiary of the project is the Service for Accounting, Reporting, and Auditing Supervision (SARAS) office of the Ministry of Finance.

The reason for this initiative is due to the Law on Accounting, Reporting, and Auditing, passed in 2016 by the Government of Georgia. According to the new law, companies registered in Georgia should conduct financial reporting in accordance with IFRS.

Benefits associated with the project:

• IFRS for SMEs training in Georgia conducted by an Independent Accounting Education and training consultant – Michael Wells;
• Additional training for another 50 Georgian-speaking trainers conducted by retrained IFRS for SME experts;
• IFRS for SME training materials translated into Georgian, which will be an additional advantage and support for SMEs to prepare their financial reports in accordance with the Standards.

Based on our activities, we are honoured to implement this project. SavvY has been vigorously supporting this reform since 2016 through different activities such as:

• The consulting service of IFRS implementation in corporate as well as SME-sized companies;
• Public and corporate trainings in IFRS, which are adapted to the Georgian reality;
• Field activities in regions of Georgia to increase awareness and competence of IFRS;
• Online platform – IFRS Expert, which answers any individual questions regarding financial reporting standards.