bass 17

buRaltruli aRricxvis saerTaSoriso standarti 17 ijara

winamdebare versia moicavs Sesworebebs, gamomdinare 2004 wlis 31 martamde gamocemuli axali da Sesworebuli fass-idan. am krebulis dasawyisSi ganyofilebaSi `cvlilebebi gamocemaSi~ gansazRvrulia axali da gaumjobesebuli fass-is ZalaSi Sesvlis TariRebi da aseve amJamindeli fass-i, romlebic CarTuli ar aris am krebulSi.

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bass 17

Sinaarsi
Sesavali buRaltruli aRricxvis saerTaSoriso standarti 17 ijara mizani moqmedebis sfero ganmartebebi saijaro urTierTobebis klasifikacia ijaris asaxva moijaris finansur angariSgebaSi finansuri ijara Tavdapirveli aRiareba Semdgomi Sefaseba Cveulebrivi ijara ijaris asaxva meijaris finansur angariSgebaSi finansuri ijara Tavdapirveli aRiareba Semdgomi Sefaseba Cveulebrivi ijara ukuijaris pirobiT gayidvis operaciebi gardamavali debulebebi ZalaSi Sesvlis TariRi bass 17-is (gadasinjuli 1997 wels) gauqmeba danarTi: sxva formulirebis Sesworeba bass 17-is damtkiceba sabWos mier daskvnis safuZveli miTiTebebi gamoyenebis Sesaxeb ukuijaris pirobiT gayidvis operaciebis Sedegad miRebuli Cveulebrivi ijaris sailustracio magaliTebi Sesabamisobis cxrili 1 2_ 3 4_ 6 7 _ 19 20 _ 35 20 _ 32 20 _ 24 25 _ 32 33 _ 35 36 _ 57 36 _ 48 36 _ 38 39 _ 48 49 _ 57 58 _ 66 67 _ 68 69 70 punqtebi S1-S13

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bass 17

buRaltruli aRricxvis saerTaSoriso standarti 17 `ijara~ (bass 17) Camoyalibebulia 170 punqtebsa da danarTSi. yvela punqts Tanabari Zala aqvs, magram rCeba basskis formatSi, romelic miRebul iqna basss-is mier. bass 17 aRqmul unda iqnes misi miznis, finansuri angariSgebis saerTaSoriso standartebis winasityvaobisa da finansuri angariSgebis momzadebis da wardgenis struqturuli safuZvlebis konteqstSi. bass 8 ,,saaRricxvo politika, cvlilebebi saaRricxvo SefasebebSi da Secdomebi~ iZleva saaRricxvo politikis SerCevisa da gamoyenebis safuZvlebs detaluri miTiTebebis ararsebobis SemTxvevaSi.

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bass 17

Sesavali
S1. buRaltruli aRricxvis saerTaSoriso standarti 17 `ijara (bass 17) cvlis bass 17-s, `ijara (gadasinjuli 1997 wels) da vrceldeba 2005 wlis 1 ianvridan an mis Semdeg dawyebul wliur periodebze. misaRebia bass 17-is adreuli gamoyeneba.

bass 17-is gadasinjvis mizezebi

S2. buRaltruli aRricxvis saerTaSoriso standartebis sabWom winamdebare bass 17 gadasinja `buRaltruli aRricxvis saerTaSoriso standartebis gaumjobesebis proeqtis farglebSi. es proeqti ganxorcielda im kiTxvebisa da kritikuli SeniSvnebis gaTvaliswinebiT, romlebic gamoiTqmeboda standartebis mimarT fasiani qaRaldebis maregulirebeli organoebis, profesionali buRaltrebisa da sxva dainteresebuli mxareebis mier. proeqtis miznebi iTvaliswinebda standartebSi arsebuli alternatiuli interpretaciebis, gameorebebisa da winaaRmdegobebis Semcirebas an sruliad aRmofxvras, aseve Tanxvedri sakiTxebis ganxilvasa da sxva aspeqtebis gaumjobesebas. bass 17-is SezRuduli masStabiT gadasinjvisas, sabWos mTavari amocana iyo ijariT gacemuli miwisa da Senoba-nagebobebis klasifikaciis ganmarteba da meijaris finansur angariSgebaSi Tavdapirveli pirdapiri danaxarjebis aRricxvis alternatiuli meTodebis gamoricxva. radgan sabWos dRis wesrigSi idga ijaris Sesaxeb proeqtis SemuSaveba, sabWom ar gadasinja bass 17-iT gaTvaliswinebuli ijaris aRricxvis fundamenturi midgoma. amave mizezis gamo, sabWom gadawyvita bass 17-Tvis ar daerTo Sesabamisi imk-is interpretaciebi.

S3.

S4.

ZiriTadi cvlilebebi
moqmedebis sfero S5. Tumca, bass 40-Si `sainvesticio qoneba aRwerilia sainvesticio qonebis aRricxvis modelebi, ijariT gacemuli sainvesticio qonebis aRricxvisaTvis moiTxoveba winamdebare standartiT gansazRvruli ijaris buRaltruli aRricxvis meTodologiis gamoyeneba.

ganmartebebi Tavdapirveli pirdapiri danaxarjebi S6. Tavdapirveli pirdapiri danaxarjebi aris damatebiTi xarjebi, romelic pirdapir miekuTvneba saijaro xelSekrulebis Sesaxeb molaparakebebis warmoebas da saijaro xelSekrulebis dadebas. Seicvala ijaraSi nagulisxmevi saprocento ganakveTis ganmarteba, raTa cxadi yofiliyo, rom es aris diskontirebis ganakveTi, romlis Sedegadac viRebT minimaluri saijaro gadasaxdelebisa da aragarantirebuli narCeni Rirebulebis diskontirebul Rirebulebas, romelic utoldeba ijariT gacemuli aqtivis realur Rirebulebas, damatebuli meijaris Tavdapirveli pirdapiri danaxarjebi.

ijaris dasawyisi/ijaris vadis dasawyisi S7. winamdebare standarti ganasxvavebs ijaris dasawyissa (rodesac klasificirdeba ijara) da ijaris vadis dasawyiss (rodesac xdeba aRiareba).

gamoumuSavebeli finansuri Semosavali/neto saijaro investicia S8. aRniSnuli ganmartebebi gamartivda da ufro naTlad Camoyalibda, rac im cvlilebebs avsebs, romlebic dakavSirebulia S10-S12 punqtebSi miTiTebul Tavdapirvel pirdapir danaxarjebTan da S 6 punqtSi miTiTebuli moijaris mier gamoyenebuli zRvruli sasesxo saprocento ganakveTis Sesaxeb ganmartebasTan. basskf

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bass 17 saijaro urTierTobis klasifikacia S9. ijariT gacemuli miwisa da Senoba-nagebobebis klasificirebisas, sameurneo erTeuli miwisa da Senoba-nagebobebis komponentebs cal-calke ganixilavs. minimaluri saijaro gadasaxdelebi nawildeba miwisa da Senoba-nagebobebis elementebze ijariT gacemuli miwisa da Senoba-nagebobebSi SedarebiTi realuri Rirebulebis wilis mixedviT. miwa, rogorc wesi, klasificirdeba Cveulebriv (saoperacio) ijarad, garda im SemTxvevisa, Tu moijares ijaris vadis damTavrebis Semdeg miwaze sakuTrebis ufleba ar gadaecema. Senoba-nagebobebi klasificirdeba Cveulebriv an finansur ijarad, winamdebare standartiT gansazRvruli saklasifikacio kriteriumebis mixedviT.

Tavdapirveli pirdapiri danaxarjebi S10. meijareebs finansuri ijaridan misaRebi Tanxebis Tavdapirvel SefasebaSi Seaqvs saijaro xelSekrulebis Sesaxeb molaparakebisas gaweuli pirdapiri danaxarjebi. es meTodi ar vrceldeba mwarmoebel an dileri meijareebis mimarT. mwarmoebeli an dileri meijareebi am tipis xarjebs aRiareben xarjad, rodesac aRiardeba gayidvidan miRebuli mogeba. saijaro xelSekrulebis Sesaxeb molaparakebisas, meijareebis mier gaweuli Tavdapirveli pirdapiri danaxarjebi emateba ijariT gacemuli aqtivis sabalanso Rirebulebas da saijaro periodis ganmavlobaSi im meTodis analogiurad aRiardeba, romlis mixedviTac saijaro Semosavlis aRiareba xdeba. winamdebare standartiT nebadarTuli ar aris meijaris Tavdapirveli pirdapiri danaxarjebis xarjebad aRricxva maTi gawevisTanave.

S11.

S12.

gardamavali debulebebi S13. winamdebare standartis 68-e punqtis mixedviT, sawarmos, romelic xelmZRvanelobda bass 17-iT (gadasinjuli 1997 wels), moeTxoveba retrospeqtulad gamoiyenos winamdebare standartSi Setanili Sesworebebi, yvela Sesabamisi ijaris mimarT, an Tu bass 17 (gadasinjuli 1997 wels) ar gamoiyeneboda retrospeqtulad, yvela im ijaris mimarT, romelic daido mas Semdeg, rac pirvelad iqna gamoyenebuli es standarti.

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buRaltruli aRricxvis saerTaSoriso standarti 17 ijara

mizani
1. winamdebare standartis mizania moijareebisa da meijareebisaTvis gansazRvros Sesabamisi buRaltruli aRricxvis politika da ijarasTan dakavSirebuli ganmartebiTi moTxovnebi.

moqmedebis sfero
2. winamdebare standarti gamoiyeneba yvela ijaris aRricxvisaTvis, garda: mineralebis, navTobis, bunebrivi gazisa da sxva araaRdgenadi resursebis dazvervisa da gamoyenebis saijaro xelSekrulebebisa; da
a)

b) iseTi saqonlisa da sagnis salicenzio SeTanxmebebisa, rogoricaa mxatvruli kinofilmebi, videoCanawerebi, warmodgenebi, xelnawerebi, patentebi da saavtoro ufleba. amasTan, es standarti ar unda iqnes gamoyenebuli, rogorc Sefasebis safuZveli: a) moijaris mier flobili qonebis, romelic aRiricxeba sainvesticio qonebis saxiT (ixileT bass 40 ,,sainvesticio qoneba~); b) meijaris mier Cveulebrivi ijariT gadacemuli sainvesticio qonebis (ixileT bass 40); g) moijaris mier finansuri ijariT flobili biologiuri aqtivebis (ixileT bass 41 ,,soflis meurneoba~); an d) meijaris mier Cveulebrivi ijariT gadacemuli biologiuri aqtivebis (ixileT bass 41). 3. winamdebare standarti vrceldeba im xelSekrulebebze, romlebic iTvaliswinebs aqtivebis gamoyenebis uflebis gadacemas, miuxedavad imisa, rom amgvari aqtivebis eqspluataciisa da Senaxvisas SesaZloa saWiro gaxdes meijaris mier mniSvnelovani momsaxurebis gaweva. meore mxriv, winamdebare standarti ar exeba im xelSekrulebebs, romlebic warmoadgens momsaxurebis iseT kontraqtebs, romlebic ar iTvaliswinebs aqtivebis gamoyenebis uflebis gadacemas xelSekrulebis monawile erTi mxaridan meorisaTvis.

ganmartebebi
4. standartSi gamoyenebuli cnebebi: ijara aris mxareTa urTierTSeTanxmeba, romlis Tanaxmad meijare, saijaro gadasaxdelis an gadasaxdelebis seriis miRebis mizniT, moijares gadascems aqtivis gamoyenebis uflebas, xelSekrulebiT gaTvaliswinebuli vadis ganmavlobaSi. finansuri ijara gulisxmobs aqtivTan dakavSirebuli yvela mniSvnelovani riskisa da ekonomikuri sargeblis gadacemas moijareze. sakuTrebis ufleba SeiZleba gadaeces an ara. Cveulebrivi (saoperacio) ijara iseTi tipis ijaraa, romelic ar SeiZleba CaiTva64 basskf

bass 17 los finansur ijarad. Seuqcevadi ijara iseTi tipis ijaraa, romlis Sewyveta SesaZlebelia mxolod: a) gauTvaliswinebeli movlenis Sedegad, romelsac pirdapiri kavSiri ara aqvs ijarasTan; b) meijaris nebarTviT; g) Tu moijare apirebs imave aqtivis ijaris ganaxlebas an sxva analogiuri aqtivis ijariT aRebas imave meijarisagan; d) moijaris mier damatebiTi Tanxis gadauxdelobis SemTxvevaSi, Tu xelSekruleba Tavidanve iTvaliswinebda aRniSnuli Tanxis gadaxdas ijaris gagrZelebis SemTxvevaSi. ijaris dasawyisi aris saijaro xelSekrulebis dadebis TariRsa da mxareebis mier ijaris ZiriTad pirobebTan dakavSirebuli valdebulebis aRebis TariRs Soris ufro adrindeli. amave TariRiT:
a) saijaro xelSekruleba klasificirdeba rogorc finansuri an Cveulebrivi ijara;

da
b) Tu es finansuri ijaraa, maSin ganisazRvreba Tanxa, romelic unda aRiar-

des ijaris vadis dasawyisSi. ijaris vadis dasawyisi aris TariRi, romlidanac moijares SeuZlia ganaxorcielos saijaro aqtivis gamoyenebis ufleba. es aris ijaris Tavdapirveli aRiarebis TariRi (e.i. ijaridan gamomdinare aqtivebis, valdebulebebis, Semosavlebisa da xarjebis aRiareba). ijaris vada aris moijaris mier ijariT aRebuli aqtiviT sargeblobis xelSekrulebiT gaTvaliswinebuli drois monakveTi, romelic ar eqvemdebareba Secvlas an gauqmebas, im damatebiT drois monakveTTan erTad, romlis ganmavlobaSi moijares, xelSekrulebis Tanaxmad ufleba aqvs, gaagrZelos aqtivis gamoyeneba garkveuli damatebiTi Tanxis gadaxdis an gadauxdelobis pirobiT. minimaluri saijaro gadasaxdelebi is gadasaxdelebia, romlis gadaxda moeTxoveba an SeiZleba moeTxovos moijares ijaris vadis gasvlamde, meijarisaTvis asanazRaurebeli pirobiTi saijaro qiris, gaweuli momsaxurebis danaxarjebisa da gadaxdili gadasaxadebis garda, Semdeg gadasaxdelebTan erTad: a) moijarisaTvis _ moijaris an masTan dakavSirebuli romelime piris mier garantirebuli Tanxebi; b) meijarisaTvis _ nebismieri narCeni Rirebuleba, romelic meijarisaTvis garantirebulia: I) II) moijaris mier; moijaresTan dakavSirebuli piris mier; an

III) nebismieri damoukidebeli mesame piris mier, romelsac SeuZlia am garantiis finansurad Sesruleba. magram, Tu moijares aqtivis gamosyidvis ufleba aqvs iseTi fasiT, romelic mosalodnelia, rom aqtivis realur Rirebulebaze gacilebiT dabali iqneba uflebis gamoyenebis TariRisaTvis da ijaris dasawyisisaTvis arsebobs gonivruli rwmena am uflebis gamoyenebisa, maSin minimaluri saijaro gadasaxdelebi moicavs ijaris vadis ganmavlobaSi gamosyidvis uflebis gamoyenebis savaraudo TariRamde gadasaxdel minimalur Tanxebs da aqtivis gamosasyid Tanxas. basskf 65

bass 17 realuri Rirebuleba aris is Tanxa, romliTac SeiZleba aqtivi gaicvalos an valdebuleba daifaros saqmis mcodne da garigebis msurvel mxareebs Soris `gaSlili xelis manZilis* principiT. ekonomikuri momsaxurebis vada aris:
a) b)

is periodi, romlis ganmavlobaSic mosalodnelia, rom aqtivi gamosayeneblad vargisi iqneba erTi an erTze meti momxmareblis mier; an produqciis an analogiuri erTeulebis raodenoba, romelTa miReba mosalodnelia aqtividan erTi an meti momxmareblis mier.

sasargeblo momsaxurebis vada aris saijaro vadiT Semoufarglavi saijaro vadis dawyebidan darCenili Sefasebuli periodi, romlis ganmavlobaSic mosalodnelia aqtivSi ganivTebuli ekonomikuri sargeblis miReba sawarmos mier. garantirebuli narCeni Rirebuleba aris:

a) moijarisaTvis _ narCeni Rirebulebis is nawili, romelic garantirebulia moijaris mier an moijaresTan dakavSirebuli mxaris mier (garantiis Tanxa warmoadgens maqsimalur Tanxas, romelic nebismier SemTxvevaSi gadaxdil unda iqnes); da b) meijarisaTvis _ narCeni Rirebulebis is nawili, romelic garantirebulia moijaris mier an meijaresTan daukavSirebuli mxaris mier, romelsac gaaCnia finansuri SesaZlebloba, Seasrulos garantiiT gaTvaliswinebuli valdebulebebi.
aragarantirebuli narCeni Rirebuleba aris ijariT gacemuli aqtivis narCeni Rirebulebis is nawili, romlis realizacias meijare ar uzrunvelyofs an garantirebulia mxolod meijaresTan dakavSirebuli mxaris mier. Tavdapirveli pirdapiri danaxarjebi aris uSualod ijaris xelSekrulebis pirobebis ganxilvasa da SeTanxmebasTan dakavSirebiT gaweuli danaxarjebi, garda mwarmoebeli an dileri meijareebis danaxarjebisa. mTliani (bruto) saijaro investicia aris:
a)

finansuri ijarisaTvis meijaris mier misaRebi minimaluri saijaro gadasaxdelebis saerTo Tanxisa; da meijaris sasargeblod dagrovebadi yvela aragarantirebuli narCeni Rirebulebis Tanxis erToblioba.

b)

wminda (neto) saijaro investicia aris mTliani (bruto) saijaro investicia diskontirebuli saijaro xelSekrulebaSi nagulisxmevi saprocento ganakveTiT. gamoumuSavebeli finansuri Semosavali aris sxvaoba: a) b) mTlian saijaro investiciasa; da wminda saijaro investicias Soris.

saijaro xelSekrulebaSi nagulisxmevi saprocento ganakveTi is saprocento ganakveTia, romelic ijaris dasawyisSi uzrunvelyofs a) minimaluri saijaro gadasaxdelebisa da b) aragarantirebuli narCeni Rirebulebis diskontirebul RirebulebaTa jamis tolobas (I) ijariT gacemuli aqtivis realuri Rirebulebisa da (II) meijaris nebismieri Tavdapirveli pirdapiri danaxarjebis jamTan. moijaris zRvruli sasesxo saprocento ganakveTi aris saprocento ganakveTi,
*

`gaSlili xelis manZilis~ principi gulisxmobs iseT sameurneo operacias, TiTqos monawile mxareTa Soris ar arsebobs raime urTierTkavSiri, interesTa konfliqtis Tavidan asacileblad.

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bass 17 romlis gadaxdac moijares mouwevda analogiuri ijarisaTvis an, Tu amis dadgena SeuZlebelia, saprocento ganakveTi, romelsac ijaris dasawyisSi moijare gadaixdida am aqtivis SesaZenad saWiro odenobis sesxisaTvis, imave periodze, aseTive uzrunvelyofiT. pirobiTi saijaro qira saijaro gadasaxdelebis is nawilia, romlis sidide mudmivi ar aris, magram efuZneba sxva cvlad faqtorebs, vidre drois msvlelobas (magaliTad, momavali gayidvebis xvedriTi wili, momavali gamoyenebis moculoba, momavali fasebis indeqsi, momavali sabazro saprocento ganakveTi). 5. saijaro xelSekruleba an valdebuleba SeiZleba iTvaliswinebdes saijaro gadasaxdelebis koreqtirebis pirobebs, saijaro aqtivis mSeneblobis an SeZenis Rirebulebis an sxva iseTi xarjebisa da Rirebulebebis SecvlasTan dakavSirebiT, rogoricaa fasebis saerTo done, an ijaris dafinansebasTan dakavSirebuli meijaris danaxarjebi ijaris dasawyissa da ijaris vadis dasawyiss Soris periodSi. aseT SemTxvevaSi, am standartis miznebisaTvis CaiTvleba, rom nebismier aseT cvlilebas adgili hqonda ijaris dasawyisSi. 6. ijaris ganmarteba moicavs iseT saijaro xelSekrulebebsac, romlebic iTvaliswinebs moijarisaTvis sakuTrebis uflebis gadacemas, xelSekrulebiT gansazRvruli saTanado pirobebis Sesrulebis SemTxvevaSi. zogjer aseT xelSekrulebas uwodeben ijaras gamosyidvis uflebiT.

saijaro urTierTobebis klasifikacia

7. standartSi gamoyenebuli saijaro urTierTobebis klasifikacia eyrdnoba imas, Tu rogor aris ganawilebuli ijariT gacemul aqtivTan dakavSirebuli riskebi da ekonomikuri sargebeli meijaresa da moijares Soris. riskis qveS aq nagulisxmevia aqtivis gamouyeneblobis an moraluri cveTis gamo zaralis miRebis SesaZlebloba, aseve ekonomikuri pirobebis cvlilebiT gamowveuli aqtivis gamoyenebiT miRebuli amonagebis sididis cvlileba. sargebeli SeiZleba warmovidginoT sawarmos savaraudo momavali momgebiani saqmianobis saxiT, aqtivis ekonomikuri momsaxurebis vadis ganmavlobaSi, agreTve, Semosavlebis miReba aqtivis gaZvirebis Sedegad an misi narCeni Rirebulebis realizaciidan.

8. ijara klasificirdeba finansur ijarad, Tu igi iTvaliswinebs faqtobrivad aqtivis flobasTan dakavSirebuli yvela riskisa da ekonomikuri sargeblis gadacemas. ijara klasificirdeba Cveulebriv (saoperacio) ijarad, Tu igi ar iTvaliswinebs faqtobrivad aqtivis flobasTan dakavSirebuli yvela riskisa da ekonomikuri sargeblis gadacemas. 9. vinaidan moijaresa da meijares Soris operacia dafuZnebulia maT Soris saijaro xelSekrulebaze, aucilebelia Tavsebadi ganmartebebis gamoyeneba. am ganmartebebis sxvadasxva viTarebaSi gamoyenebam SesaZloa gamoiwvios is, rom moijarem da meijarem erTi da imave ijaris klasifikacia sxvadasxvanairad moaxdinos. es SeiZleba moxdes maSin, rodesac meijare sargebels iRebs narCeni Rirebulebidan, romelic garantirebulia moijaresTan araurTierTdakavSirebuli mxaris mier. 10. ijara finansuria Tu Cveulebrivi, damokidebulia garigebis Sinaarsze da ara xelSekrulebis iuridiul formaze1. situaciis magaliTebi, romelic, Cveulebriv, calke an kombinirebulad ganapirobebs imas, rom ijara klasificirebuli iqneba rogorc finansuri, Semdegia: a) b) ijaris xelSekrulebis Tanaxmad moijares gadaecema aqtivis sakuTrebis ufleba ijaris vadis damTavrebis Semdeg; moijares ufleba aqvs aqtivi SeiZinos iseTi fasiT, romelic mosalodnelia, rom mniSvnelovnad dabali iqneba aqtivis realur Rirebulebaze, romelic mas eqneba uflebis gamoyenebis momentSi, xolo ijaris dasawyisisaTvis arsebobs gonivruli rwmena,

ixileT aseve imk_27 operaciis arsis Sefaseba, ijaris iuridiuli formis CaTvliT.

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bass 17 rom es ufleba gamoyenebuli iqneba; g) ijaris vada moicavs aqtivis ekonomikuri momsaxurebis vadis ZiriTad nawils, maSinac ki, rodesac sakuTrebis uflebis gadacema ar xdeba;

d) ijaris dasawyisisaTvis minimaluri saijaro gadasaxdelebis diskontirebuli Rirebuleba Seadgens minimum ijariT gacemuli aqtivis praqtikulad mTlian realur Rirebulebas; da e) ijariT gacemul aqtivebs aqvs specifikuri Sinaarsi da mxolod moijares SeuZlia maTi gamoyeneba, arsebiTi modifikaciis gareSe. 11. garemoebebi, romlebic damoukideblad an sxva garemoebebTan erTad ganapirobebs ijaris klasifikacias finansur ijarad, Semdegia: a) b) Tu moijares SeuZlia ijaris Sewyveta, mas daekisreba zarali, romelsac meijare miiRebs ijaris gauqmebis Sedegad; narCeni realuri Rirebulebis meryeobis Sedegad miRebuli Semosuloba an zarali wilad xvdeba moijares (magaliTad, saijaro gadasaxdelis fasdaklebis saxiT, romelic ijaris vadis bolos gayidvidan miRebuli amonagebis umetesobis tolia); da

g) moijares SeuZlia ijara meoradi periodiT gaagrZelos, sabazro saijaro gadasaxdelze mniSvnelovnad naklebi saijaro gadasaxdeliT. 12. me-10 da me-11 punqtebSi motanili magaliTebi da indikatorebi yovelTvis ar aris saboloo. Tu sxva niSnebi miuTiTebs, rom saijaro xelSekrulebis mixedviT sakuTrebidan gamomdinare riskisa da sargeblis arsebiTi nawili ar gadaecema, maSin aseTi ijara klasificirdeba rogorc saoperacio. magaliTad, es SeiZleba moxdes maSin, rodesac aqtivze sakuTrebis ufleba gadaecema ijaris vadis bolos cvalebadi gadaxdiT, romelic am momentSi realuri Rirebulebis tolia, an im SemTxvevaSi, rodesac saijaro gadasaxdelebi pirobiTia da amis Sedegad moijare ar flobs arsebiTad yvela risksa da sargebels. 13. ijaris klasifikacia xdeba ijaris dasawyisSi. Tu Semdeg moijare da meijare gadawyveten saijaro pirobebis Secvlas ijaris ganaxlebis gareSe ise, rom es gamoiwvevs ijaris sxvagvarad klasifikacias me-7_12 punqtebiT gansazRvruli kriteriumebis mixedviT da Secvlili pirobebi ZalaSi iqneboda Sesuli ijaris dasawyisSi, gadasinjuli SeTanxmeba ganixileba axal xelSekrulebad, misi vadis ganmavlobaSi. Tumca, SefasebebSi momxdari cvlilebebi (magaliTad, ekonomikuri momsaxurebis vadaSi an ijariT gacemuli qonebis narCen RirebulebaSi) an sxva garemoebebis Secvla (magaliTad, moijaris gadaxdisuunarobis SemTxvevaSi) ar iwvevs ijaris xelaxal klasifikacias buRaltruli aRricxvis miznebisaTvis. 14. ijariT gacemuli miwisa da Senoba-nagebobebis finansur da Cveulebriv ijarad klasificireba xdeba ijariT gacemuli sxva aqtivebis analogiurad. magram miwis nakveTis Tavisebureba iseTia, rom mas gaaCnia ganusazRvreli ekonomikuri momsaxurebis vada da Tu mosalodnelia, rom moijares ijaris vadis damTavrebis Semdeg miwaze sakuTrebis ufleba ar gadaecema, moijare, Cveulebriv, miwis droebiTi mflobelobis periodSi, faqtobrivad, ar flobs masTan dakavSirebul yvela risksa da sargebels da am SemTxvevaSi miwis ijara ganixileba rogorc Cveulebrivi ijara. Cveulebrivi ijaris saxiT aRricxuli qonebis gamoyenebis uflebis mopovebis an SeZenis mizniT gadaxdili Tanxa warmoadgens winaswar gadaxdil saijaro gadasaxdels, romelic amortizdeba ijaris vadis ganmavlobaSi miRebuli sargeblis struqturis mixedviT. 15. saijaro xelSekrulebis miwisa da Senoba-nagebobis elementebi, ijaris klasifikaciis mizniT, ganixileba cal_calke. Tu orive elementze mosalodnelia, rom sakuTrebis ufleba ijaris vadis bolos gadaecema moijares, orive elementi klasificirdeba rogorc finansuri ijara, romelic ganixileba erT ijarad, an or ijarad, Tu sxva Taviseburebebidan naTeli ara aris, rom saijaro xelSekruleba sakuTrebis erT an orive elementTan dakavSirebul yvela arsebiT risksa da sargebels ar gadascems. ramdenadac miwas gaaCnia ganu68 basskf

bass 17 sazRvreli ekonomikuri momsaxurebis vada, miwis nakveTis elementi, Cveulebriv, klasificirdeba rogorc Cveulebrivi ijara, Tu me-14 punqtis Sesabamisad mosalodneli araa, rom ijaris vadis bolos sakuTrebis ufleba gadaecema moijares. Senoba-nagebobis elementi klasificirdeba rogorc finansuri an Cveulebrivi ijara, me-7_13 punqtebis Sesabamisad. 16. yovelTvis, roca aucilebelia miwasa da Senoba-nagebobebTan dakavSirebuli ijaris klasifikacia da aRricxva, minimaluri saijaro gadasaxdeli (xelSekrulebamde gadaxdili nebismieri saerTo Tanxis CaTvliT) unda ganawildes miwasa da Senoba-nagebobebs Soris ijaris dasawyisSi, saijaro qonebis realur RirebulebaSi miwis elementisa da Senobanagebobis elementis proporciulad. Tu SeuZlebelia saijaro gadasaxdelebis saimedod ganawileba am or elements Soris, mTliani ijara klasificirdeba rogorc finansuri ijara, garda im SemTxvevisa, rodesac naTelia, rom orive elementi warmoadgens Cveulebriv ijaras, romlis drosac mTliani ijara klasificirdeba Cveulebrivi ijaris saxiT. 17. miwisa da Senoba-nagebobis ijaris dros, romelSic miwis elementis Tanxa, romelic me-20 punqtis mixedviT iqneboda aRiarebuli, ararsebiTia, miwa da Senoba-nagebobis elementi, klasifikaciis mizniT, SeiZleba ganxilul iqnes erT elementad da klasificirdes finansur an Cveulebriv ijarad me-7_13 punqtebis mixedviT. aseT SemTxvevaSi Senoba-nagebobis ekonomikuri momsaxurebis vada ganixileba mTliani saijaro aqtivis ekonomikuri momsaxurebis vadad. 18. miwisa da Senoba-nagebobis elementebisaTvis calke Sefaseba aucilebeli ar aris, rodesac orives, miwisa da Senoba-nagebobis wili klasificirebulia sainvesticio qonebis saxiT, bass 40-is Sesabamisad da SerCeulia realuri Rirebulebis modeli. Sefasebis detaluri gaangariSeba saWiroa mxolod maSin, rodesac erTi an orive elementis klasifikacia sxvagvarad arasaimedoa. 19. bass 40-is Sesabamisad, SesaZlebelia moijarem Cveulebrivi ijaris qonebrivi interesis klasifikacia moaxdinos sainvesticio qonebis saxiT. aseTi qmedebisas qonebrivi interesi ganixileba ise, TiTqos es iyo finansuri ijara da aRiarebuli aqtivisaTvis gamoyenebuli iyo realuri Rirebulebis modeli. moijarem unda gaagrZelos ijaris aRricxva finansuri ijaris saxiT maSinac, Tu Semdgomi movlenebi ijaris qonebrivi interesis xasiaTs iseTnairad Secvlis, rom igi ar iyos sainvesticio qonebis saxiT klasificirebuli. amas adgili eqneba Tu, magaliTad, moijare: a) b) iyenebs qonebas, romlis sakuTrebaSi gadacemis droindeli gaangariSebiTi Rirebuleba tolia gamoyenebaSi cvlilebis TariRisaTvis arsebuli realuri Rirebulebis; an aformebs qveijaras, romliTac sakuTrebisaTvis damaxasiaTebel arsebiTad yvela risksa da sargebels gadascems aradakavSirebul mesame monawile pirs. aseTi qveijara moijarisaTvis iTvleba finansur ijarad mesame pirTan mimarTebiT, miuxedavad imisa, rom igi mesame piris mier SeiZleba ganxilul iqnes Cveulebriv ijarad.

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ijaris asaxva moijaris finansur angariSgebaSi

finansuri ijara
Tavdapirveli aRiareba 20. ijaris vadis dasawyisisaTvis moijarem finansuri ijara Tavis balansSi unda aRiaros rogorc aqtivebi da valdebulebebi saijaro aqtivis realuri Rirebulebis toli TanxiT an, Tu masze naklebia, minimaluri saijaro gadasaxdelebis diskontirebuli RirebulebiT, romlebic gaangariSebulia ijaris dasawyisSi. minimaluri saijaro gadasaxdelebis diskontirebuli Rirebulebis gamosaangariSebeli diskontirebis ganakveTi iqneba saijaro xelSekrulebaSi nagulisxmevi saprocento ganakveTi, Tu misi dadgena SesaZlebelia; Tu ara, gamoyenebul unda iqnes moijaris zRvruli sasesxo saprocento ganakveTi. moijaris nebismieri Tavdapirveli pirdapiri danaxarji daemateba aqtivis saxiT aRiarebul Tanxas. 21. sameurneo operaciebisa da sxva movlenebis asaxva da wardgena finansur angariSgebaSi unda eyrdnobodes operaciis bunebisa da finansuri arsis da ara mxolod misi samarTlebrivi formis garkvevas. ase, magaliTad, saijaro urTierTobis samarTlebrivi forma saijaro xelSekrulebaa, romelic SeiZleba iTvaliswinebdes an ar iTvaliswinebdes moijarisaTvis aqtivze sakuTrebis uflebis gadacemas. finansuri ijaris arsebobis damadasturebeli arsebiTi niSani ki is aris, rom moijares gadaecema aqtivis gamoyenebiT miRebuli ekonomikuri sargebeli, saijaro aqtivis ekonomikuri momsaxurebis vadis ZiriTadi nawilis ganmavlobaSi, raTa aqtivis miaxloebiTi realuri Rirebulebis Sesabamisad, man dafaros saijaro valdebulebebi da sxva dakavSirebuli finansuri xarjebi. 22. Tu aseTi tipis ijara asaxuli ar aris moijaris balansSi, es imas niSnavs, rom sawarmos ekonomikuri resursebi da valdebulebebis sidide Semcirebulia da ar Seesabameba sinamdviles. amitom finansuri ijarisaTvis damaxasiaTebelia moijaris balansSi aRiardes aqtivi da momavalSi dasafaravi saijaro gadasaxdelis valdebuleba. ijaris vadis dasawyisisaTvis, moijaris balansSi ijarasTan dakavSirebuli aqtivi da valdebuleba unda aisaxos erTi da imave TanxiT, Tu moijaris Tavdapirveli pirdapiri danaxarjebi damatebuli ar aris aRiarebuli aqtivis Tanxaze. 23. umarTebuloa finansur angariSgebaSi saijaro aqtivebTan dakavSirebuli valdebulebebis asaxva ijariT gacemuli aqtivebidan maTi gamoricxviT. Tu balansSi valdebulebebi aisaxeba moklevadian da grZelvadian valdebulebebad, aseve unda gaimijnos saijaro valdebulebebic. 24. Tavdapirveli pirdapiri xarjebi xSirad gaiweva specifikur saijaro saqmianobaze, rogoricaa, pirobebis ganxilva da saijaro xelSekrulebis dadeba. is danaxarjebi, romlebic uSualod miekuTvneba moijaris mier finansur ijarasTan dakavSirebiT ganxorcielebul saqmianobas, emateba aRiarebuli aqtivis Tanxas. Semdgomi Sefaseba 25. minimaluri saijaro gadasaxdelebi unda ganawildes daricxuli finansuri xarjebisa da gadauxdeli valdebulebebis Semcirebis proporciulad. finansuri xarjebi ijaris mTliani vadis ganmavlobaSi, TiToeul saangariSgebo periodze ise unda ganawildes, rom warmoiqmnas mudmivi perioduli saprocento ganakveTi, TiToeuli saangariSgebo periodis valdebulebebis naSTis mimarT. pirobiTi saijaro gadasaxdelebi xarjad aRiricxeba im periodSi, rodesac iqna gaweuli. 26. praqtikaSi finansuri xarjebis ijaris mTel vadaze ganawilebisas, gaangariSebebis gamartivebis mizniT, moijares SeuZlia gamoiyenos romelime miaxloebiTi modeli.

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bass 17 27. finansuri ijara warmoSobs cveTadi aqtivis cveTis xarjs, aseve finansur xarjs yovel saangariSgebo periodSi. cveTadi saijaro aqtivebis mimarT moijaris mier gatarebuli cveTis politika unda Seesabamebodes sakuTari cveTadi aqtivebis mimarT gamoyenebul cveTis daricxvis politikas, xolo aRiarebuli cveTis Tanxebis gaangariSeba unda xdebodes bass 16-is, `ZiriTadi saSualebebi~ da bass 38 `aramaterialuri aqtivebi~, Sesabamisad. Tu ar arsebobs imis gonivruli rwmena, rom ijaris vadis gasvlis Semdeg moijare miiRebs sakuTrebis uflebas, aqtivi mTlianad unda Camoiweros ijaris vadasa da mis sasargeblo momsaxurebis vadas Soris umciresi periodis ganmavlobaSi. 28. yovel saangariSgebo periodSi saijaro aqtivis cveTis Tanxa sistematurad unda ganawildes im periodze, romlis ganmavlobaSic navaraudevia aqtivis gamoyeneba, moijaris mier sakuTari cveTadi aqtivebis mimarT gatarebuli, cveTis daricxvis politikis Sesabamisad. Tu arsebobs gonivruli rwmena imis, rom moijare miiRebs sakuTrebis uflebas ijaris vadis gasvlis Semdeg, aqtivis savaraudo gamoyenebis vadad unda CaiTvalos aqtivis sasargeblo momsaxurebis vada. winaaRmdeg SemTxvevaSi, aqtivs cveTa daericxeba ijaris vadasa da mis sasargeblo momsaxurebis vadas Soris umciresi drois monakveTis ganmavlobaSi. 29. saijaro aqtivis cveTis anaricxebisa da finansuri xarjebis Sesabamisi Tanxebis jami, rogorc wesi, ar emTxveva mocemuli saangariSgebo periodis saijaro gadasaxdelebis valdebulebas. amitom mizanSewonili ar aris gadaxdas daqvemdebarebuli saijaro gadasaxdelebis aRiareba xarjis saxiT. Sesabamisad, naklebad mosalodnelia, rom aqtivebisa da maTi Sesabamisi valdebulebebis Tanxebi ijaris vadis dasawyisis Semdgom periodSi erTmaneTis toli aRmoCndes. 30. imis dasadgenad, gaufasurda Tu ara saijaro aqtivi, aucilebelia gamoyenebul iqnes bass 36 `aqtivebis gaufasureba~. 31. garda bass 32-iT, `finansuri instrumentebi: ganmartebiTi SeniSvnebi da wardgena~, gansazRvruli moTxovnebisa, moijareebma finansuri ijaris Sesaxeb unda gaxsnan Semdegi informacia: a) aqtivebis TiToeuli klasisaTvis balansis Sedgenis TariRisaTvis arsebuli neto sabalanso Rirebuleba; b) balansis Sedgenis TariRisaTvis arsebuli momavali minimaluri saijaro gadasaxdelebis mTliani Tanxis Sejereba maT diskontirebul RirebulebasTan. garda amisa, sawarmom unda gaxsnas informacia balansis Sedgenis TariRisaTvis arsebuli momavali minimaluri saijaro gadasaxdelebis mTliani Tanxisa da maTi diskontirebuli Rirebulebis Sesaxeb TiToeuli periodisaTvis: I) ara ugvianes erTi wlisa; erTi wlis Semdeg da ara ugvianes xuTi wlisa;

II)

III) xuTi wlis Semdeg;

g) mimdinare periodis xarjad aRiarebuli pirobiTi saijaro qira; d) momavali minimaluri saijaro gadasaxdelebis mTliani Tanxa qveijaris mixedviT, romelTa miReba mosalodnelia Seuqcevadi qveijarebidan balansis Sedgenis TariRisaTvis; da e) moijaris arsebiTi saijaro xelSekrulebebis zogadi aRwera, romelic moicavs, magram ar Semoifargleba Semdegi CamonaTvaliT:

I)

gadasaxdeli pirobiTi saijaro qiris gansazRvris safuZveli;

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II) III)

ganaxlebis an Sesyidvis uflebebis arseboba da pirobebi da masStabebis gazrdis pirobebi; da saijaro xelSekrulebebiT gaTvaliswinebuli SezRudvebi, romlebic exeba dividendebs, damatebiT vals da Semdgom ijaras.

32. garda amisa, moijares moeTxoveba bass 16, bass 36, bass 38, bass 40 da bass 41-is Sesabamisad gaxsnas informacia finansuri ijariT miRebul aqtivebze.

Cveulebrivi ijara
33. Cveulebrivi ijaris dros, saijaro gadasaxdelebi saijaro vadis ganmavlobaSi xarjad unda aRiardes wrfivi meTodis mixedviT, Tu sxva sistematuri meTodi ufro tipuri ar iqneba sargeblis gamomyeneblisaTvis am drois monakveTSi.2 34. Cveulebrivi ijaris dros, saijaro gadasaxdelebis xarjad (garda momsaxurebis xarjebisa, rogoricaa dazRveva da teqnikuri momsaxureba) aRiareba xdeba wrfivi meTodiT, Tu sxva sistematuri meTodi ufro tipuri ar iqneba sargeblis gamomyeneblisaTvis mocemuli drois monakveTSi, Tundac saijaro gadasaxdelebi ar efuZnebodes am bazas. 35. garda bass 32-iT, `finansuri instrumentebi: ganmartebiTi SeniSvnebi da wardgena~, gansazRvruli moTxovnebisa, Cveulebrivi ijaris Sesaxeb moijareebma unda gaxsnan Semdegi informacia: a) momavali minimaluri saijaro gadasaxdelebis mTliani Tanxa, romelTa miReba mosalodnelia Seuqcevadi Cveulebrivi ijaris mixedviT Semdegi periodebisaTvis: I) ara ugvianes erTi wlisa;

II) erTi wlis Semdeg da ara ugvianes xuTi wlisa; III) xuTi wlis Semdeg;
b)
momavali minimaluri saqveijaro gadasaxdelebis mTliani Tanxa, romelTa miReba mosalodnelia Seuqcevadi ijaris mixedviT balansis Sedgenis TariRisaTvis; da mocemuli periodis xarjebSi aRiarebuli saijaro da saqveijaro gadasaxdelebi, minimaluri saijaro gadasaxdelebis, pirobiTi saijaro qirisa da saqveijaro gadasaxdelebis Tanxebis calke gamoyofiT; moijaris arsebiTi saijaro xelSekrulebebis zogadi aRwera, romelic moicavs, magram ar Semoifargleba Semdegi CamonaTvaliT:

g)

d)

I)

gadasaxdeli pirobiTi saijaro qiris gansazRvris safuZveli;

II) ganaxlebis an Sesyidvis uflebebis arseboba da pirobebi da masStabebis gazrdis pirobebi; da III) saijaro xelSekrulebebiT gaTvaliswinebuli SezRudvebi, romlebic exeba dividendebs, damatebiT vals da Semdgom ijaras.

aseve ixileT imk 15, Cveulebrivi ijara stimulireba.

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ijaris asaxva meijaris finansur angariSgebaSi

finansuri ijara
Tavdapirveli aRiareba 36. finansuri ijaris dros meijareebma aqtivi unda aRiaron TavianT balansSi da warmoadginon igi debitoruli davalianebis saxiT, wminda saijaro investiciebis toli TanxiT. 37. finansuri ijaris damaxasiaTebeli arsebiTi niSania, saijaro aqtivis iuridiul sakuTrebasTan dakavSirebuli yvela riskisa da sargeblis moijareze gadacema. amgvarad, misaRebi saijaro gadasaxdeli meijaris poziciidan ganixileba rogorc ZiriTadi Tanxis dafarva da garkveuli finansuri Semosavlis miReba, rodesac mas aunazRaurdeba da ekonomikuri sargeblis saxiT daubrundeba Cadebuli investicia da momsaxureba. 38. xSirad meijare eweva Tavdapirvel pirdapir danaxarjebs, romlebic moicavs sakomisios, iuridiul mosakrebels da Sida danaxarjebs, romlebic Sesisxlxorcebuli da uSualod dakavSirebulia ijaris pirobebis ganxilvasa da SeTanxmebasTan. igi ar moicavs saerTo zednadeb xarjebs, rogoricaa marketingsa da gayidvebze gaweuli xarjebi. finansuri ijaris dros, im SemTxvevis garda, rodesac meijarea mwarmoebeli an dileri, Tavdapirveli pirdapiri danaxarjebi CairTveba finansuri ijaris moTxovnebis Tavdapirvel SefasebaSi da amcirebs ijaris vadaSi aRiarebul Semosavals. saijaro xelSekrulebaSi nagulisxmevi saprocento ganakveTi gansazRvrulia ise, rom Tavdapirveli pirdapiri danaxarjebi avtomaturad CarTulia finansuri ijaridan moTxovnebSi da ar arsebobs misi calke CarTvis aucilebloba. ijaris pirobebis ganxilvasa da SeTanxmebasTan dakavSirebiT, meijare mwarmoeblis an dileris mier gaweuli danaxarjebi, gamoricxulia Tavdapirveli pirdapiri danaxarjebis ganmartebidan. amis Sedegad isini gamoricxulia wminda saijaro investiciidan da xarjad aRiardeba gayidvidan mogebis aRiarebisTanave, romelic finansuri ijaris dros, Cveulebriv, xdeba ijaris vadis dasawyisSi. Semdgomi Sefaseba 39. finansuri Semosavlis aRiareba unda efuZnebodes finansur ijaraSi meijaris wminda saijari investiciebis ukugebis, mudmivi perioduli ganakveTis amsaxvel models. 40. meijaris mizania finansuri Semosavlis ganawileba sistematur da racionalur safuZvelze ijaris mTeli vadis ganmavlobaSi. rogorc wesi, aRniSnuli Semosavlis ganawileba efuZneba meijaris wminda saijaro investiciebis ukugebis, mudmivi perioduli ganakveTis amsaxvel models. saangariSgebo periodis saijaro gadasaxdeli, momsaxurebis danaxarjebis gamoqviTviT, mimarTulia mTliani (bruto) saijaro investiciis sapirispirod, rogorc ZiriTadi valis, ise gamoumuSavebeli finansuri Semosavlis Semcirebisaken. 41. meijaris mTliani (bruto) investiciis Tanxis gansazRvrisaTvis gamoyenebuli SefasebiTi aragarantirebuli narCeni Rirebuleba periodulad unda gadaisinjos. Tu aragarantirebuli narCeni Rirebuleba Semcirebulia, unda gadaisinjos agreTve ijaris vadaSi Semosavlis ganawileba da nebismieri Semcirebis dagrovili Tanxebi dauyovnebliv aRiardes. 41a. finansur ijaras daqvemdebarebuli aqtivi, romelic klasificirebulia rogorc gasayidad arsebuli (an CarTulia jgufSi, romelic klasificirebulia rogorc gasayidad arsebuli) fass 5-is, `gasayidad gamiznuli grZelvadiani aqtivebi da Sewyvetili operaciebi~ Sesabamisad, wardgenil unda iqnes am fass-is mixedviT. 42. mwarmoeblebma an dilerma meijareebma gayidvidan miRebuli mogeba an zarali unda aRiaron im periodSi, imave saaRricxvo politikis Sesabamisad, romelsac sawarmo iyenebs gayidvis operaciebis ganxorcielebisas. Tu gamoyenebulia xelovnurad Semcirebuli saprocento ganakveTi, gayidvidan moge basskf 73

bass 17 bis odenoba unda SeizRudos im zomamde, romelic misaRebi iqneboda sabazro saprocento ganakveTis gamoyenebis dros. meijare mwarmoeblis an dileris mier ijaris pirobebis ganxilvisa da xelSekrulebis momzadebasTan dakavSirebiT gaweuli danaxarjebi, xarjis saxiT, unda aRiardes gayidvidan mogebis aRiarebisTanave. 43. mwarmoeblebi da dilerebi xSirad momxmarebels sTavazoben aqtivis SeZenis an ijaris alternativas. mwarmoeblebis an dilerebis mier aqtivis finansuri ijariT gadacemis Sedegad warmoiSoba ori tipis Semosavali : a) mogeba an zarali, romelic ekvivalenturia im mogeba-zaralis Tanxebisa, romelic miRebuli iqneba ijariT gacemuli aqtivis Cveulebrivi gasayidi fasebiT gayidvis Sedegad da damokidebulia moculobaze an savaWro daTmobebze; da b) finansuri Semosavali ijaris mTeli vadis ganmavlobaSi. 44. meijare mwarmoeblebis an dilerebis mier ganxorcielebuli finansuri ijaris dros, ijaris vadis dasawyisSi aRiarebuli gayidvidan Semosavali aris aqtivis realuri Rirebuleba an, Tu ufro mcirea, moijaris sasargeblod dagrovili minimaluri saijaro gadasaxdelebis diskontirebuli Rirebuleba, gaangariSebuli sabazro saprocento ganakveTis safuZvelze. ijaris vadis dasawyisSi aRiarebadi gayidvis TviTRirebuleba aris ijariT gacemuli aqtivis TviTRirebuleba an misi sabalanso Rirebuleba, Tu isini gansxvavebulia, aragarantirebuli diskontirebuli narCeni Rirebulebis gamoklebiT. sxvaoba gayidvidan miRebul Semosavalsa da gayidvis TviTRirebulebas Soris warmoadgens gayidvidan miRebul mogebas, romelic aRiardeba sawarmos mier Ria gayidvis procesebis mimarT gamoyenebuli politikis Sesabamisad. 45. zogjer mwarmoebeli an dileri meijareebi, momxmarebelTa mizidvis mizniT, xelovnurad dabal saprocento ganakveTebs acxadeben. aseTi saprocento ganakveTis gamoyeneba, rogorc wesi, iwvevs gayidvis dros saerTo Semosavlebis gacilebiT didi nawilis aRiarebas. rodesac gamoiyeneba xelovnurad dabali saprocento ganakveTi, gayidvidan mogeba unda SeizRudos im odenobiT, romelic sabazro saprocento ganakveTis gamoyenebis SemTxvevaSi iqneboda. 46. meijare mwarmoeblis an dileris mier finansuri ijaris pirobebis ganxilvisa da xelSekrulebis momzadebasTan dakavSirebiT gaweuli danaxarjebi xarjis saxiT aRiardeba ijaris vadis dasawyisSi, radgan es xarjebi, ZiriTadad, dakavSirebulia mwarmoeblis an dileris mier aqtivis gayidvidan mogebis miRebasTan. 47. garda bass 32-iT gansazRvruli moTxovnebis dacvisa, finansuri ijaris Sesaxeb meijareebma unda gaxsnan Semdegi informacia:

a) balansis Sedgenis TariRisaTvis arsebuli mTliani saijaro investiciis Sejereba, balansis Sedgenis TariRisaTvis arsebul misaReb minimalur saijaro gadasaxdelebis diskontirebul RirebulebasTan. amasTan, sawarmom damatebiT unda gaxsnas informacia, mTliani saijaro investiciisa da misaRebi minimaluri saijaro gadasaxdelebis diskontirebuli Rirebulebis Sesaxeb balansis Sedgenis TariRisaTvis, TiToeuli Semdegi periodisaTvis:
I) ara ugvianes erTi wlisa; erTi wlis Semdeg da ara ugvianes xuTi wlisa;

II)

III) xuTi wlis Semdeg;

b) gamoumuSavebeli finansuri Semosavali; g) aragarantirebuli narCeni Rirebuleba, romelic zrdis meijaris sargebels; d) minimaluri saijaro gadasaxdelebis amouRebeli moTxovnebis akumulire- buli Sesworeba; 74 basskf

bass 17 e) periodis Semosavlis saxiT aRiarebuli pirobiTi saijaro qira; da v) meijaris arsebiTi saijaro xelSekrulebebis zogadi aRwera. 48. zrdis indikatoris saxiT xSirad sasargebloa, informacia gaixsnas mTliani investiciis Sesaxeb, saangariSgebo periodis ganmavlobaSi damatebuli axali saqmianobidan gamoumuSavebeli Semosavlis gamoklebiT, mas Semdeg, rac gamoiqviTeba gauqmebuli ijaris Sesabamisi Tanxebi.

Cveulebrivi ijara
49. Cveulebrivi ijaris dros meijareebma saijaro aqtivebi unda waradginon TavianT balansSi, aqtivis bunebis Sesabamisad. 50. ijaridan miRebuli Semosavali unda aRiardes Tanabarzomierad, ijaris mTeli vadis ganmavlobaSi, garda im SemTxvevisa, rodesac sxva sistematuri safuZveli ufro damaxasiaTebelia im drois monakveTisaTvis, romlis drosac ija riT gacemuli aqtivis gamoyenebidan miRebuli sargebeli mcirdeba . 51. ijaridan miRebul SemosavalTan dakavSirebuli danaxarjebi, cveTis CaTvliT, unda aRiardes xarjis saxiT. ijaridan Semosavali (iseTi momsaxurebis xarjebis garda, rogoricaa sadazRvevo da saremonto momsaxureba) unda aRiardes Tanabarzomierad ijaris mTeli vadis ganmavlobaSi, Tundac fuladi Semosulobebi dafuZnebuli ar iyos am meTodze, garda im SemTxvevisa, rodesac sxva sistematuri safuZveli ufro damaxasiaTebelia im drois monakveTisaTvis, romlis drosac ijariT gacemuli aqtivis gamoyenebidan miRebuli sargebeli mcirdeba. 52. Cveulebrivi ijaris pirobebis ganxilvisa da xelSekrulebis momzadebis procesSi, meijaris mier gaweuli Tavdapirveli pirdapiri danaxarjebi unda daematos saijaro aqtivis sabalanso Rirbulebas da xarjad aRiardes ijaris mTeli vadis ganmavlobaSi imave meTodiT, rogorc ijaridan Semosavali. 53. cveTadi saijaro aqtivebis cveTis politika unda Seesabamebodes meijaris mier analogiuri aqtivebis mimarT gamoyenebul Cveulebriv cveTis politikas, xolo cveTis gaangariSeba unda xdebodes bass 16-is da bass 38-is Sesabamisad. 54. imis dasadgenad, gaufasurda Tu ara saijaro aqtivi, sawarmom unda gamoiyenos bass 36. 55. meijare mwarmoebeli an dileri ar aRiarebs gayidvidan mogebas Cveulebrivi ijaridan, radgan igi ar aris gayidvis ekvivalenturi. 56. garda bass 32-iT gansazRvruli moTxovnebisa, Cveulebrivi ijaris Sesaxeb meijareebma unda gaxsnan Semdegi informacia: a) momavali minimaluri saijaro gadasaxdelebi, romelTa miReba mosalodnelia Seuqcevadi Cveulebrivi ijaris mixedviT mTlianad da TiToeuli Semdegi periodisaTvis: I) ara ugvianes erTi wlisa; erTi wlis Semdeg da ara ugvianes xuTi wlisa; xuTi wlis Semdeg;

II) III)

b) saangariSgebo periodSi SemosavalSi aRiarebuli mTliani pirobiTi saijaro qira; da d) meijaris mniSvnelovani saijaro xelSekrulebebis zogadi aRwera.

aseve ixileT imk 15, Cveulebrivi ijara stimulireba.

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bass 17 57. damatebiT, Cveulebrivi ijariT gacemul aqtivebTan dakavSirebiT, meijareebma unda daicvan bass 16, bass 36, bass 38, bass 40 da bass 41-Si mocemuli informaciis gaxsnis moTxovnebi.

ukuijaris pirobiT gayidvis operaciebi

58. ukuijaris pirobiT gayidvis operacia gulisxmobs aqtivis gayidvas da imave aqtivis ijaris gziT ukan dabrunebas. rogorc wesi, aseT SemTxvevaSi saijaro qira da aqtivis gasayidi fasi urTierTdamokidebulia, radgan isini ganixileba rogorc erTiani paketi. aqtivis gayidvisa da misi ijariT ukan dabrunebis operaciis aRricxvis wesi damokidebulia ijaris tipze. 59. Tu aqtivis ukuijaris pirobiT gayidvis operacia warmoadgens finansur ijaras, gayidvidan amonagebi Tanxis aranairi nameti mis sabalanso Rirebulebaze ar SeiZleba gamyidvel-moijaris mier maSinve aRiardes Semosavlis saxiT. sanacvlod, igi aisaxeba gadavadebuli Semosavlebis saxiT da TandaTanobiT amortizdeba ijaris mTeli vadis ganmavlobaSi. 60. Tu aqtivis ukuijaris pirobiT gayidva aris finansuri ijara, operacia warmoadgens meijaris mier moijaris finansuri saxsrebiT momaragebas, xolo aqtivi mis uzrunvelyofas. amitom ar SeiZleba aqtivis gayidvidan amonagebi Tanxis metoba mis sabalanso Rirebulebaze aRiardes Semosavlis saxiT. es nameti gadavaddeba da amortizdeba ijaris vadis ganmavlobaSi. 61. Tu aqtivis ukuijaris pirobiT gayidva warmoadgens Cveulebriv ijaras da aSkaraa, rom operacia eyrdnoba realur Rirebulebas, maSin mogebisa da zaralis nebismieri Tanxa unda aRiardes dauyovnebliv. Tu aqtivis gasayidi fasi dabalia mis realur Rirebulebaze, maSin nebismieri mogebisa da zaralis Tanxa maSinve unda aRiardes, im SemTxvevis garda, rodesac zaralis kompensacia xdeba dabali sabazro fasis mqone momavali saijaro gadasaxdelebiT. am dros sxvaoba unda gadavaddes da amortizdebodes saijaro gadasaxdelebis proporciulad im vadaSi, romelSic mosalodnelia aqtivis gamoyeneba. Tu aqtivis gasayidi fasi aRemateba mis realur Rirebulebas, maT Soris sxvaobis Tanxa aseve unda gadavaddes da amortizacia ganxorcieldes im vadaSi, romelSic mosalodnelia aqtivis gamoyeneba. 62. Tu aqtivis ukuijaris pirobiT gayidva warmoadgens Cveulebriv ijaras da saijaro gadasaxdelebi da sarealizacio fasi Seesabameba realur Rirebulebas, aseTi operacia realizaciis Cveulebriv operaciad CaiTvleba da Sesabamisi mogebisa da zaralis aRiareba maSinve moxdeba. 63. Cveulebrivi ijaris dros, Tu aqtivis realuri Rirebuleba ukuijaris pirobiT gayidvis operaciis momentisaTvis naklebia mis sabalanso Rirebulebaze, zaralis Tanxa, romelic aqtivis sabalanso Rirebulebasa da realur Rirebulebas Soris sxvaobis tolia, dauyovnebliv unda aRiardes. 64. finansuri ijaris dros, aucilebeli ar aris amgvari koreqtireba, im SemTxvevis garda, rodesac aqtivis sabalanso Rirebuleba gaufasurebulia. am SemTxvevaSi, sabalanso Rirebuleba mcirdeba aRdgeniT Rirebulebamde, bass 36-is Sesabamisad. 65. moijarisa da meijarisaTvis gansazRvruli ganmartebiTi moTxovnebi Tanabrad exeba aqtivis ukuijaris pirobiT gayidvis operaciebsac. mniSvnelovani saijaro xelSekrulebebis zogadi aRweris moTxovna ganapirobebs informaciis gaxsnas, xelSekrulebiT gaTvaliswinebuli unikaluri an gansakuTrebuli debulebebis, an aqtivis ukuijaris pirobiT gayidvis operaciebiT gaTvaliswinebuli pirobebis Sesaxeb. 66. ukuijaris pirobiT gayidvis operaciebis mimarT SesaZloa gamoyenebul iqnes informaciis gaxsnis calkeuli kriteriumi, romelic mocemulia bass 1-Si `finansuri angariSgebis wardgena~.

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gardamavali debulebebi
67. sasurvelia, Tumca ar moiTxoveba, winamdebare standartis retrospeqtuli gamoyeneba 68-e punqtis Sesabamisad. Tu winamdebare standarti gamoyenebuli ar iqneba retrospeqtulad, miCneul unda iqnes, rom wina periodebSi arsebuli nebismieri finansuri ijaris naSTi sworadaa gansazRvruli da Semdgom unda aisaxos winamdebare standartis debulebebis Sesabamisad. 68. sawarmo, romelic adre iyenebda bass 17-s (gadasinjuli 1997 wels), valdebulia retrospeqtulad gamoiyenos am standartiT Setanili cvlilebebi, yvela saijaro xelSekrulebis mimarT, xolo im SemTxvevaSi, Tu bass 17 (gadasinjuli 1997 wels) ar gamoiyeneboda retrospeqtulad, maSin yvela saijaro xelSekrulebis mimarT, romelic ZalaSi Sevida am standartis pirvelad gamoyenebis Semdeg.

ZalaSi Sesvlis TariRi

69. winamdebare standarti sawarmom unda gamoiyenos yvela yovelwliuri periodisaTvis, romelic iwyeba 2005 wlis 1 ianvridan an mis Semdgom. waxalisebulia standartis ufro adreuli gamoyeneba. Tu sawarmo am standarts gamoiyenebs im periodisaTvis, romelic iwyeba 2005 wlis 1 ianvramde, maSin am faqtis Sesaxeb informacia unda gaixsnas.

bass 17-is (gadasinjuli 1997 wels) gauqmeba

70. winamdebare standarti cvlis bass 17-s `ijara~ (gadasinjuli 1997 wels).

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danarTi sxva dokumentebis Sesworeba

winamdebare danarTSi mocemuli Sesworebebi gamoyenebul unda iqnes yvela yovelwliuri periodisaTvis, romelic iwyeba 2005 wlis 1 ianvridan an mis Semdeg. Tu sawarmo am standarts gamoiyenebs ufro adreuli periodisaTvis, maSin es Sesworebebi gamoyenebul unda iqnes ufro adreuli periodebisTvisac. ***** 2003 wels gamocemuli standartis danarTSi Setanili Sesworebebi CarTulia winamdebare gamocemis Sesabamis dokumentebSi.

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