Category
Has the category for the current period been determined — rather than assumed from last year? The category is tested on two of three criteria (Art. 2).
Reporting period: calendar year 2025
Financial statements must be filed by 1 October 2026
Elite Audit prepares financial statements under Georgian law, reviews your existing draft and supports you through filing with the SARAS portal — in English.
First 15-minute assessment — freeto understand where you stand and what the next step is
Who must file financial statements
The obligation is tied to the size category of the entity. The category is determined at the end of the reporting period by meeting at least two of three criteria.
| Category | Total assets | Revenue | Average number of employees | Audit |
|---|---|---|---|---|
| PIE (public interest entity) | — | — | — | mandatory |
| First | over ₾50 million | over ₾100 million | over 250 | mandatory |
| Second | up to ₾50 million | up to ₾100 million | up to 250 | mandatory |
| Third | up to ₾10 million | up to ₾20 million | up to 50 | not required |
| Fourth | up to ₾1 million | up to ₾2 million | up to 10 | not required |
Source: Law of Georgia on Accounting, Reporting and Auditing, Article 2 (sub-paragraphs “ტ”, “უ”, “ფ”, “ქ”) — size categories; Article 6 — audit obligation.
How to read the table
The third category applies to an entity that is not a fourth-category entity; the second — to one that is neither third nor fourth. In other words, the category is checked from the top down, by exclusion.
Revenue, for the purposes of this law, is the gross benefit from the principal economic activity — the sale of goods or the provision of services. It excludes trade discounts, indirect taxes and amounts collected on behalf of third parties.
Who must file audited financial statements
This is a separate obligation and does not coincide with the filing obligation. The auditor’s report is filed with SARAS together with the statements.
- PIEs — public interest entities;
- first- and second-category entities;
- first- and second-category groups — for consolidated financial statements;
- a subsidiary within such a group — the audit requirement extends to it even when the subsidiary itself is small.
Provision: Article 6, paragraphs 1 and 4 of the law. Paragraph 1 applies with a reservation — unless the sector’s regulatory acts provide otherwise.
Deadline: 1 October 2026
Statements for calendar year 2025 must be filed with SARAS without delay, and no later than 1 October 2026.
- Calendar-year reporting period — no later than 1 October of the following year (Article 9, paragraph 2);
- Non-calendar period — no later than 9 months after the end of the period (Article 9, paragraph 4);
- Filed together: the financial statements, the management report, the report on payments to government and — where mandatory — the auditor’s report (Article 9, paragraph 2). The management report is required only from PIEs and first- and second-category entities (Article 7, paragraph 1);
- Publication — SARAS publishes filed statements within 1 month, except those of fourth-category entities, which are issued on request (Article 9, paragraph 3).
Penalty for not filing financial statements
The sanction is set by Article 26 of the law. The amount depends on the category; the next steps depend on how long and how many times the breach continued.
| Category | Base penalty | If doubled | Two consecutive periods — additional |
|---|---|---|---|
| Fourth | 500 ₾ | 1 000 ₾ | 2 500 ₾ |
| Third | 1 000 ₾ | 2 000 ₾ | 5 000 ₾ |
| Second | 5 000 ₾ | 10 000 ₾ | 25 000 ₾ |
| First and PIEs | 10 000 ₾ | 20 000 ₾ | 50 000 ₾ |
Provision: Article 26, paragraph 1 — base amount; paragraph 2 — doubling, and five times the category penalty when statements are not filed for two consecutive reporting periods.
- Written warning
Instead of a monetary penalty, SARAS may first issue a written warning and set a deadline — no shorter than 1 month.
- Penalty
Failure to meet the requirement set in the warning may result in the penalty defined for the category.
- Doubling
Continued non-compliance after the penalty is imposed may result in the imposed penalty being doubled.
- Fivefold penalty for two consecutive periods
If the entity fails to file for two consecutive reporting periods, SARAS may — after imposing the doubled penalty — additionally impose five times the penalty defined for the category.
Frequently asked questions about financial statements
The answers are based on the Law of Georgia on Accounting, Reporting and Auditing. This is general information and does not replace a check of a specific company’s obligations.
Who is required to file financial statements?
The filing obligation applies to an entity regardless of its category — including a small fourth-category entity. The category determines not whether you file, but how much you file and whether an auditor’s report is needed. Statements are filed with the Service for Accounting, Reporting and Auditing Supervision (SARAS) (Article 9, paragraph 2).
How do I find out my company’s category?
The category is determined at the end of the reporting period by meeting at least two of three criteria: total assets, revenue and the average number of employees. The categories are mutually exclusive — the third category covers entities that are not fourth-category; the second — those that are neither third nor fourth (Article 2).
Are an audit and financial statements the same thing?
No. The financial statements are the report the company itself prepares; an audit is their independent examination. The auditor’s report is filed together with the statements only when an audit is mandatory — for PIEs and for first- and second-category entities and groups (Article 6, paragraph 1).
What happens if I miss the deadline?
Instead of a monetary penalty, SARAS may first issue a written warning and set a deadline of at least 1 month. Failure to comply leads to a penalty: fourth category — 500 GEL, third — 1,000 GEL, second — 5,000 GEL, first category and PIEs — 10,000 GEL (Article 26, paragraphs 1 and 2).
What if I fail to file for two consecutive years?
Continued non-compliance after a penalty may lead to the penalty being doubled. If the entity fails to file for two consecutive reporting periods, SARAS may — after the doubled penalty — additionally impose five times the category penalty; for the first category that is 50,000 GEL (Article 26, paragraph 2).
Do I still have to file after paying the penalty?
Yes. The penalty does not discharge the obligation. Article 26, paragraphs 2 and 3 regulate precisely the cases where an entity still does not file after a penalty — and both tracks end with the penalty increasing.
Our reporting period is not the calendar year — when is the deadline?
In that case the 1 October deadline does not apply. The statements are filed as soon as they are available, without delay, and no later than 9 months after the end of the reporting period (Article 9, paragraph 4).
Will our statements become public?
SARAS publishes filed statements and auditor’s reports within 1 month of filing. The exception is fourth-category entities — their statements are not published, although any person may request them under the procedure set by SARAS (Article 9, paragraph 3).
Does this apply to a non-commercial legal entity (NNLE)?
An NNLE is exempt from the audit obligation unless legislation provides otherwise (Article 6, paragraph 3). The 1 October rule in Article 9, paragraph 2 does not directly apply to NNLEs — they are excluded from that provision. An NNLE’s obligations therefore need to be checked separately.
The company was dormant this year — do we still have to file?
The law does not tie the filing obligation to the level of activity: Article 9, paragraph 2 applies to the entity and does not list the absence of turnover as an exemption. A specific status — for example suspended activity or liquidation in progress — is checked separately.
Source: Law of Georgia on Accounting, Reporting and Auditing (No. 5386-IIს, 8 June 2016), consolidated version of 1 April 2026 — Legislative Herald of Georgia (in Georgian). The amounts and deadlines on this page follow that version. Legislation changes — verify the version in force before making a decision.
What to check before filing
Five checks to run before the deadline closes in. This is where the mistakes appear that come back after filing as a request to correct deficiencies.
Complete set
Are all components required for the category ready — the financial statements, where applicable the management report and the auditor’s report, together (Art. 9.2)?
Notes
Are the explanatory notes complete and consistent with the figures? Inconsistencies surface in the notes most often.
Audit obligation
Has it been checked separately whether an audit is required — by category, by group membership and by sector regulation (Art. 6)?
Access and responsibility
Who will file, and do they have working access to the reporting portal? Restoring access on the last day of the deadline is the most expensive mistake.
Three places where the deadline is most often lost
- The category does not carry over automatically
After growth, an entity may find itself in the second category — with an audit obligation attached. That tends to become visible when it is already too late to engage an auditor.
- A group subsidiary cannot hide on its own
The audit requirement extends to a subsidiary within a group even when the subsidiary itself is small (Art. 6.4).
- A non-calendar period has a different deadline
If the reporting period does not coincide with the calendar year, 1 October does not apply — the deadline is 9 months after the end of the period (Art. 9.4).
What we do
The exact scope of the engagement is set after an initial assessment of where you stand. We work with you in English.
- Preparation of financial statements under Georgian law
- Review of your existing draft
- Procedural support up to and including filing
- A separate answer on whether an audit is required
Order your financial statements before 1 October
The form asks only for initial information. Do not upload your tax ID, statements or other documents here.
First 15 minutes — freeThe initial assessment is not a full accounting, tax or legal consultation.
Phone: 598 21 27 01
Email: info@eaudit.ge
Common questions
General information is here. Your company’s exact obligation, the price and the timeline can only be confirmed by a specialist.
What services do you offer?
Elite Audit prepares financial statements, reviews an existing draft and provides the procedural support needed up to filing. The specific scope is set after an initial assessment of the company’s situation.
Does the deadline apply to our company?
Answered by a specialistWhether the deadline applies depends on the reporting period, the entity’s category and possible exemptions. A specialist will verify your company’s exact obligation.
What documents will you need?
At the first stage it is enough to tell us where the statements stand and what help you need. The exact list of documents and a secure transfer channel are agreed with a specialist after the assessment; please do not send files in an open chat.
How much does it cost?
Answered by a specialistThe price depends on the state of the statements, the volume and the work required. The short initial assessment is free; a specialist will provide an exact quote once the scope is agreed.
How long will it take?
Answered by a specialistThe turnaround depends on how ready the data is and on the volume of work. A specialist agrees a realistic timeline after the initial assessment of your materials; no specific completion date is set before that.
Do we definitely need an audit too?
Answered by a specialistAn auditor’s report is not mandatory for every entity. The requirement depends on the company’s category and circumstances; a specialist will give you an exact answer after checking.
Do you help with the filing process as well?
Yes — the agreed scope may include the review and procedural support needed before filing. Acceptance by SARAS or completion by a specific date is not confirmed at the initial stage.
Is the first conversation free?
The short initial assessment is free; its purpose is to establish where you stand and what the next step is. It is not a full accounting, tax or legal consultation.
How and when will you contact me?
Choose your preferred channel and time in the form. After the automatic confirmation, Irakli or a designated colleague takes the request; a person will confirm the exact time with you.
Can I send documents in the chat?
No — please do not send confidential financial or personal documents in an open Facebook or Instagram chat. Where needed, a specialist will agree a secure transfer channel with you.