Comptabilitat a Estònia

Accounting Rules

Tax Year

The fiscal year begins on January 1st and ends on December 31st of the same year.

Accounting Standards

IFRS Standards are required for all domestic public companies and listings by foreign companies (except in the case of a foreign company whose home jurisdiction’s standards are deemed by the EU to be equivalent to the IFRS Standards. SMEs do not have to follow IFRS Standards for SMEs and are required to file in compliance with the Estonian GAAP (the new version is effective from 1 January 2013). The Estonian GAAP is based mostly on IFRS Standards for SMEs with some differences in disclosure.

Accounting Regulation Bodies

EASB

Accounting Reports

The main financial documents in Estonia are the balance sheet, the profit and loss account and the cash flow statement.
The Accounting Act sets a number of formal requirements to accounting source documents. Each entity has to prepare its internal regulations on accounting and the chart of accounts.

Accounting registers can be maintained as hard or electronic copies. The annual statements should be prepared in Estonian language and must be signed by the management board.

Professional Accountancy Bodies

Estonian Board of Auditors
EAA , European Accounting Association

Certification and Auditing

Audit has been compulsory for the majority of companies since 1991. Under the Commercial Code, an audit is compulsory for all public companies. Audit is compulsory for companies with annual net sales of EUR 4 million and more, a balance sheet volume of EUR 2 million and employ at least 60 employees. Audit is also complusory for companies that meet at least of one of the conditions: Annual net sales of EUR 12 million and more, balance sheet volume of EUR 6 million, number of employees is 180 or more  You can contact an external auditor: KPMG, Deloitte, Ernst & Young, PricewaterhouseCoopers.

Accounting News

IAS Plus