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Under a European Union directive, publicly listed companies must adopt the European Single Electronic Format, ESEF. But they will probably not have to file ESEF format annual reports for another year.

This summer, the state suspended its payments to the second pension pillar of working people. During October, however, people will be able to decide whether or not to continue paying 2% of their gross salary to the pension fund. Kaia Salu, Group Manager of Grant Thornton Baltic's Outsourcing department, opens the subject in her article.

Auditors, accountants and other white-collar workers have recently been working mainly from home offices. We can expect that more and more audits and accounting procedures will be done without actually meeting face to face. Grant Thornton Baltic partner and sworn auditor Mart Nõmper discusses in his article how has this new work organization affected us and what is to be expected in the near future?

The Accounting Standards Board has ruled that subsidy paid by the Unemployment Insurance Fund should be recognised as government grant as treated in Accounting Standards Board Guideline (ASBG) 12, “Government Grants“. How to account for the Unemployment Insurance Fund's temporary subsidy? Grant Thornton Baltic sworn auditors Kristiine Villemi and Mart Nõmper explain the subject further.

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.

Accounting services

Accounting services

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!

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.

Often accountants face the question: “What is and what isn’t a source document from the standpoint of accounting, and is a source document always necessary, for example at a one-man company?”

In the business world, success comes from focusing on your field and working your way to the top. But that takes time and dedication. So if you are just going into business or expanding, it is wise to think about what sorts of support services are worth outsourcing – what happens if your accountant or computer person is not sitting in the next room but works for an external service provider?

Below we list eight main reasons why companies prefer outsourcing payroll operations instead of a dedicated in-house department.

Next year, amendments to the Taxation Act are expected to enter into force. One of the amendments calls for more data to be added to the employment register, which will however increase the workload for accountants.

Payroll can be a significant cost for the company by consuming a lot of time, investments to payroll software and implementing constantly the changes of labor laws. Read our insights on the payroll and labour law topics below.

Payroll can be a significant cost for the company by consuming a lot of time, investments to payroll software and implementing constantly the changes of labor laws. Read our insights on the payroll and labour law topics below.

By the end of the first quarter – 31 March – all companies must draw up and communicate to employees a holiday schedule for the current year.