Resolution of the Parliament of Georgia Concerning the Law of Georgia

This document presents the resolution of the Parliament of Georgia with regard to the law on entrepreneurs. It specifies the applicability, as well as the non-applicability, of clauses of the law under different circumstances. It also mentions that the law would ensure simpler and well-communicated registration and accounting procedures for the enterprises.

The amendments and supplements in the law deal with the following aspects:

• Clarification of terms such as entrepreneurship and partners by adding to, or rephrasing of, the articles;
• Registration, book-keeping and accounting procedures for enterprises;
• Information to be submitted at the time of registration of branches;
• Roles and responsibilities of the management with regard to accounting;
• Information and documents to be maintained for accounting purposes;
• Role of account books in the case of property disputes;
• Detailed structure, items and their standards for:
  • Annual balance sheet;
  • Profit and loss account.
• Operating report that gives information on economic activity and special events of the enterprise;
• Auditing procedures.