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Should the influence of the coronavirus be recognized in the 2019 financial statements?
Financial reporting Should the influence of the coronavirus be recognized in the 2019 financial statements?
The crisis caused by the coronavirus is coinciding with the peak season for preparing annual reports. It raises the question of whether and how aspects related to the coronavirus be recognized in the 2019 financial statements and if so, how? Grant Thornton Baltic partner Mart Nõmper gives instructions in his article.
Mart Nõmper
Mart Nõmper
| 29 Mar 2020
5 ideas for getting more benefits out of the work done by auditors
Assurance 5 ideas for getting more benefits out of the work done by auditors
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.
Mart Nõmper
Mart Nõmper
| 09 Mar 2020
Bottlenecks in the Electricity Market Act from the perspective of electricity undertaking
Electricity undertaking audit requirements Bottlenecks in the Electricity Market Act from the perspective of electricity undertaking
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.
13 Jan 2020
Max Headroom, and IAS 36 impairment disclosures
IFRS Max Headroom, and IAS 36 impairment disclosures
Some of you of a certain age reading this post will remember in the mid-1980s, the representation of an Artificial Intelligence character called Max Headroom. (For those of you a little younger, look for Max Headroom in an Internet search engine). The background story provided for the Max Headroom character in his original appearance comes from a concept of a future dominated by television and large corporations.
31 Oct 2019
Cash equivalents in IAS 7
IAS 7 Cash equivalents in IAS 7
I am frequently challenged that cash equivalents at the year-end should include those financial assets that have reached a maturity of less than three months at the year-end date, having had a somewhat longer maturity when first acquired. How wrong the understanding!
31 Oct 2019
Stock-taking helps prevent and detect fraud
Assurance Stock-taking helps prevent and detect fraud
A stock-taking or physical inventory performed in a quality manner gives the heads of all units in a company assurance that financial statements and databases present a true and fair view of assets and inventories in stock. Periodic stock-taking is also quite effective for preventing fraud.
Meelika Mülla
Meelika Mülla
| 28 Oct 2019
Time to set goals and compile a budget
Strategy Time to set goals and compile a budget
Although planning and goal-setting takes place both in the long term and monthly (or at least quarterly) basis, the question becomes an urgent one for management at a time when the next year’s goals and action plans have to be drawn up. Budgeting is very closely connected to strategic planning. Through this manner, accountants and financial analysts have a direct role in the organisation’s development.
Tarmo Rahkama
Tarmo Rahkama
| 28 Oct 2019
Change in recognition of operating lease agreements in accounting
IFRS Change in recognition of operating lease agreements in accounting
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.
24 Oct 2019
What ensures a good auditor-client working relationship?
Assurance What ensures a good auditor-client working relationship?
An annual audit is an indispensable resource for obtaining assurance that a company’s financial statements and accounting is free from material misstatements. One of the most important preconditions for productive cooperation between auditor and the company is adherence to deadlines and being ready for the audit at the agreed time.
14 Oct 2019
Some guidelines for stock-taking
Assurance Some guidelines for stock-taking
Stock-taking quality depends on preparation for and performing of the physical inventory. In the following, I will provide an overview of what to devote attention to while performing it.
Meelika Mülla
Meelika Mülla
| 14 Oct 2019
Why is it a good idea to have your company’s financial statements audited?
Assurance Why is it a good idea to have your company’s financial statements audited?
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?
10 Oct 2019
A tale of two balance sheets
IFRS A tale of two balance sheets
Businesses have always had two ways of obtaining the use of an asset – they either buy it outright (often borrowing to do this) or they rent it under a lease. In both cases they have the opportunity to use the asset how they wish, generating a return from the product(s) produced and facing similar risks (repair, obsolescence, damage etc.).
02 Jun 2015