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Mariam Koyava

PSP is one of the biggest pharmacies in Georgia, they import and distribute pharmaceuticals in approximately 220 PSP pharmacies located almost in every region of Georgia. Their products are imported from over 100 of the world’s leading pharmaceutical manufacturers. Every month 2 million customers choose PSP as their family's pharmacy.In 2017, SavvY implemented the following services: Full Diagnostics of IFRS, IFRS Implementation and Audit Support. Deriving from the company’s specific business activities the most critical elements were Property, Plant, and Equipment, Inventories, and Revenue.

Georgia

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IFRS Adoption & Implementation

IFRS Implementation in pharmaceutical company

SavvY was the implementing party of International Financial Reporting Standards (IFRS) Capacity Building Activity across Georgia which was initiated by the Ministry of Finance of Georgia’s Service of Accounting, Reporting, and Auditing Supervision (SARAS) and supported by the United States Agency for International Development (USAID) project “Governing for Growth” (G4G).The project had very significant role in supporting the companies in successful IFRS implementation that was required by the new law regarding Audit and Financial Reporting.&nbsp;The project had the following outcomes:<ul style="list-style-type:disc;"><li style="text-align:justify;">The pool of IFRS trainers was created: 30 English-speaking and 58 Georgian-speaking trainers were trained&nbsp;</li><li style="text-align:justify;">The interactive training modules materials and syllabus was created that became publicly available resource&nbsp;</li><li style="text-align:justify;">100 accountants were trained via the newly designed interactive training modules</li><li style="text-align:justify;">35 training modules with the materials amounting to more than 2500 pages were translated to Georgian language</li></ul>&nbsp;<h2 style="text-align:justify;">How We Helped</h2>Together with the international experts, such as Mike Wells, SavvY team helped SARAS to implement multi stage capacity building activity for smooth implementation of IFRS standards within Georgian companies that was required by the new law of Accounting, Reporting and Audit.&nbsp;SavvY did outstanding stakeholder coordination, as this project aimed to increase the capacity of the existing talent pool in Georgia that would result in having lasting effect.&nbsp;SavvY has created different platforms to engage all existing stakeholders in different roles:<ul style="list-style-type:disc;"><li style="text-align:justify;">All existing experts in the field were cordially invited to join the distinguished Review Committee that would thoroughly work on checking the quality of the translated 35 modules of IFRS for SME. Eventually, the Review Committee worked out to be very effective.</li><li style="text-align:justify;">All newly trained and retrained trainers were invited to join the IFRS Training Network that became the platform to share any upcoming training opportunities as well as insights and new developments within the industry</li></ul><h2 style="text-align:justify;">&nbsp;</h2><h2 style="text-align:justify;">Impact and Potential</h2>The project had multiple areas of impact, which include but are not limited to:<ul style="list-style-type:disc;"><li style="text-align:justify;">A new pool of high-quality trainers in IFRS was created – The project created 88 new trainers in IFRS that resulted in the increase of supply of trainings that was indeed of the crucial importance to support the companies to transfer from National Accounting Standards to IFRS. In addition, this activity facilitated additional quite strong income stream for consulting companies and freelancers&nbsp;that started to offer IFRS related training products.&nbsp;</li><li style="text-align:justify;">35 Modules of IFRS for SME translated in Georgian language – these materials were the core stone support while country’s transition to IFRS standards as it enabled the practitioners in the field to have access on the demanded content in the local language. These materials are used even today by the accountants and reporting specialists in Georgia.</li><li style="text-align:justify;">Training Modules in Georgian language – specifically for this project, SavvY designed training materials that were used to train the pilot company’s accountants that were selected for this activity. It’s worth mentioning that these materials are public on the SARAS web page until today and all trainers, even those that did not participated int the training of trainer’s activity back in 2018 are eligible to utilize these resources for their training</li></ul><a href="https://saras.gov.ge/ka/Home/Modules?Length=4">You can see this module on link</a>.

USAID (G4G)

Saras

IFRS for SMEs training participants photo

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Ecosystem Development

IFRS for SME Capacity Building Project

SavvY has been a trusted partner to Sodi Investment, an investment fund and direct subsidiary of Guibor (a multi-sector investment company) providing comprehensive investment and financial advisory services. The primary objective of our involvement has been to assist the fund in navigating the complex investment landscape by offering independent financial advice, evaluating potential investment opportunities, and monitoring the financial performance of the investment portfolio.Sodi Investment focuses on real estate, with a concentration on both residential and hospitality sectors. The company’s core vision revolves around revitalizing old and historical buildings by infusing them with modern style and functionality.<h2 style="text-align:justify;">How We Helped</h2>SavvY played a strategic role in supporting Sodi Investment across the full investment lifecycle. Our work focused on empowering the fund with expert insights, data-driven analysis, and strategic financial advice. Key areas included:<ul><li style="text-align:justify;">Investment Evaluation &amp; Financial Modeling - We provided rigorous financial analysis and modeling to assess potential deals, ensuring each opportunity aligned with the fund’s objectives and market realities.</li><li style="text-align:justify;">Performance Monitoring &amp; Reporting - Through continuous tracking and evaluation, we helped maintain financial discipline across the portfolio, offering regular insights and updates to support data-informed decision-making.</li><li style="text-align:justify;">Strategic Financial Advisory - We acted as a trusted advisor in high-stakes financial negotiations and transactions, ensuring optimal financial terms and long-term value for shareholders.</li><li style="text-align:justify;">Audit &amp; Compliance Oversight - When needed, we facilitated external audits to uphold transparency, compliance, and investor confidence.</li></ul><h2 style="text-align:justify;">Impact and Potential</h2>Our engagement with Sodi Investment has enabled the fund to make well-informed, strategic investment decisions while maintaining financial discipline and operational transparency. The advisory support has been crucial in ensuring the financial soundness of investment opportunities and optimizing the overall performance of the portfolio. Through our active monitoring and expert financial recommendations, we have helped the shareholders enhance their investment outcomes and ensure the sustained success of their portfolio.This ongoing partnership highlights SavvY’s commitment to providing sophisticated, personalized financial and investment advice that supports long-term growth, financial efficiency, and success for institutional investors.

Sodi Investment

 Financial Management

Investment Advising

Financial Reporting

Fundraising

Sodi Investment Fund Advisory & Financial Management

The Dry Port concept is based on a seaport directly connected by rail with inland intermodal terminals where containers can be dealt with in the same way as if they were in a seaport. The aim of the project is to create a well-located facility to serve mainly the capital Tbilisi. The facility located on 196,000m2 and 87,000 m2 land plots at Tbilisi industrial area will include all dry port functions as well as warehousing and third party logistics activities.&nbsp;SavvY together with international industry experts was involved in developing feasibility study to assess financial feasibility of this massive project. In addition, we were also involved in preparation of Investment pitching materials and played significant role during the initial fundraising process.&nbsp;<a href="https://www.tbilisidryport.com/tbilisi-dry-port">View more about the project</a>&nbsp;<h3>Client Feedback</h3>“We highly recommend SavvY Consulting for any similar high-impact infrastructure and investment projects, confident in their ability to deliver outstanding results through expert guidance, strategic vision, and collaborative execution.”<h4>— Nino Nemsadze, General Director Tbilisi Dry Port</h4>&nbsp;

Wilhelmsen Georgia

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Feasibility Study

Feasibility Study of Dry Port

SavvY has been a trusted partner of Kinor Investment, an investment fund, providing expert investment and financial advisory services. Our primary goal has been to guide the fund through the complexities of the investment landscape by offering independent advice and closely monitoring the performance of its real estate investment portfolio.<h2 style="text-align:justify;">How We Helped</h2>SavvY provided end-to-end financial advisory to support Kinor Investment’s strategic goals. Our core contributions included:<ul><li style="text-align:justify;">Investment Evaluation &amp; Financial Modelling - We built and assessed financial models grounded in market realities and shareholder priorities, delivering clear recommendations on investment viability.</li><li style="text-align:justify;">Performance Monitoring &amp; Reporting - We provided ongoing financial oversight across the portfolio, delivering regular performance updates and actionable insights, and ensuring transparency through access to essential data.</li><li style="text-align:justify;">Quarterly Financial Reviews - We conducted structured quarterly reviews of all active investments, identifying areas for improvement and helping boost financial efficiency.</li><li style="text-align:justify;">Audit &amp; Compliance Support - We facilitated external audits when needed, ensuring financial accuracy and alignment with industry standards to reinforce trust and compliance.</li></ul><h2 style="text-align:justify;">Impact and Potential</h2>Through our collaboration with Kinor Investment, the fund has been able to make informed, strategic decisions, maintaining both financial discipline and transparency. Our advisory services have played a crucial role in assessing the financial soundness of investment opportunities, optimizing the overall portfolio performance, and enhancing financial efficiency.&nbsp;

Kinor

Kinor Investment Advisory & Financial Management

News

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/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.

Hey, I'm Mariam Koyava and I'm gonna help you

Projects I've worked on

IFRS Implementation in pharmaceutical company

IFRS for SME Capacity Building Project

Sodi Investment Fund Advisory & Financial Management

Feasibility Study of Dry Port

Kinor Investment Advisory & Financial Management

See All projects

Publications

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

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

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

What is IFRS for SMEs and why it matters for companies

SavvY Attends the 3rd EU–Central Asia Economic Forum

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