Self-regulation of accounting and financial reporting-monopoly metastases of the law

Abstract

In accordance with the times and circumstances, the laws of Georgia "On Regulation of Accounting and Reporting" and "On Auditing Activities" required corrections. The necessity of the above was highlighted by the fact that, in fact, accounting in the private sector has been "self-regulating" since 2000, while auditing activity was allowed to "self-flow" for the last decade. For a long time, we found ourselves in the captivity of dubious ratings, and in fact we clearly fell behind the development processes: motivation fell; Qualification of personnel is lower than desired; Financial statements, based on the principle of structural basis of price and fair presentation, are prepared only by single enterprises; Accordingly, the demand for financial statement audits is small... As a result, we got a miserable situation in both directions.