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SavvY was pleased to support Tashkent Water Week, a high-level international forum that brought together global leaders, policymakers, development institutions, and private sector representatives to address the growing challenges of water resource management in Central Asia.The forum gathered over 1,200 participants and 80 speakers from 19 countries, serving as a key platform for dialogue on the increasing pressure on water resources driven by climate change, population growth, and rising demand across the region.As part of the program, SavvY’s Associate Partner, Kamilla Sultanova, (<a href="https://kamillasultanova.com/en/">kamillasultanova.com</a>) played a leading role in the forum. She opened the event and moderated a high-level panel discussion, bringing together distinguished international speakers:<ul><li style="text-align:justify;">Awaadh Al Otaibi, CEO, Miahona&nbsp;</li><li style="text-align:justify;">Dr. Ilker Ersegun Kayhan, Operations Team Leader, Islamic Development Bank&nbsp;</li><li style="text-align:justify;">Akiko Fujii, UNDP Resident Representative in Uzbekistan&nbsp;</li><li style="text-align:justify;">Barbara Janusz-Pawletta, Regional Representative for Central Asia, International Water Management Institute (IWMI)&nbsp; &nbsp;</li></ul>The panel addressed key regional priorities, including:<ul><li style="text-align:justify;">International cooperation and water resource management in the context of climate change&nbsp;</li><li style="text-align:justify;">Joint interstate water management initiatives across Central Asia&nbsp;</li><li style="text-align:justify;">The role of international organizations and financial institutions in improving water efficiency&nbsp;</li><li style="text-align:justify;">The importance of water in ensuring food and social security&nbsp;</li><li style="text-align:justify;">Water-saving technologies as a foundation for effective interstate cooperation&nbsp;</li></ul>Throughout the forum, discussions focused on practical and scalable solutions, including digital technologies, infrastructure modernization, and improving water efficiency in agriculture. Particular emphasis was placed on regional cooperation and coordinated approaches, recognizing the transboundary nature of water challenges in Central Asia.The event provided a valuable platform for dialogue between governments, international organizations, and the private sector, highlighting the importance of stronger collaboration and actionable solutions to ensure sustainable water management.Natia Goliadze, Director of SavvY, attended the event, representing the company and engaging with key stakeholders across the public, private, and development sectors.SavvY is proud to contribute to and support initiatives that foster regional collaboration, knowledge exchange, and sustainable infrastructure development.We extend our special appreciation to Kamilla Sultanova for her leadership and contribution in opening the forum and moderating such an important discussion.We would also like to express out sincere appreciation to SavvY's associate Partner, Kamila Sultanova, for her outstanding moderation of the event and for presenting the company at the highest standard.&nbsp; &nbsp;

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SavvY Supports Tashkent Water Week, Bringing Global Leaders Together on Water Challenges in Central Asia

On March 12–13 in Tbilisi, the International Transport and Logistics Exhibition was held for the second time, organized by SavvY and Expo Georgia bringing together leading companies and experts from the industry in one space.As part of the exhibition, companies were представлен through individual stands. Visitors had the opportunity to meet company representatives in person and receive detailed information about their logistics services.The business forum featured a series of panel discussions, where industry representatives discussed trends in the development of Georgia’s transport and logistics sector, regional challenges, and future perspectives.&nbsp;One of the key components of the exhibition was targeted B2B meetings, which enabled participating companies to engage in direct negotiations with pre-selected potential partners and clients, and to outline concrete steps for future collaboration.Exhibition partners and supporters:<ul><li>General Sponsor - TBC Bank</li><li>Sponsors – TBC Leasing, TBC Insurance, Tbilisi Dry Port</li><li>Media Partners – BusinessPressNews, PalitraNews</li><li>Supporter – Business Association of Georgia</li></ul>

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The International Transport and Logistics Exhibition in Georgia was held for the second time

SavvY and Dastafe have signed a partnership agreement to launch a joint service - SavvY powered by Dastafe. By combining SavvY’s financial expertise with Dastafe’s cutting-edge technology, the partnership will deliver comprehensive business intelligence and AI-powered analytics solutions. The initiative aims to help companies transform their financial data into a strategic advantage through advanced BI tools, data-driven insights, and AI-enabled analytics.&nbsp;

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SavvY and Dastafe have signed a partnership agreement to launch a joint service - SavvY powered by Dastafe

Central Asia is facing an increasing shortage of water resources driven by climate change, growing demand for water supply and irrigation, and the rising needs of both population growth and economic development. These pressures place additional strain on the agricultural sector and highlight the urgent need for rational and sustainable water use. Under these conditions, effective water resource management has become a strategic priority, directly influencing regional cooperation and Central Asia’s role within the global water cycle.A response to these challenges will come through the International Forum: Tashkent Water Week, to be held on 25–26 March 2026 in Tashkent. Initiated and organised by the Government of the Republic of Uzbekistan and convened in this format for the first time, the Forum will offer a unique platform for experience-sharing, discussion of innovative approaches, and the development of joint strategies for sustainable water resource management.The Forum programme, themed “Technologies and Innovations in Water Resource Management. Central Asia and the Global Water Cycle,” will feature high-level plenary and panel sessions. Discussions will focus on water and sustainable development, trust-building, and the search for joint solutions. Particular attention will be given to transboundary water cooperation and interstate coordination, as well as sustainable water use and the development of resilient agricultural systems.Participants will examine technological and digital innovations in water supply, global trends and key challenges in water governance, the role of water in ensuring food security, and the strengthening of cross-sectoral cooperation. Additional topics will include the implementation of green standards, sustainable land use practices, human capital development, and the training of qualified professionals for the water sector.Complementing the Forum’s strategic agenda, the Tashkent Water Week will also host the Tashkent Water Security Conference and an Academic Competition – the International Subject Olympiad in Water Management Disciplines, strengthening the link between strategic dialogue, scientific expertise, and the development of a new generation of water professionals.Tashkent Water Week 2026 will bring together government authorities, international organisations, leading scientists, businesses, and the expert community, providing a comprehensive platform to address transboundary water security challenges, showcase innovative governance and technological solutions, and develop practical strategies for the rational use of water resources. The Forum aims to strengthen regional cooperation and promote sustainable water use models, contributing to Central Asia’s long-term water resilience and economic development.In recent years, countries across the region have hosted numerous international conferences, consultative meetings, and expert dialogues focused on the efficient use and conservation of water resources. In this context, Tashkent Water Week 2026 is designed to complement and build on the existing formats of cooperation by establishing a multilateral platform for experience exchange and discussing modern approaches to water governance on the regional and global level.For more information on participation in the Forum, please visit the official website: <a href="http://www.tashkentwaterweek.uz">www.tashkentwaterweek.uz</a> <a href="http://www.kamillasultanova.com/?fbclid=IwZXh0bgNhZW0CMTAAYnJpZBExdVNHbHA3a240VXZDbldma3NydGMGYXBwX2lkEDIyMjAzOTE3ODgyMDA4OTIAAR6-WKeX6pHXTiEw-aoC75LEtefrlIZtgNIIKZDL3Vje_FjtN20PnghdfAcg0g_aem_ptrZvC9XnxSj8e1aD5lUQg">www.kamillasultanova.com</a>&nbsp;&nbsp;

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Tashkent to Bring Regional Leaders Together to Address Water Scarcity in Central Asia

<img src="/uploads/PHOTO_2025_12_09_13_32_16_ce17588ec0.jpeg" alt="PHOTO-2025-12-09-13-32-16.jpeg">Mariam Koyava became the member at the BARTA’s &nbsp;panel of judges. BARTA is the Best Annual Report and Transparency Report. This initiative is supported by the World Bank's Enhancing Accounting, Auditing, and Sustainability Reporting Program &nbsp;(EAASURE) regional program implemented by the Centre for Financial and Sustainability Reporting Reform (CFRR).

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Mariam Koyava became the member at the BARTA’s  panel of judges

Insights

<img src="/uploads/What_is_IFRS_for_SM_Es_1ff56f73e8.jpg" alt="What is IFRS for SMEs">The International Financial Reporting Standards (IFRS) represent a globally recognized framework for preparing and presenting financial statements. Their purpose is to ensure consistency, transparency and comparability of financial reporting across countries. However, for small and medium-sized enterprises (SMEs), the application of full <a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a> can be challenging due to its technical complexity and high compliance costs.To address this challenge, the IFRS for SMEs standard was developed by the International Accounting Standards Board (IASB). It provides a simplified, yet internationally consistent, reporting structure designed specifically for smaller entities that do not have public accountability. IFRS for SMEs keeps the main ideas of full IFRS but removes parts that are not relevant for smaller businesses, making reporting simpler and requiring fewer disclosures.<h2 style="text-align:justify;">IFRS Adoption in Georgia and Uzbekistan</h2>In Georgia, the adoption of IFRS standards became a legal requirement following the implementation of the Law of Accounting, Reporting, and Auditing. The law, enforced by the Service for Accounting, Reporting and Auditing Supervision (SARAS), established a clear classification of entities by size and introduced mandatory reporting under IFRS or IFRS for SMEs. This reform aimed to align Georgia’s accounting practices with international standards, enhance the credibility of <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a> and improve access to foreign investment.Similarly, Uzbekistan has also undertaken significant reforms in this area. Since January 2021, IFRS standards have become mandatory for commercial banks, insurance organisations, large taxpayers and state-owned enterprises. Other businesses may adopt IFRS voluntarily, while SMEs remain under national accounting standards. This transition reflects Uzbekistan’s broader effort to harmonise its financial reporting with international practices and strengthen transparency for investors.<h2 style="text-align:justify;">Key Benefits of IFRS for SMEs</h2>1. Simplified compliance with international standardsIFRS for SMEs provides a simplified reporting system that meets international expectations without the technical complexity of full IFRS. It simplifies recognition and measurement principles, reduces disclosure requirements and offers a logical structure that can be applied by smaller accounting teams. Despite being simplified, it ensures that financial statements remain consistent with global norms, which is vital for companies engaged in cross-border trade or seeking international financing.2. Improved transparency and comparabilityFinancial statements prepared under IFRS for SMEs are more transparent and comparable, both domestically and internationally. This enhances stakeholders’ ability to assess a company’s performance and financial position objectively. For investors, lenders and regulators, transparent reporting reduces risk and builds confidence in the enterprise’s governance. For SMEs in emerging markets like Georgia, such credibility can significantly improve access to investment and partnership opportunities.3. Efficiency and reduced administrative burdenCompared to full IFRS, the SME framework reduces compliance costs and administrative pressure. Smaller businesses often lack dedicated financial departments and the IFRS for SMEs allows them to meet reporting requirements without overextending their resources. This practical balance between simplicity and international alignment makes it an essential tool for sustainable business growth.<h2 style="text-align:justify;">Challenges in Adoption for SMEs</h2>Despite its advantages, the transition to IFRS for SMEs presents several challenges, particularly in developing and transitional economies.1. Limited expertise in IFRS applicationMany SMEs lack in-house professionals with IFRS knowledge. Accountants previously trained under national standards must acquire new competencies, often requiring substantial investment in education and training. These challenges are not unique to Georgia. Uzbekistan is facing similar barriers during its IFRS adoption process, particularly in SMEs, where accountants traditionally rely on national standards. Limited training resources and the need for large-scale capacity building remain key issues, prompting the government to introduce multi-year transition plans and targeted professional education initiatives.2. Insufficient local-language materialsInitially, most IFRS documentation was available only in English. This language barrier created obstacles for practitioners in non-English-speaking countries. Access to translated and contextually adapted learning materials became a critical requirement for effective implementation.3. Transition from national standardsAdopting IFRS for SMEs involves significant procedural and conceptual changes. Companies must revise their accounting policies, adapt internal systems and ensure that staff understand new reporting principles. The transition process requires not only technical training but also a change in mindset toward international best practices.<h2 style="text-align:justify;">SavvY and SARAS Initiative</h2>To address these challenges, the IFRS for SME Capacity Building Project was initiated by the Ministry of Finance of Georgia’s Service of Accounting, Reporting, and Auditing Supervision (SARAS), with the support of the United States Agency for International Development (USAID) through the Governing for Growth (G4G) program. The implementing organization of this national reform initiative was SavvY.The project was designed to build professional capacity, ensure access to learning materials in Georgian and prepare the business sector for full compliance with the new legal requirements on accounting and financial reporting.Key project outcomes included:<ul><li>Creation of an IFRS trainer network: A pool of 88 qualified IFRS trainers was established - 30 English-speaking and 58 Georgian-speaking. This network became the foundation for long-term training delivery in Georgia.</li><li>Development of interactive training modules: Comprehensive and user-friendly training materials were designed, including a syllabus and 35 modules covering all IFRS for SMEs topics.</li><li>Translation of IFRS for SMEs materials: Over 2,500 pages of IFRS for SMEs content were translated into Georgian, ensuring accessibility for all accounting professionals.</li><li>Training of accounting professionals: 100 accountants completed intensive training programs based on the newly developed materials, enhancing their ability to apply IFRS principles in practice.</li></ul>SavvY, in collaboration with international experts such as Mike Wells, coordinated multiple stakeholders, ensuring that global expertise was effectively transferred to the local context. The project also established a Review Committee to oversee the quality and accuracy of the translated materials, maintaining alignment with international standards.In addition, the initiative created the IFRS Training Network - an open platform connecting trainers and practitioners nationwide. This network facilitates continuous knowledge exchange, sharing of new updates from IASB and coordination of future training sessions.<h2 style="text-align:justify;">Impact and Practical Lessons</h2>The IFRS for SME Capacity Building Project has had a long-lasting influence on Georgia’s financial reporting environment and professional development ecosystem.1. Strengthened professional capacityThe project significantly increased the number of qualified IFRS professionals in Georgia. Companies now have greater access to skilled accountants capable of producing internationally comparable financial reports. This has improved the overall quality and credibility of financial data across the SME sector.2. Sustainable access to knowledge resourcesThe translation of 35 IFRS for SMEs modules into Georgian created an enduring knowledge base. These materials remain publicly available on the SARAS website, serving as official resources for trainers, accountants and students. The availability of these tools continues to facilitate professional growth and ongoing education in financial reporting.3. Development of a sustainable training networkThe 88 trained IFRS instructors form a permanent infrastructure for continuous capacity building. Many trainers have since developed new educational programs and consulting services, ensuring that IFRS knowledge continues to spread and evolve within Georgia’s accounting community.The project also supported the private training and consulting market by creating new business opportunities for professionals offering IFRS-related services. This multiplier effect contributes to the country’s overall economic development by strengthening institutional competence and promoting transparency in financial reporting.<h2 style="text-align:justify;">Building a Sustainable Future for Financial Reporting in Georgia</h2>The implementation of IFRS for SMEs marks a significant milestone in aligning Georgia’s financial reporting system with International Financial Reporting Standards (IFRS). By simplifying compliance while ensuring global credibility, it enables SMEs to produce reliable financial statements that meet investor and regulator expectations.Its successful adoption relies on education, professional capacity and institutional cooperation. The partnership between SavvY, SARAS and USAID’s G4G Project proved to be an effective model for building national expertise in IFRS.Through targeted training, translation of IFRS materials and a strong professional network, Georgian companies have gained the tools to transition efficiently to IFRS for SMEs, improving transparency and strengthening their competitiveness in the global market.

What is IFRS for SMEs

What is IFRS for SMEs and why it matters for companies

<img src="/uploads/IFRS_f38239c576.jpg" alt="IFRS">The pharmaceutical sector is a highly regulated and complex industry. Companies operate in multiple regions, manage large networks of pharmacies, import medicines from international manufacturers and deal with a high volume of transactions every day. Proper financial reporting is essential for transparency, trust and compliance. International Financial Reporting Standards (<a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a>) provide a framework that helps pharmaceutical companies maintain accuracy and reliability in financial reporting while meeting global expectations.Implementing IFRS is not only a regulatory requirement but also a strategic step. Financial statements prepared under IFRS are easier to compare internationally, which helps attract investors and improve business reputation. However, adopting <a href="https://wesavvy.co.uk/portfolio/ifrs-implementation-in-pharmaceutical-company">IFRS in the pharmaceutical sector</a> comes with unique challenges due to the complexity of operations and multiple revenue channels.<h2>Challenges in IFRS Implementation for the Pharmaceutical Sector</h2>Property, Plant and Equipment (PPE)Pharmaceutical companies often own numerous assets, including pharmacies, warehouses and laboratories. Recording and valuing these assets accurately is essential. IFRS requires proper depreciation, impairment testing and clear documentation. Mismanagement of PPE can lead to inaccurate <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a>, reduced transparency and audit issues.Inventory ManagementManaging inventories in a pharmaceutical company is highly complex. Products are imported from various international manufacturers and distributed through multiple channels. IFRS requires accurate tracking of inventory costs, expiration dates, and batch numbers. Misreporting can affect revenue calculations, tax compliance, and regulatory reporting. Maintaining clear, real-time data is crucial to avoid discrepancies and financial errors.Revenue RecognitionRevenue recognition is another key challenge. Pharmaceutical companies often sell through retail outlets, hospitals and online platforms. Loyalty programs, discounts and product returns add extra layers of complexity. IFRS sets strict rules about when revenue should be recognized, based on control transfer to the customer. Mistakes in this area can result in inaccurate profits and lower investor confidence.Regulatory and Audit PressureLocal tax regulations, audit requirements and market expectations add further pressure. Companies need to ensure that IFRS adoption aligns with local rules and satisfies auditors. Failure to comply can affect credibility, investor trust and operational stability.<h2 style="text-align:justify;">Best Practices for Successful IFRS Implementation</h2>Documenting Processes and Data FlowBefore implementing IFRS, companies should map all accounting processes, data flows and reporting structures. Documenting every step helps identify gaps, standardize procedures and reduce errors. This approach ensures that all teams are aligned and understand how to maintain IFRS compliance.Training and Staff InvolvementEmployees must be trained in IFRS standards. Finance teams, auditors and operational staff should understand how to record transactions, value assets and manage revenue recognition according to international standards. Continuous training creates a culture of accountability and ensures that reporting is accurate.Leveraging TechnologyAdvanced accounting and inventory management systems can simplify IFRS adoption. Automation reduces errors and speeds up data processing. Companies can use digital tools to track assets, manage stock and calculate revenues. Technology also provides real-time insights for decision-making and planning.Expert SupportMany pharmaceutical companies partner with professional firms to assist with IFRS implementation. These experts provide diagnostics, design implementation roadmaps and monitor compliance. External support ensures that companies follow international standards and can manage complex accounting challenges effectively.<h2 style="text-align:justify;">Case Example: Successful IFRS Adoption</h2>Consider a major pharmacy chain operating in Georgia with hundreds of outlets and millions of customers. This company imports medicines from over a hundred international manufacturers. Managing such a business requires accurate financial reporting to maintain trust among investors, partners and regulatory authorities.By implementing IFRS with professional guidance, the company tackled critical areas: PPE valuation, inventory tracking and revenue recognition. Standardized processes were introduced, and staff received training on international accounting practices. Inventory management systems were upgraded and reporting procedures were aligned with IFRS requirements.The results were clear. Financial statements became more accurate and transparent, audits were smoother and investor confidence increased. The company achieved global comparability, which helped when negotiating with international partners and planning for future expansion.<h2 style="text-align:justify;">Lessons Learned from IFRS Implementation</h2>The implementation of International Financial Reporting Standards (IFRS) in the pharmaceutical sector offers many valuable lessons for companies aiming to improve financial reporting and operational efficiency. One of the most important takeaways is that a structured approach is essential. Conducting thorough diagnostics of existing financial processes, mapping all relevant workflows and developing a step-by-step implementation plan ensures that IFRS adoption is effective and minimizes disruption to daily operations. Without this structured foundation, companies risk incomplete adoption or misalignment with international standards.Another key lesson is the importance of focusing on critical areas. Property, Plant and Equipment (PPE), inventory management, and revenue recognition are typically the most complex and high-impact aspects of pharmaceutical accounting. Ensuring accuracy in these areas significantly enhances the credibility of financial statements and supports sound decision-making. Companies must pay special attention to valuation methods, tracking inventory movements and recognizing revenue correctly across multiple sales channels and imported products.Technology and automation are also vital components of successful IFRS implementation. Modern accounting systems allow companies to manage large volumes of transactions efficiently, reduce human errors and provide real-time data for management reporting. Automating repetitive processes not only increases operational efficiency but also strengthens internal controls and audit readiness.In addition, ongoing monitoring and review are critical for maintaining compliance. Regular audits, internal reviews and continuous assessment of financial processes help identify and resolve discrepancies quickly, ensuring that the company remains aligned with IFRS standards over time. This proactive approach prevents compliance issues from escalating and enhances the company’s reputation among investors and regulators.Finally, staff engagement and training are crucial for integrating IFRS into the company culture. Employees at all levels need to understand the principles, requirements and benefits of IFRS adoption. When staff are actively involved, IFRS becomes an integral part of daily operations rather than a separate compliance task. Proper training ensures consistency in reporting, builds confidence in financial data and supports a culture of transparency and accountability throughout the organization.Broader ImpactAdopting IFRS has benefits beyond individual companies. Pharmaceutical businesses that implement international standards improve transparency, trust and operational efficiency across the sector. Investors, partners and regulatory bodies gain confidence in reporting accuracy, which strengthens relationships and supports growth. Companies are better prepared for mergers, expansions, or entering new markets because their financial systems meet global standards.In addition, IFRS adoption enhances long-term sustainability. Companies can plan strategically, manage risks effectively and maintain consistent reporting practices. Global comparability is especially valuable in attracting international investment or benchmarking performance against global competitors.<h2 style="text-align:justify;">IFRS as a Strategic Advantage</h2>Implementing International Financial Reporting Standards (IFRS) in the pharmaceutical sector is challenging but highly rewarding. Companies must carefully manage Property, Plant, and Equipment (PPE), inventories, and revenue recognition while ensuring full compliance with both local regulations and international standards. Achieving this requires a structured approach that combines detailed process documentation, employee training, effective use of technology and expert advisory support. Each element plays a critical role in ensuring that financial data is accurate, timely and transparent.Beyond compliance, IFRS adoption brings strategic benefits. Accurate and standardized financial reporting allows management teams to make informed decisions based on reliable data. Operational efficiency improves as processes are streamlined, redundancies are eliminated and internal controls are strengthened. Employees gain a clear understanding of accounting practices and reporting requirements, creating a culture of accountability and financial discipline.For investors, partners, and regulators, IFRS compliance demonstrates credibility and trustworthiness. Transparent reporting reassures stakeholders that the company operates according to internationally recognized practices. This increased confidence can help attract investment, support partnerships and open opportunities for international expansion.Moreover, companies that adopt IFRS are better equipped to handle future challenges. They can respond effectively to market fluctuations, regulatory changes and business growth opportunities. Global comparability enables benchmarking against industry leaders and facilitates entry into new markets. In the long term, IFRS adoption strengthens financial stability, ensures sustainable growth and positions pharmaceutical companies as reliable, future-oriented organizations in an increasingly competitive global landscape.&nbsp;

IFRS

IFRS Implementation in the Pharmaceutical Sector: Challenges and Solutions

<img src="/uploads/PHOTO_2025_12_10_11_06_37_cb9832b9b9.jpeg" alt="PHOTO-2025-12-10-11-06-37.jpeg"> On 26 November, SavvY attended the 3rd EU-Central Asia Economic Forum and the following evening reception. The forum highlighted growing collaboration between the EU and Central Asia, focusing on priorities such as critical raw materials, digital transformation, energy infrastructure, and governance reforms.The reception, organized by EUROUZ, sparked engaging discussions and networking between public and private sector representatives from both regions, reflecting the strong potential for future partnerships.

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SavvY Attends the 3rd EU–Central Asia Economic Forum

<img src="/uploads/IFRS_Training_26579afe23.webp" alt=" IFRS Training">In the last few years, Georgia has made big progress in improving the quality of its financial reporting. The country decided to follow International Financial Reporting Standards (<a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">IFRS</a>), which are used all over the world to make financial information more transparent and comparable.When the new Law on Accounting, Reporting and Auditing was introduced, many companies had to change the way they prepared their financial statements. This was not an easy task. Accountants and auditors needed new knowledge, new materials, and new skills to understand and apply IFRS correctly.That is why <a href="https://wesavvy.co.uk/">SavvY</a>, in partnership with the Service for Accounting, Reporting and Auditing Supervision (SARAS) under the Ministry of Finance of Georgia, and supported by the USAID Governing for Growth (G4G) project, started a large national initiative to make IFRS training available to everyone in Georgia.<h2 style="text-align:justify;">Legal Background and the Need for Training</h2>According to the new law, many Georgian companies must prepare their financial statements under IFRS. This was an important step for the country’s integration into international markets and to increase the trust of investors and partners.However, following IFRS in practice required much more than just knowing the rules. Companies needed trained specialists who could apply these standards in real business situations. The goal of the project was to help Georgian professionals learn IFRS in a practical, easy-to-understand way, and make this knowledge available across the country.<h2 style="text-align:justify;">Challenges in IFRS Training Implementation</h2>Creating a full IFRS training program in Georgia came with several serious challenges:1. Not enough qualified trainersAt the start, there were only a few people in Georgia who had enough knowledge and teaching experience to train others in IFRS.2. Materials only in EnglishMost IFRS materials were available only in English, so many accountants found it difficult to study. The project had to translate and adapt complex professional content into clear Georgian language.3. The need for interactive learningTraditional lectures were not enough. The program needed to include examples, exercises, and real-life situations to help participants truly understand how to use IFRS in their daily work.<h2 style="text-align:justify;">SavvY’s Role and Partnership with SARAS</h2>To solve these problems, SavvY worked closely with SARAS and international experts to design a multi-stage capacity-building program. The idea was to train local trainers first, who could then train hundreds of accountants across the country.1. Step-by-step program with international expertsTogether with well-known IFRS specialist Mike Wells and other experts, SavvY created a learning plan that covered all key areas of IFRS and IFRS for SMEs.2. Engaging local professionalsSavvY built a strong cooperation network.<ul><li>A Review Committee of Georgian experts was formed to carefully check the quality of the translations.</li><li>The IFRS Training Network was created to connect trainers, share opportunities, and exchange knowledge about new developments in the field.</li></ul>3. Translation and creation of materialsOne of the most important results was the translation of 35 IFRS for SMEs modules into Georgian – more than 2,500 pages of new training materials. These resources were written in clear, professional language and included real business examples, case studies, and exercises.<h2 style="text-align:justify;">Training Georgia’s First IFRS Trainers</h2>Thanks to the program, 88 new IFRS trainers were trained – 30 English-speaking and 58 Georgian-speaking professionals. They became the first group in Georgia able to teach IFRS to others.These trainers later delivered courses and workshops to accountants, finance managers, and auditors in different regions. The IFRS Training Network allowed them to stay in touch, share new ideas, and continue improving their teaching skills.For many of them, this project also opened new professional opportunities – some trainers started offering IFRS-related consulting and training services independently.<h2 style="text-align:justify;">Impact of the Project</h2>The IFRS Capacity Building Project had a big and long-term impact on Georgia’s business and financial sector.1. A strong group of local expertsThanks to the project, there is now a solid group of trained IFRS professionals who can continue teaching others and supporting companies during their transition to IFRS.2. Free and public materialsAll translated and designed materials were made publicly available on the SARAS website, so anyone can use them – accountants, trainers, or students. These resources are still used today.3. More transparency and professionalismCompanies now prepare their financial statements according to international rules, which improves trust, transparency, and the country’s business reputation.4. Ongoing knowledge sharingThe community of trainers and professionals created during the project continues to support each other and share new updates about <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a>.<h2 style="text-align:justify;">Lessons Learned and Future Potential</h2>The collaboration between SavvY, SARAS, and USAID G4G showed that big reforms are possible when there is good teamwork, planning, and focus on long-term results.Some key lessons from the project include:<ul><li>Cooperation matters: Bringing together government, private sector, and international experts creates the best results.</li><li>Localization is key: Translating and adapting materials into the Georgian language made training accessible to everyone.</li><li>Sustainability is essential: By training trainers and making materials public, the project created a system that continues to work even years after completion.</li></ul>This approach can serve as a model for other countries that want to build local capacity for IFRS or other international standards.<h2 style="text-align:justify;">Building a Transparent Future</h2>The IFRS Capacity Building Project was more than a training initiative – it was a transformation in how Georgia understands and applies financial reporting.Through the partnership between SavvY, SARAS, and USAID G4G, IFRS training became accessible, localized, and sustainable. The result is not only better compliance with international standards but also stronger transparency and professional growth in Georgia’s financial sector.Today, the project stands as a great example of how education, cooperation and innovation can build a stronger foundation for the country’s business environment - and a more transparent financial future.

 IFRS Training

Behind the Scenes: How SavvY and SARAS Made IFRS Training Accessible in Georgia

<img src="/uploads/vitaly_gariev_6_Cfj_B_b_Q_FY_unsplash_307675a3cc.jpg" alt=" IFRS Adoption in Pharma Companies with SavvY">The pharmaceutical industry is one of the most complex sectors in the business world. Companies operate in multiple regions, import products from many international manufacturers and manage hundreds of retail outlets. These operations involve a high volume of transactions and complicated supply chains. Managing finances in such an environment is challenging, especially when adopting <a href="https://wesavvy.co.uk/services/ifrs-transition-and-implementation">International Financial Reporting Standards</a> (IFRS). Proper financial reporting is essential for transparency, compliance and operational efficiency. In Georgia and globally, pharmaceutical companies face specific challenges when aligning with IFRS and this is where SavvY provides structured support.<h2 style="text-align:justify;">IFRS in the Pharmaceutical Sector: Challenges and Specifics</h2><a href="https://wesavvy.co.uk/portfolio/ifrs-implementation-in-pharmaceutical-company">Implementing IFRS in the pharmaceutical industry</a> is not a simple task. Companies must deal with complex networks of pharmacies and distributors, large numbers of transactions and products coming from multiple international sources. This complexity makes it difficult to maintain accurate records and ensure proper financial reporting.One of the main challenges is the valuation of Property, Plant and Equipment (PPE). Pharmaceutical companies often own multiple facilities, warehouses and stores. Each asset must be properly recorded and depreciated according to IFRS standards. Another key challenge is managing inventories. With thousands of products moving daily, accurate tracking and valuation of inventory is critical. Finally, revenue recognition is particularly complex. Companies must consider multiple sales channels, loyalty programs and returns policies while making sure the timing of revenue recognition meets IFRS requirements.The pharmaceutical sector also faces regulatory and market pressures. Investors and partners demand transparency and comparability with international companies. In addition, improper <a href="https://wesavvy.co.uk/services/financial-reporting">financial reporting</a> can lead to audit issues and loss of confidence in the company. Therefore, adopting IFRS is not just a technical requirement, but a strategic decision that affects long-term business sustainability.<h2>Overview of the Pharmaceutical Business Environment</h2>In Georgia, the pharmaceutical market is growing rapidly. Local companies compete with global manufacturers and operate in a highly regulated environment. Retail chains, small pharmacies and distributors form a complex network that requires careful <a href="https://wesavvy.co.uk/services/financial-management">financial management</a>. Companies often import products from multiple countries, adding layers of customs, logistics and taxation complexity. Globally, the pharmaceutical industry faces similar challenges, with additional pressures from international investors and regulatory authorities.The combination of high transaction volumes, multi-source imports and numerous retail outlets makes financial reporting a challenging task. Companies must ensure that every transaction is recorded accurately and that financial statements comply with international standards. Failing to do so can affect business decisions, reduce transparency and lower investor confidence.<h2 style="text-align:justify;">SavvY’s Role in Supporting IFRS Transition</h2>SavvY provides specialized support for pharmaceutical companies adopting International Financial Reporting Standards. Their approach is comprehensive and practical. First, SavvY conducts a full diagnostics of IFRS readiness. This includes analyzing current accounting systems, internal processes and data flow. The goal is to identify gaps and areas needing improvement. Companies gain a clear understanding of where they stand in terms of IFRS compliance.After diagnostics, SavvY develops a tailored implementation roadmap. This plan aligns with the company’s operational activities and financial processes. It covers updates to accounting systems, staff training, process improvements and reporting procedures. The roadmap ensures that companies can transition to IFRS without disrupting daily operations.Finally, SavvY offers continuous compliance monitoring and audit support. This ensures that companies maintain proper IFRS alignment over time. Regular audits and ongoing support help prevent errors, maintain transparency, and ensure sustainability. This approach gives companies confidence that their financial reporting is accurate and reliable.<h2 style="text-align:justify;">Case Example: PSP’s IFRS Journey</h2>One of the most notable examples of SavvY’s work is with PSP, a leading pharmacy chain in Georgia. PSP operates 220 pharmacies across the country and serves 2 million customers every month. Their products come from over 100 of the world’s leading pharmaceutical manufacturers. Managing such a large network requires careful financial control and accurate reporting.In 2017, PSP partnered with SavvY to implement IFRS. The services included full diagnostics, IFRS implementation and audit support. The main focus areas were Property, Plant, and Equipment, Inventories, and Revenue recognition. These areas were critical due to PSP’s extensive retail network and the high volume of imported products.With SavvY’s support, PSP successfully implemented IFRS. Reporting accuracy improved significantly and financial statements became more transparent. Operational efficiency increased because staff had clear processes and guidelines. Audits were smoother and investors and partners gained more confidence in PSP’s financial reporting. PSP now has a system that allows comparison with international standards and supports strategic decision-making.<h2 style="text-align:justify;">Results and Broader Impact</h2>Adopting IFRS had multiple benefits for PSP and other pharmaceutical companies. First, it streamlined financial reporting and decision-making processes. Managers could make informed choices based on accurate and timely data. Transparent reporting also strengthened relationships with investors, partners, and regulatory bodies.Second, the adoption of IFRS increased trust and confidence. Investors and business partners can rely on standardized financial statements that follow international guidelines. This enhances credibility and supports long-term business growth.Third, IFRS adoption helped ensure financial sustainability. With a standardized approach to recording assets, inventory, and revenue, companies can plan strategically for future growth. Global comparability also becomes possible, which is important for companies looking to expand or attract international investors.SavvY’s work not only benefits individual companies but also improves the pharmaceutical industry as a whole. By helping companies adopt IFRS, SavvY contributes to greater transparency, stronger governance, and more reliable financial reporting across the sector.<h2 style="text-align:justify;">Achieving Compliance and Efficiency with SavvY</h2>Adopting International Financial Reporting Standards (IFRS) is essential for pharmaceutical companies operating in complex business environments. Challenges such as asset valuation, inventory management, and revenue recognition require professional expertise and structured support. SavvY provides end-to-end assistance, from diagnostics and implementation to ongoing compliance monitoring and audit support, ensuring that companies can meet international standards effectively and reliably.The case of PSP clearly demonstrates the value of this support. With SavvY’s guidance, PSP improved reporting accuracy, transparency, and operational efficiency. Financial processes were aligned with international standards, enabling better decision-making and stronger investor confidence. Staff were trained to follow clear procedures, and audit processes became smoother and more predictable. This created a culture of accountability and trust within the organization, making compliance a natural part of daily operations rather than a separate task.In addition, SavvY’s support helps pharmaceutical companies maintain long-term sustainability. By standardizing reporting processes and aligning them with global best practices, companies can better plan for growth, manage risks, and attract international investment. The structured approach provided by SavvY ensures that companies are prepared not only for audits but also for future challenges, including expansions, mergers, or increased regulatory scrutiny.In conclusion, SavvY enables pharmaceutical companies to transform their financial reporting systems completely. By moving from diagnosis to full implementation, companies can achieve compliance, operational efficiency and long-term sustainability. With SavvY’s expertise, pharmaceutical organizations are not only compliant with IFRS but are also equipped to compete successfully on a global scale, ensuring transparency, trust and reliable financial management for years to come.

 IFRS Adoption in Pharma Companies with SavvY

From Diagnosis to Implementation: How SavvY Helps Pharmaceutical Companies Adopt IFRS Successfully

<img src="/uploads/EUROUZ_369eb1a604.jpg" alt="EUROUZ.jpg">SavvY Strengthens Its Strategic Presence in UzbekistanWe are pleased to announce that SavvY has officially joined EUROUZ - the Europe-Uzbekistan Association for Economic Cooperation - which serves as Europe’s Chamber of Commerce for Uzbekistan.EUROUZ plays a pivotal role in facilitating dialogue and partnership between European and Uzbek businesses, investors, and policy institutions. It provides a platform for knowledge sharing, policy advocacy, and the promotion of trade and investment across various sectors.Through this network, SavvY gains access to an international community of European chambers and business associations, supporting collaboration, market development, and investment initiatives on a global scale.&nbsp;

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SavvY joins EuroUz – Europe’s Chamber of Commerce for Uzbekistan

&nbsp;<img src="/uploads/54869489108_7fe79c774f_o_9f94e2dad2.jpg" alt="ITIF 2025">&nbsp; SavvY took part in the International Trade and Investment Forum (ITIF 2025) held in Armenia from October 16–18.- The forum gathered international delegates and representatives from various business sectors seeking to expand their trade and investment activities globally.- During the visit, SavvY actively participated in the business forum, B2B matchmaking sessions, and on-site visits to several local manufacturing facilities.- The purpose of the participation was to enhance SavvY’s regional and international presence, foster new partnerships, and explore cooperation opportunities that contribute to sustainable business&nbsp;growth.

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