The expected reporting category is assessed based on anticipated assets, revenue, number of employees, and the company’s specific characteristics. A final classification can only be made to a limited extent before incorporation and must later be reviewed against the actual circumstances. Opening balances show the documented initial balances of assets, liabilities, and equity as of the specified date. They are derived from incorporation documents, contributions, assumed liabilities, and balances actually held. The accounting system must include the financial year, any shortened first reporting period, and monthly accounting and tax periods. The financial statement structure determines which financial reports are prepared and how individual accounts are grouped in them. The relevant factors are the legal form, reporting category, applicable accounting standard, and any audit and disclosure requirements. Required company and financial reports are submitted to the Accounting, Reporting and Auditing Supervision Service (SARAS) via reportal.ge. Access can be prepared in advance, but can only be fully set up once the company’s registered details and an authorized person are in place. Responsibilities and internal deadlines should be set so that the category, scope of financial statements, and reporting obligations are reviewed regularly.
Planning the Reporting System Before Starting a Business in Georgia
The reporting system for a new business in Georgia depends on its legal form, expected size category, accounting standard, and any audit or disclosure requirements. Opening balances, reporting periods, financial statement structure, and possible access to reportal.ge should be prepared before business operations begin.
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