Supervisory and Regulatory Agencies of Georgia have signed memorandum of Inter-Agency Cooperation
The Georgian supervisory and regulatory agencies have signed an inter-agency memorandum of collaboration, which aims to cooperate on reporting issues. The signatories of the Memorandum are the National Bank of Georgia, the Insurance State Supervision Service of Georgia, the Georgian National Energy and Water Supply Regulatory Commission, the Georgian National Communications Commission, and Service for Accounting, Reporting, and Auditing Supervision of the Ministry of Finance.
The memorandum aims to strengthen cooperation between supervisors and regulator regarding supervised entities, observing and regulating them, which includes a joint discussion of issues related to financial and management reporting and implies the implementation of joint initiatives. The memorandum parties will act within the recommended approaches of the International Financial Reporting Standards Foundation (IFRS Foundation), which includes interpretations of International Financial Reporting Standards (IFRS) within the framework of inter-agency cooperation and does not involve the discussions of individual cases.
Based on the memorandum, a working group will be created, which will include representatives of the profession, experts, and other persons. Among other activities, the working group will publish manuals and other publications on ongoing and interesting topics.