Laying foundations for digital supervisory reporting in Georgia
Earlier this month, Georgia’s Service for Accounting, Reporting and Auditing Supervision (SARAS) held a kick-off workshop for its ‘Feasibility Study of the XBRL Standard Implementation in Georgia.’ This project was initiated by SARAS, financed by the World Bank, and is being conducted by BR-AG, whose XBRL experts led the workshop.
SARAS is keen to keep up with international standards in reporting, particularly given that the EU has mandated digital financial disclosures in XBRL with the introduction of the ESEF format. This initial workshop provided an overview of the XBRL Standard. The participants – representing a range of government bodies and other stakeholders – discussed the benefits of XBRL and current international practices. “In order to improve the quality of reporting, make faster business decisions, promote capital market development, and increase access to finance for entities, it is important to provide financial data in digital format. Delivery of data is of better quality, more comparable and reliable this way,” says SARAS – and of course, we heartily agree.
“It is noteworthy that the implementation of the XBRL Standard will enable entities to prepare their financial statements in a fully digital format. This will simplify the data processing by both SARAS and other state agencies, and all other stakeholders too.”
We are delighted to see Georgia’s enthusiastic embrace of digitisation. This project on supervisory reporting follows the successful recent implementation of XBRL for data collection and management by the National Bank of Georgia. Further SARAS workshops are on their way, and we look forward to hearing more about the project as it progresses.
Read more here.