The European Union and the World Bank, in partnership with the National Accounting, Reporting and Auditing Reform Support Fund (RSF), have announced the opening of the 2022 Annual Report and Transparency Award (BARTA) . The aim of this competition is to increase the quality of reporting and transparency of Georgian companies. Given European and global developments, in particular the steps taken towards the introduction of sustainability reporting, this award has an even more important role to play.
BARTA was established in 2019 as part of a joint project of financial engagement and accountability between the EU and the World Bank, after the European Union (EU) launched a fundamental review of corporate financial statements.
In April 2021, the European Commission initiated the Corporate Sustainability Reporting Directive in support of the EU's transition to a sustainable economy. As a result sustainability reporting in the EU will assume equal importance to financial reporting. Meanwhile we can expect the same globally as the IFRS Foundation looks set to develop International Sustainability Reporting Standards.
This year BARTA is open to all companies that are public interest entities (PIEs), including companies in the A and B listing categories, banks, insurance companies, etc. All companies listed on the exchange will automatically participate in the evaluation if they satisfy eligibility criteria, namely an unqualified audit opinion and timely submission of all mandatory reporting applicable to the company’s category. Other companies classified as PIEs, including commercial firms, will need to apply.
As part of the BARTA’s gradual evolution to reflect the emergence of sustainability reporting, the 2022 competition will have two awards for sustainability reporting. Reports must be based on a generally recognized framework, such as the Global Reporting Initiative and be included within the Annual Report.
More - in Giorgi Isakadze’s interview with Paul Thompson.
