International Financial Reporting Standards (IFRS) play a vital role to ensure the availability of the transparent, consistent and reliable financial information in the company. Timely and complete financial information is a powerful tool for management for strategic decision making. However, often it is a challenge for the already operating company to ensure smooth adoption to IFRS as this process requires specific expertise and guidance. Our goal is to support you to receive and to maintain high quality financial information. As a result, your company will be financially more stable and stronger.This service will definitely serve your company’s needs if you:<ul style="list-style-type:disc;"><li style="text-align:justify;">Wish to increase the financial efficiency of your company</li><li style="text-align:justify;">Want to implement strong financial reporting practice within the company</li><li style="text-align:justify;">Wish to assess the effectiveness of the internal controls as well as the financial processes and procedures</li><li style="text-align:justify;">Wish to effectively manage your assets and liabilities</li><li style="text-align:justify;">Want to implement managerial reporting which will provide you with the transparent and timely financial information</li><li style="text-align:justify;">Want to prepare your company for fundraising through M&amp;A, bond issuance or IPO</li></ul><img src="/uploads/website_11_a635cc5b87.png" alt="website 11.png">

When you need us

SavvY offers various IFRS implementation related services which are based our unique methodology that was developed specifically by our experts during the last 15 years.&nbsp;Taking into account the client company’s readiness, we create a company tailored IFRS implementation roadmap based on the IFRS diagnostics that was previously conducted by our expert. We want to use the time efficiently. Therefore, we only include value creating areas for IFRS implementation purposes. In addition, we actively engage with the client company’s teams. Therefore, the company not only receives the modern financial reporting tools but also offers its team a unique opportunity for further development and&nbsp; growth.&nbsp;IFRS Implementation may include:<ul style="list-style-type:disc;"><li style="text-align:justify;">IFRS compliance diagnostics</li><li style="text-align:justify;">IFRS implementation roadmap</li><li style="text-align:justify;">IFRS Compliant accounting policies</li><li style="text-align:justify;">Complete IFRS transformation</li><li style="text-align:justify;">IFRS Corporate Trainings</li><li style="text-align:justify;">Periodic IFRS Reporting</li></ul>

What we offer

Mariam Koyava

Executive Team

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IFRS adoption & implementation.png

IFRS Adoption & Implementation

This client operates in the tourism industry, specifically in the hotel and restaurant sector. Georgia became acquainted with Marriott hotels brand through the merit of GMT Group.One of their most critical components in terms of IFRS is Property, Plant, and Equipment because of the nature of the assets owned by the company. During the spring of 2018, SavvY carried out the following services: Diagnostics, Implementation, and Audit Support in terms of Property, Plant, and Equipment for Tbilisi Marriott and Courtyard by Tbilisi Marriott.

GMT Group

IFRS Implementation in GMT Hotels

In 2020, SavvY implemented IFRS for certain balance sheet items, in particular Property, Plant and Equipment, Issued and received loans, and Owners equity.&nbsp; &nbsp;

Tbilisi mall 

IFRS Implementation in Tbilisi Mall

PSP distributes medicines within the Georgian pharmaceutical market and imports into/dispenses throughout Georgia products from over 100 of the world’s leading pharmaceutical manufacturers. At PSP, the appropriate storage conditions for each drug are maintained with the same conditions also being observed during their delivery to pharmacies. It is for this reason that PSP can guarantee the preservation of the quality of their medicines from manufacturer to customer. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;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.

IFRS Implementation in pharmaceutical company

ValuationIn 2019, SavvY’s valuation team carried out the classification and inventory of the fixed assets of NNLE Jo Ann Medical Center.&nbsp; The project consisted of several components, including: the identification of the supplies of the Nuclear Medicine Center, the inventory of fixed assets and the adjustment of the registry.The valuation department processed the physical inspection of the fixed assets, reconciled the lists of fixed assets on the balance sheet and identified redundancies and losses.SavvY’s team compiled a list of the fixed assets in the inventory which was made available to the entities listed in the financial program, as well as a register of fixed assets in accordance with IFRS standards, which resulted in the arrangement of fixed assets conforming to international financial accounting standards.The valuation team of SavvY&nbsp; identified supplies and also assessed compliance between physically available and programmable units.IFRS ImplementationJo Ann Medical Centre began operating on September 16, 1996, as a pediatric heart surgery clinic. Today, the center performs a variety of cardiac surgeries, and treatment of acute and chronic aortic surgery for patients of any age. The successful operation of the Cardiac Department offers a full range of diagnoses and treatments for cardiac arrhythmias. In 2019, SavvY implemented the following services: Full Diagnostics and Implementation of IFRS for SMEs. Deriving from the company’s specific business activities the most critical elements were Property Plant and Equipment, Loans and Inventories. &nbsp;

Jo Ann Medical Center

IFRS Implementation & Asset Valuation at Jo Ann Medical Hospital

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><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><a href="https://saras.gov.ge/ka/Home/Modules?Length=4">You can see this module on link</a>.

USAID (G4G)

Saras

IFRS for SME Capacity Building Project

Fabrica 1900 is the largest producer of corrugated cardboard packaging products in Georgia, producing 100% recyclable and biodegradable packaging products made from EU Certified raw materials.In 2019, SavvY provided the following services: Full Diagnostics and Implementation of IFRS for SMEs. Deriving from the company’s specific business activities the most critical elements were Property, Plant and Equipment and Inventory.&nbsp;

IFRS Adoption & Implementation

When you need us

What we offer

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