Maintained status quo and open challenges

Will Giorgi Gakharia leave with the inherited law violation?

Authors

  • Mikheil Djibuti
  • Iuri Papaskua Sokhumi State University

Keywords:

evaluation activities, Accounting Accounts, National Bank of Georgia, Independent national regulatory body, Reporting and Auditing Supervision Service

Abstract

The letters of Prof. Mikheil Djibuti and Prof. Yuri Papaskua share an identical approach with respect to the non-fulfillment by the Government of Georgia of the task to elaborate a legislative act on valuation activities and to the draft law on amending the Organic Law of Georgia on the National Bank of Georgia on February 27, 2020.  They reflect the official violations related to the mentioned acts, the hidden goals of the interest groups, as well as other circumstances that negatively affect the professional activity.

The arguments and the circle of problematic issues, the well-seen perspective, the analysis and the opinions made public by the authors of the letters, attracted the attention of the representatives of wider puclic, the legislative and the executive bodies. As a result of fierce opposition, the Finance and Budget Committee of the Parliament of Georgia refused the initiator of the bill to abolish the functioning of the accounting, reporting and audit supervision service within the system of the Ministry of Finance and the transfer of its functions to the National Bank of Georgia.  As a result, the status guo of the Supervision Service was maintained, and although the issue of drafting a bill on assessment activities has not been resolved, the challenges facing the profession remain open, the prospect of resolving them has emerged.

As the letters were being written in parallel with the development of the process, for a wide range of readers interested in the issue, to get the whole picture, it is convenient to present them in a group, particularly since the problems presented in the letters are beyond the narrow professional framework and there are many important issues addressed such as the need for active injection of the stateminded management in the market regulatory mechanism and mobilizing the public in the process of marginalizing the lobbyist hypocrites.

Author Biographies

Mikheil Djibuti

Doctor of Economic Sciences, Professor

Iuri Papaskua, Sokhumi State University

Academic Doctor of Economic Sciences, SSU Professor, Executive Director of the Gfaafm

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Published

2020-08-11

How to Cite

Djibuti , M. ., & Papaskua, I. . (2020). Maintained status quo and open challenges: Will Giorgi Gakharia leave with the inherited law violation?. Business and Legislation, 13(1), 27–43. Retrieved from https://ojs.b-k.ge/index.php/bk/article/view/690

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