Regulatory Alerts2018-02-07 | 19/04Approval of Financial Report Forms, Submission Dates, and Accounting Rules for Microfinance Organizations
The President of the National Bank of Georgia issued Order No19/04 to approve the specific forms, submission deadlines, and accounting rules that microfinance organizations must follow. This regulation mandates monthly financial reporting to the central bank by the 15th day of the following month and requires quarterly public disclosure of balance sheets and loan data on the organization's website. Additionally, microfinance entities are required to undergo annual external audits in accordance with International Financial Reporting Standards and International Standards of Audit, with results published annually.
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