IFRS for SME Capacity Building Project

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. 

The project had the following outcomes:

• The pool of IFRS trainers was created: 30 English-speaking and 58 Georgian-speaking trainers were trained 
• The interactive training modules materials and syllabus was created that became publicly available resource 
• 100 accountants were trained via the newly designed interactive training modules
• 35 training modules with the materials amounting to more than 2500 pages were translated to Georgian language

How We Helped

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. 

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. 

SavvY has created different platforms to engage all existing stakeholders in different roles:

• 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.
• 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

Impact and Potential

The project had multiple areas of impact, which include but are not limited to:

• 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 that started to offer IFRS related training products. 
• 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.
• 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

You can see this module on link.