roved (Objective 17). /Td>
В· Business-friendly tax code is in place;
В· Simplified tax regime for securities and corporations are established;
В· No frequent changes into the tax code are made;
В· Collection of taxes is increased;
В· Companies file more reliable information about their profits;
В· Companies increase the transparency and quality of corporate disclosure. /Td>
PoG
MoF
STD
В· 6 months
В· Ongoing
В· With the technical assistance of the WB;
В· In consultations with NSCG.
В· Make amendments into Law on Audit Activity (LAA) to adopt International Standards on Auditing (ISA);
В· Ministry of Finances (MoF), together with Parliamentary Council on Audit Activity (PCAA), requires audit companies to conduct audits in compliance with the International Standards on Auditing (ISA).
В· ISA is adopted into the law (Objective 34);
В· There are adequate auditing standards (Objective 33);
В· Incentives for paying bribes/Hiding profits are reduced (Objective 11);
В· The level of corruption is reduced (Objective 10);
В· Transparency of corporate disclosure is increased (Objective 12);
В· Reliability of financial disclosure is increased (Objective 28);
В· Corporate governance practice is improved (Objective 17). /Td>
В· International Standards on Auditing is adopted into law;
В· Audits are conducted in compliance with International Standards on Auditing;
В· Companies file more reliable information about their profits;
В· Companies increase the transparency and quality of corporate disclosure.
PoG
PCAA
MoF
В· 6 months
В· Ongoing
В· With the technical assistance of the WB;
В· In consultations with NSCG and GSIA.
В· National Securities commission of Georgia (NSCG) requires reporting companies to prepare their financial accounts in compliance with the International Accounting Standards (IAS).
В· IAS is enforced (Objective 9);
В· There are adequate accounting standards (Objective 8);
В· Incentives for paying bribes/Hiding profits are reduced (Objective 11);
В· The level of corruption is reduced (Objective 10);
В· Transparency of corporate disclosure is increased (Objective 12);
В· Reliability of financial disclosure is increased (Objective 28);
В· Corporate governance practice is improved (Objective 17). /Td>
В· Reporting companies prepare their financial accounts in compliance with the I...
