REGULATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS, CHALLENGES AND PROBLEMS FOR SMALL AND MEDIUM AND FOURTH CATEGORY ENTERPRISES IN GEORGIA

Summary

Georgia has been successfully transitioning and implementing international financial reporting standards for small and medium-sized enterprises, including fourth category enterprises, for several years. The aforementioned issues remain a challenge to the multifaceted work carried out by various agencies, because the main approaches related to ensuring the reliability of financial reporting for small and medium enterprises and among them the fourth category enterprises in Georgia have not yet been established as a final result.The main goal of the paper is to analyze the financial situation of business entities in the mentioned field in Georgia and to inform the wide circles of interested users about their activities.The paper analyzes the scope, assumptions, basic principles, concepts, quality characteristics, accounting policy assessment and errors of the financial reporting standard for small and medium-sized enterprises and fourth category enterprises.