Challenges of IFRS introduction in Georgia

Abstract

Shifting to IFRS is a public initiative that covers numerous spheres of economy. Introduction of IFRS is a complex, multi-stage methodological process to be implemented through years, rather than a one-time event. State support which implies improvement of regulatory legislative framework, resolution of financial issues related to publication of IFRS in Georgian, active cooperation with professional organizations, investors and other users of financial reporting is crucial for reaching success in this process.