Submission of Financial Statement
In Georgia there are 4 categories of companies, depending on their size, turnover and number of employees - financial reporting standards vary. Minimum standard determined for the smallest version is to at least submit a financial report once a year.
Our Financial Reporting in Georgia is designed to simplify the complex world of financial compliance and reporting for businesses. We cover various aspects to ensure that your financial statements and tax declarations are not only accurate but also submitted in a timely and compliant manner.
Accounting and Financial Reporting Services
Our services encompass the preparation and submission of monthly and annual tax returns, the submission of financial reports facilitated by our professional accountants in accordance with IFRS, expert review and tax declaration submission after a thorough review of your financials and transactions by our tax experts, and annual financial reporting services provided by our experienced bookkeepers and IFRS experts, depending on the complexity of your case.
In addition to bookkeeping and tax reporting, Georgian companies are obligated to prepare and submit annual financial reports following IFRS standards. The due date for financial reporting is no later than October 1st of the year following the reporting month, and failure to meet this obligation can result in penalties.
Contact Us for Financial Services
Our law firm in Tbilisi can help you prepare full-fledged financial statements. In addition to accounting services, we provide any financial consultations, such as payroll management services, tax planning or internal audit services in Georgia.
With LTA, you have a trusted partner and tax advisor dedicated to ensuring your financial records are accurate, timely, and compliant with Georgian regulations.
FAQs
How can you keep up with complex reporting requirements?
To effectively address the demands of complex reporting, one may consider implementing several strategies:
- Stay Updated
- Establish a Reporting Timeline
- Organize Documentation
- Perform Tax Audits;
- Tax consultations with Specialists.
What does Financial Reporting include?
Financial reporting includes the following documents:
- Income statement
- Balance sheet
- Statement of Cash flows
- Statement of change in equity
- Notes to Financial Statements
- Financial analysis
