The restrictions established due to the COVID-19 pandemic have disrupted transfer pricing within international corporations. Even if the restrictions were to be eased, undertakings would face major uncertainty about risks and comparables for determining market value.
The accounting and preparation of packaging reports has become better over the years and the awareness of the importance of accounting more comprehensive and precise but there are still shortcomings in packaging reporting. In some cases, the errors are specific and affect an individual company, but many are recurring. In this article, I list some of the standard errors we have noticed in companies’ reporting on packaging and I provide advice for avoiding these mistakes.
A new concept in Estonian legal system, administrative fine, was sent to coordination round to the relevant ministries by the Ministry of Justice. The new fine would enable a more effective response to violations of financial services, competition and data protection regulation in the future. Grant Thornton Baltic data protection officer Maili Torma and legal adviser Lee Laanemäe write about the potential changes awaiting us in the near future.
In Estonia the state is placing increasing emphasis on money laundering prevention. Therefore, companies with a duty to prevent money laundering must be prepared for more thorough and more frequent inspections to determine whether they comply with all the rules laid down by law. Read more from the article written by Grant Thornton Baltic's Senior Internal Auditor Kai Paalberg.
For many companies and institutions, internal audit is a legal obligation that cannot be waived even in difficult economic times. Therefore, the question inevitably arises as to how this obligation is most favorable and reasonable based on the needs of the company - hire your own internal auditor or outsource? Read the article! Grant Thornton Baltic's business risk services adviser Riin Veidenberg will help you with the decision.
The experience of Grant Thornton Baltic's risk management advisors in conducting money laundering and terrorism financing prevention audits, especially in institutions supervised by the Financial Supervision Authority, shows that the problems are largely similar. Grant Thornton Baltic Business Risk Services adviser Riin Veidenberg opens the subject in her article.
What happens if the auditor makes a mistake? Which is the auditor’s liability in case when the auditor does not notice discrepancies in the report or hides them intentionally? How much help can the injured party expect from the insurer? You'll find an answer to these questions in a article written by Grant Thornton Baltic partner Mart Nõmper and legal adviser Lee Laanemäe.
Reorganization is being used to help a company that has temporarily become insolvent, for example due to the current pandemic and crisis. It is important to emphasize that a company can be reorganized if the business model is sustainable, and the difficulties are temporary. Grant Thornton Baltic partner Artur Suits opens the subject further in his interview.
The COVID-19 pandemic is placing companies and their management teams in a challenging situation due to the lockdowns and state of emergency established around the world. One of the most critical areas is managing the companies’ cash flows and decisions to maintain liquidity. Mikk Mägi, head of financial advisory in Grant Thornton Baltic, gives advice what should be a priority for the companies during the crisis.
Auditors are like conspirators – people know they exist, but few understand what they are up to and why they are valuable. In general, the public hears about auditors only when something goes wrong somewhere.
In most countries, including Finland, Norway and Denmark, there are no form requirements for a sales contract of a share, yet Estonian law requires the contract to be notarised. Only if the company’s shares are registered in the Estonian securities register (hereinafter EVK) can the notarisation requirement be waived.
When it is time for the parent to return to work after childcare leave, they are entitled under the Employment Contracts Act to improved work conditions, including a pay raise, if conditions and salary level have improved for other employees in the meantime. Is the returning employee on par with others?
In the beginning of the year, several tax changes were introduced in Estonia, Latvia and Lithuania. Some of the changes will become effective in 2020. In addition we shall highlight tax rates applicable in the Baltics as of 2020.
Who is an electricity undertaking? What requirements does the ELTS impose on electricity undertakings? Which undertakings should have their activities audited? What precisely is audited? In the following, we draw attention to bottlenecks related to the ELTS and auditing.
Companies that follow IFRS accounting standards were required to make the transition to recognizing and accounting for operating lease agreements according to new principles at the latest starting from reporting periods commencing on 1 January 2019.
For several years now, new thresholds have been in force for auditing annual reports, which exempted many companies from the obligation to have their annual reports audited. From the company’s viewpoint, it may seem a good solution to be rid of the audit or review obligation: less work and financial expense. Yet the other side of the coin should be considered – what do the company and the public have to lose?