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13. Accounting

 

13. Accounting

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Answer. End of year financial statements are submitted to the Georgian government online. ...more...

All companies are required to submit IFRS financial statements for the financial year (Jan 1 to Dec 31) by Apr 15th of the following year.

The submission is done online through the government portal at: rs.ge

 
Answer. Small companies do not require accounting audits. If you're doing USD $ 8M+ in sales, you may require an audit. ...more...

Most startups are not required to do an annual audit or hire a CPA until they are doing more than USD $ 8M in sales.

Exact audit requirements for Georgia companies are split into the following four categories:


Category 1

  • If any two of following:
    • a) Revenue (sales) more than USD $ 40.4M.
    • b) Total assets more than USD $ 20.2M.
    • c) Employee more than 250 registered in Georgia.
  • Audit required with additional declaration about taxes paid — signed by CPA.

Category 2

  • If any two of following:
    • a) Total revenue (sales) less than USD $ 40.4M.
    • b) Total assets less than USD $ 20.2M.
    • c) Employee less than 250 registered in Georgia.
  • Audit required. Additional declaration about taxes paid is optional — signed by CPA.

Category 3

  • If any two of following:
    • a) Total revenue (sales) less than USD $ 8M.
    • b) Total assets less than USD $ 4M.
    • c) Employee less than 50 registered in Georgia.
  • No audit required — can be prepared by anyone. CPA not required.

Category 4

  • If any two of following:
    • a) Total revenue (sales) less than USD $ 800K.
    • b) Total assets less than USD $ 400K.
    • c) Employee less than 10 registered in Georgia.
  • No audit required. And financial statements can be simplified — can be prepared by anyone. CPA not required.

Learn more.

 
Answer. Choose an IFRS compliant accounting package — preferrably with English. ...more...

The following are popular IFRS compliant accounting packages:

 
Answer. Georgia companies use IFRS accounting standards. ...more...

A new (2017) law in Georgia requires financial statements to be prepared according to IFRS (International Financial Reporting Standards).

In the U.S., public companies are required to use GAAP, and non-public companies can use IFRS.

It's easy to redraft IFRS statments over to GAAP, and vice-versa.

Also, foreign IFRS companies (like from Georgia) are permitted by the SEC to be listed in the U.S. — currently over 500 are registered.

 
Answer. Important tax dates in Georgia are: Financial year: Jan 1 to Dec 31. Annual tax submission: Apr 15th. ...more...

Financial statements must be submitted online by Apr 15th for the previous tax year from Jan 1 to Dec 31.

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