Financial reporting is far more than a routine year-end task; it constitutes the formal, public declaration of your company’s financial health, performance, and integrity. It serves as the primary vehicle through which you communicate critical information to your most important stakeholders—investors, lenders, regulators (like the Revenue Service and SARAS - the Service for Accounting, Reporting And Auditing Supervision), and potential business partners. Financial statements that are non-compliant with applicable standards (primarily IFRS or IFRS for SMEs in Georgia), inaccurate, or opaque not only violate the Georgian Law on Accounting, Reporting and Auditing but also severely damage credibility, deter investment, and can trigger regulatory penalties. Legal Sandbox offers specialized financial reporting and compliance services, meticulously designed to ensure your financial disclosures are prepared with absolute precision, adhere rigorously to the highest professional standards (IFRS), and present a clear, fair, and legally defensible picture of your business operations.
This service is critically important for any established business in Georgia subject to mandatory statutory audit requirements based on size or sector criteria. It is also essential for companies actively seeking institutional investment, securing significant bank financing, or engaging in major transactions where financial transparency is paramount. Whether you require expert technical guidance on complex IFRS application issues, need comprehensive assistance in preparing a robust annual financial report package, or seek strategic support in efficiently managing the demanding process of an external financial audit, Legal Sandbox's expertise acts as your assurance of quality and compliance.
We provide a structured framework to navigate the complexities inherent in high-level financial reporting. This begins with expert Guidance on Financial Reporting Standards. We possess deep expertise in the practical application of International Financial Reporting Standards (IFRS), including the specific nuances of IFRS for SMEs. We offer clear, actionable technical guidance on complex accounting treatments – covering areas such as revenue recognition (IFRS 15), lease accounting (IFRS 16), financial instruments (IFRS 9), consolidation, and impairment testing – ensuring your financial statements are fully compliant with the governing framework established by Georgian law.
Next, we manage the end-to-end Preparation and Submission of Statutory Financial Statements. This comprehensive process extends far beyond simple data compilation. It involves the careful and technically sound construction of the balance sheet (statement of financial position), income statement (statement of comprehensive income), cash flow statement, and statement of changes in equity. Crucially, this is complemented by the diligent drafting of comprehensive, transparent, and compliant explanatory notes, which provide essential context and detail. We ensure your complete statutory reporting package is accurately prepared and submitted electronically to the official registry (reportal.ge) on time, satisfying all legal and regulatory filing obligations in Georgia.
Finally, we offer robust Financial Audit Support and Management. Undergoing an external financial audit can be an intensive and potentially stressful process. Legal Sandbox acts as your strategic partner, providing dedicated support to ensure the audit progresses as smoothly and efficiently as possible. We proactively assist in preparing all necessary supporting documentation, detailed schedules, and reconciliations required by your external auditors. We serve as a key point of contact to address their technical queries effectively and provide expert counsel in discussing complex accounting treatments or judgmental areas with the audit team. Our primary objective is to facilitate an efficient audit process that culminates in a clean, unqualified audit opinion – the definitive testament to your company’s financial transparency, robust controls, and unwavering integrity.
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