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Sophio Khidesheli

Fixed Assets Inventory Service„VEON GEORGIA“ is owned by Cellfie, leading international provider of telecommunications and internet services, headquartered in Amsterdam, The Netherlands.In 2019 – 2020, JSC “SavvY” Valuation Department provided fixed assets inventory service to LLC "Cellfie". The project included an inventory of fixed assets on the company’s balance sheet.JSC “SavvY” Valuation Department has provided the following services: physical inspection of fixed assets and assign them with individual barcode stickers, reconciliation of the lists of described fixed assets and the company’s balance sheet.JSC “SavvY” Valuation team has compared and then arranged lists of the fixed assets described during the inventory procedure with the items in the company’s financial accounting system.Market Value Appraisal Service"Cellfie" is Georgia’s third-largest telecommunications operator. The company is owned by VEON, a leading international provider of telecommunications and internet services, headquartered in Amsterdam, The Netherlands.In 2020, JSC “SavvY” Valuation Department carried out an inventory assessment process and determined the market value of the identified assets. Due to the company’s work specificity, the company owns mainly specialized assets (servers), which is one of the most crucial components for the given company to operate.The valuation process was divided into the following stages:Valuation team have audited the assets, identified them to be evaluated and outline the purpose of the valuation, have communicated with stakeholders, identified the company’s expectations and requirements;Optimal methods and approaches for the valuation of movable property were determined.After preliminary analysis, data selection and moving property market research, with selected methods and approaches, the team calculated the market value of the assets.At the final stage, the evaluation report was prepared in full compliance with IVS and IFRS 13 standards.

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Cellfie

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Asset Valuation

 Fixed Assets Inventory Service in Cellfie

LTD “New Networks“ Is a private operator of electronic communications network in Georgia. It cooperates with leading telecommunication companies in different countries around the world.In 2019, For LTD “New Networks“, Evalution team of SavvY assessed Movable and immovable property on the Company’s balance sheet. &nbsp;The provided service consisted of the following stages:<ul><li style="text-align:justify;">Inspection of assets, Identify the asset to be valued and the purpose of the valuation, high communication with stakeholders and other Audit Companies;</li><li style="text-align:justify;">The optimal methods and approaches were defined for Assessable property;</li><li style="text-align:justify;">The fair value of the property was determined by the selected methods, and market research of Movable and immovable property;</li><li style="text-align:justify;">after all result agreement , In accordance with IVS&nbsp; and IFRS 13 standards, an evaluation report was prepared. &nbsp;</li></ul>

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Asset Valuation in Telecommunication Company

JSC m² Real Estate was established by JSC Bank of Georgia in 2006 and has become a significant player in the Georgian real estate market. In 2018, SavvY’s valuation team for JSC m² Real Estate carried out an inventory count process of fixed assets and inventory located at 25 sites. The final report, which included data about the predetermined characteristics of the units of the assets, was presented to the client.

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Asset Valuation in m²

In 2022, SavvY Valuation Team conducted the inventory of fixed assets of LTD "Geoplant". The project included an inventory of fixed assets reported in the balance sheet of the company.SavvY Valuation Team performed physical inspection of fixed assets and their marking with individual barcode stickers and reconciled the list of assets identified during the census and reported in the balance sheet of the company.The SavvY Valuation Team compared and reconciled the fixed assets described in the census to the records in the company's financial accounting system.

Geoplant

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 Inventory of Fixed Assets of Gurieli

In 2021, SavvY’s valuation team carried out the census of the supplies of LTD “Crosty Global”.&nbsp; The project included stocktaking of&nbsp;supplies recorded&nbsp;in the company’s accounting system.JSC “SavvY” Valuation Department has provided the following services:&nbsp;Physical accounting of supplies and reconciliation of the results with the list of supplies recoded in the accounting system.JSC “SavvY” Valuation Department&nbsp;prepared the inventory report and the appropriate policy document on inventory process.

Crosty Global

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Census of The Supplies of Crosty

<img src="/uploads/155_A7911_2_832c4873fe.jpg" alt="155A7911 (2).jpg"> The consulting company SavvY has been contributing to the financial success of businesses in both Georgian and international markets for ten years. Its portfolio includes more than 100 projects and long-term collaborations with global organizations. In an interview with Forbes Georgia, Mariam Koyava, the founder and managing partner of SavvY, discusses the company's development path, international expansion, and future plans.Mariam, you were very young when SavvY was founded. Did you already have the knowledge and experience in this field that helped you turn it into a successful business? I have a degree in finance. Before founding my own company, I began my career at the age of 21 as an auditor at an international auditing firm — a stage that proved to be a defining milestone in my professional journey. The experience and practical skills I gained there helped me in my future development very much. Afterwards, I moved to the banking sector. During this period, I was deeply engaged in delivering professional services, whether in auditing, consulting, or banking. Eventually, I realized that consulting was the field of my interest and decided to establish my own company. SavvY entered the Georgian market ten years ago, in November 2015.What were the first steps like? What challenges did you face? When we started this business, one of the main obstacles was a lack of experience. Initially, potential clients were skeptical, since SavvY was a new company and had no implemented projects to gain trust. Convincing them that we could deliver on our promises without a concrete example was very difficult. The second major obstacle stemmed from the prevailing perception of the consulting sector at that time and its damaged reputation. Unlike a product, a service is much harder to sell, as people often find it difficult to imagine exactly what they will receive. Therefore, clearly demonstrating the value of our services was a major challenge. The third major challenge was defining our target segment and identifying who our clients should be. Many well-intentioned peers advised me to start with smaller firms, since we were new to the market and I was quite young to gain the trust of large corporations. However, my perspective on consulting was different: when a company faces a particular problem, finding a solution doesn’t really depend on its size. A consultant devotes the same time and commitment, whether it’s a small enterprise or a large corporation. At the same time, smaller companies typically have limited financial resources. I believed that if we positioned ourselves solely as a firm serving small businesses, we would remain confined to that segment. Therefore, from the outset, establishing partnerships with large, reputable organizations was both our goal and our greatest challenge. These collaborations would allow us to build a strong market presence and position SavvY as a trusted provider of high-quality consulting services.How did you manage to earn trust? How long did it take to achieve that? Our first major client was PSP, a company of unimaginable scale for a startup consulting firm. They commissioned us to transform the entire holding’s financial reporting in accordance with international standards. On one hand, it was an enormous responsibility; on the other, successfully completing this project had the potential to significantly strengthen trust in SavvY. It is also interesting, how we won the project. Surprisingly, it happened through training. When we realized there were many barriers to establishing ourselves in the market, we decided to demonstrate our team’s expertise in a different way. We organized professional training sessions, which proved to be extremely valuable. To date, I have personally trained nearly 21,000 professionals in the field. A representative of PSP attended one of these training sessions and told me that he had come to learn more about our company, our expertise, and what we could offer the market. He was impressed by SavvY’s professionalism and team expertise and mentioned that PSP’s financial director wanted to schedule a meeting with us. I can confidently say that this moment marked a turning point, presenting a real opportunity for one of Georgia’s largest companies to become our client. The history of PSP and SavvY's collaboration was a success achieved through hard work and dedication. During this project, we did not engage in any marketing for an entire year, not only because no one knew what SavvY was, but also because our priority was to focus on delivering quality work.What was the outcome of this partnership for SavvY itself? After completing the project successfully, SavvY began attracting interest from other major companies and organizations. This interest grew so quickly that, by 2018, we had already won a major USAID tender: a nationwide project to raise awareness of international financial reporting standards across Georgia. I highlight this project because, at the time, USAID would not have entrusted such an important initiative to a startup without confidence in us. Over time, the company’s visibility and credibility continued to grow, likely because we consistently fulfilled our promises to partners — and often exceeded their expectations.In a market with increasing competition, what makes SavvY’s services stand out? First of all, I’d like to highlight that today’s SavvY is very different from the company that first entered the market. We started with just two areas of focus, but now we offer a wide range of services. Before discussing specific directions, I’d like to share SavvY’s vision of the goals our services are designed to address. We have just two key objectives. The first is financial optimization, which involves developing stronger financial strategies, raising capital efficiently, facilitating quality investments, and establishing an appropriate financial structure. In simple terms, we excel at understanding where, from whom, why, for what, and how funds can be raised. The second objective is growth in income. Every service we provide should either strengthen an organization’s financial structure or increase its revenue. This principle guides the expansion of SavvY’s services. When a partner evaluates the impact of collaborating with us, the results should be clear and measurable. Consequently, our services include financial management, support in strategic financial decision-making for companies, business planning, technical and economic studies, and assistance in international trade, which involves helping clients find strategic partners for export. We also provide business and asset valuation, among other services. These are the services that consistently help investors, businesspeople, and top management make strategic decisions. I should also note that our strategy is not to offer as many services as possible. We prefer to be a boutique consulting firm that truly masters what it does and does it at the highest level.The company has been actively present in the Uzbek market. Recently, several projects were announced. Why this country? In general, what does the map of SavvY’s service exports look like? Working in different markets has always been interesting for us. SavvY is one of the best examples of how services can be exported from Georgia. As you noted, we have already established a strong presence in Uzbekistan, but we are also active in countries such as the United Kingdom, Sri Lanka, Israel, the United States, and others. Geographic diversification provides both the company and its team with significant opportunities for growth and exposure to new business practices. Returning to Uzbekistan, we never enter a market without holding a substantial portfolio there. Our exploration of this market began three years ago. Central Asia is particularly interesting due to its large economy, geographic and cultural proximity to Georgia, and rapid economic growth. When an economy grows quickly, consultants play a significant role in almost every sector. In Uzbekistan, we have already completed numerous projects in both the private and public sectors. Notably, SavvY also assists Saudi Arabian companies entering the Uzbek market, leveraging experience gained from projects in Saudi Arabia. This market is particularly promising and interesting for us. We are assisting the government of Uzbekistan in developing its strategy for attracting foreign direct investment — a project of great scale and responsibility. In addition, we collaborate with international organizations on initiatives aimed at enhancing the business skills of women entrepreneurs. I would also like to emphasize that SavvY is engaged in projects that are not only professionally significant but also emotionally meaningful. We hope to further expand our portfolio in this market. From the very beginning, SavvY’s strategy has been to enter both developed and emerging markets. At this stage, our priority is to establish a strong presence across the Middle East, the Caucasus, and Asia.Which sectors show the highest demand for consulting services? How do the markets differ in this regard? First of all, I’d like to emphasize that we’re not limited to any specific sector and can support any activities backed by international financial institutions. In terms of geography, demand in the Caucasus and Central Asia is particularly strong in the real estate sector, in its broadest sense. Tourism, logistics, and manufacturing — especially light industry — are also very active. Demand from the agricultural sector is steadily increasing, and the technology sector continues to show great potential. These are the key industries where SavvY’s clients are most active today.As you mentioned, SavvY is a boutique consulting firm. When handling large projects, does the team have sufficient resources? Yes, we cannot employ thousands of people, but it should be noted that we do not offer operational services such as outsourced accounting. In that case, we would be a completely different type of organization. Our boutique approach is reflected in how we select clients and, accordingly, projects. For us, the focus is not on the number of projects, but on their complexity and the impact our involvement can have. Moreover, given the complexity of our projects, we are always open to strategic partnerships. If collaborating with a partner can achieve greater results, we never hesitate. The most important thing is reaching the goals we have set. For example, over the past two years, we have worked closely with the international consulting firm Moore Global, providing the market with Floating CFO services. Why this collaboration? Because Moore has an excellent outsourced accounting team, while we have strong financial analysts. By combining the strengths of these two teams, we deliver faster and better results for our clients. We have had similar collaborations in the past with banks and international donor organizations. We have successfully partnered with Bank of Georgia and TBC Bank, and have been repeat contractors for USAID. In short, we have worked on a wide range of projects with nearly every major donor and international financial institution in the region.For projects of such scale, the team plays a critical role. Who is behind SavvY? In our business, the team must be full of champions. Our services are created by the minds of people; they are not products that can be made once and sold repeatedly. For this reason, the team is extremely important to SavvY. The company’s department heads and partners fully share SavvY’s vision; they are hardworking, exceptional, and courageous. We are committed to out-of-the-box thinking and make equally exceptional decisions. A few years ago, when we began considering geographical expansion, it seemed impossible to many. Yet, thanks to our strong and outstanding team, we were able to achieve it. Every successful step the company takes is the result of the entire team’s effort.Finally, what are SavvY’s plans for the future? We plan to put even greater effort into exporting our services, aiming to establish a full presence in multiple markets. At the same time, implementing large-scale projects is very important to us. For example, the consulting centers project in Georgia, which we began working on in 2019, is now being successfully implemented by the agency “Produce in Georgia”. We hope to undertake similar large-scale projects in other countries as well.&nbsp;<a href="https://forbes.ge/rchevebis-eqsportiori1/">To view the full interview, please follow the link</a>

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Exporter of Advices

News

<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

Insights

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

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 style="text-align:justify;">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

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.

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Projects I've worked on

Fixed Assets Inventory Service in Cellfie

Asset Valuation in Telecommunication Company

Asset Valuation in m²

Inventory of Fixed Assets of Gurieli

Census of The Supplies of Crosty

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

What is IFRS for SMEs and why it matters for companies

IFRS Implementation in the Pharmaceutical Sector: Challenges and Solutions

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

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