Insights

Estonian Financial Reporting Standard Changes planned to the Estonian Financial Reporting Standard

At the beginning of 2025, the International Accounting Standards Board (IASB) adopted an updated consolidated text of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The updated IFRS for SMEs therefore necessitates a review and update of the EFS and the RTJ guidelines.

Mart Nõmper

| 5 min read | 09 Feb 2026

Assurance How to meet equity requirements established by law?

When closing a financial year, it can turn out that a company’s equity (net assets) does not meet the requirements set forth in legislation and so the equity must be brought into conformity with the law. Often auditors and lawyers receive queries about these topics, but their perspectives can sometimes vary.

Mart Nõmper

| 5 min read | 03 Dec 2025

Financial management Chief accountants and CFOs: don’t forget an important task before Christmas!

Companies’ credit agreements generally contain customer-specific conditions called covenants. December is the last chance to check whether the company is indeed in compliance with these covenants, especially considering how companies’ financial results have been impacted by the current ultra-rapid economic growth, rising prices and supply chain problems.

Mart Nõmper

| 3 min read | 03 Dec 2025

Financial year In what cases is it worth choosing a financial year that is different from the calendar year?

According to the registrar's statistics, 95% of companies registered in Estonia have chosen a financial year that runs from 1 January to 31 December. However, a company’s fiscal year should reflect the cycle of the company’s operating activity and year-end procedures should be conducted at a time when volumes of activity are lowest.

Mart Nõmper

| 4 min read | 27 Nov 2025

Outsourcing services Outsourced accountant won't let you down

When outsourcing accounting services, you can be sure that the work won't be left undone in case the accountant falls ill or goes on vacation.

| 4 min read | 14 Apr 2025

ESG audit Advice from an auditor: even if you’re running late, at least get half of the ESG report done

Companies are running out of time to start this year’s ESG report process – in fact, a business starting today might not make it in time. “That doesn’t mean they should just forgo submitting a report. It’s worth making the effort and getting at least half of it done,” said Grant Thornton Baltic partner and Head of Audit and Assurance Services Mart Nõmper.

| 5 min read | 06 Feb 2025

Audit Number of companies required to get an audit set to decrease this year

A long-awaited legislative amendment has finally arrived: the thresholds for audit and review obligation will rise by 25%.

Mart Nõmper

| 4 min read | 21 Jan 2025

Audit We’re overcontrolling currently: reporting has become a burden for society

How has the auditors’ market changed and why is it hard to find sufficiently qualified specialists? What sorts of trends will global competition, workforce shortage and sustainability reporting requirements bring about?

Mart Nõmper

| 8 min read | 02 Dec 2024

Assurance A good auditor: ever harder to find

Business operators are hard-pressed to find an auditor to go over their annual report, since there are fewer and fewer auditors every year, but the amount of work just keeps on growing. The worsening quality of the work done by auditing companies is also a concern.

Mart Nõmper

| 5 min read | 11 Apr 2024

Assurance Where oh where did all the auditors go?

There’s consensus among business people who are required to order an audit, review or other audit engagement: it is hard to find an auditor and the prices of audit services have risen significantly.

Mart Nõmper

| 4 min read | 06 Dec 2023

Grant Thornton Baltic saade Kasvukursil Äripäeva raadios

credit control Golden age for fraud: red flags help recognize the no-goodniks

It is currently a golden era for fraud but harm caused by bad actors is preventable if you regularly perform checks on business partners and clients and keep alert to specific warning signs, panellists on the Äripäev business daily radio programme “Kasvukursil” said.

Mart Nõmper

| 5 min read | 09 Jun 2023

Investment and fraud A golden age for fraud: red flags for potential investments

In an era when new and profitable opportunities keep on presenting themselves for investing and many of these are not supervised by Financial Supervision Authority or other regulator, be on the lookout for specific red flags in order to prevent fraud.

Mart Nõmper

| 9 min read | 15 Feb 2023

Audit Audit your auditor

An increasing number of companies in Estonia cross the threshold of turnover and balance sheet volume that requires them to order an audit or financial review of their 2021 annual report. On the other hand, the number of auditing companies has decreased compared to last year. How to cope with a situation with fewer service providers, increasing numbers of customers, and increasing troublesome findings regarding the quality of service provided by audit firms?

Mart Nõmper

| 4 min read | 01 Nov 2021

Assurance The Estonian Auditors’ Association has made suggestions for development of the Commercial Register.

The representatives of the board of the Auditors’ Association met Secretary General of the Ministry of Justice Tõnis Saar and Deputy Secretary General of the Ministry of Justice Viljar Peep in February on the topic of developing the Commercial Register and updating register data.

Mart Nõmper

| 2 min read | 07 Apr 2021

Annual reports Listed companies get extension for complying with new requirement

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.

Mart Nõmper

| 11 Feb 2021

Case study Assurance and advisory services: Amserv Grupp AS

We performed the statutory financial audit for consolidation group of Amserv Grupp AS, which includes several companies in Estonia and Latvia.

Mart Nõmper

| 22 Dec 2020

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