New unique artificial intelligence–based assistants are now available to everyone on the Grant Thornton Baltic Estonia website. These tools help accountants, CFOs, auditors and other interested parties navigate the field of accounting more effectively.
EFS assistant
The first AI assistant helps users navigate the Estonian financial reporting standard (EFS), i.e. Estonian GAAP – primarily the Accounting Standards Board guidelines (RTJ) and related regulations. This virtual assistant is designed as a practical support tool for anyone with questions related to accounting, the preparation of annual reports and the application of RTJ guidelines.
Open EFS assistant
What can the virtual Estonian financial reporting standard (EFS) assistant do?
The assistant specialises specifically in Estonian accounting rules, and its responses are based on the Accounting Standards Board guidelines (RTJ 1–16), relevant Board interpretations (RTT), the Accounting Act and the Auditors Activities Act.
In practice, this means you can ask the assistant, for example:
- how to account for a transaction in accordance with a specific RTJ;
- what the key recognition or disclosure requirements are;
- which specific RTJ paragraphs a particular treatment is based on.
The responses are presented in a structured format with references – the assistant indicates the specific RTJ number and subsection or the relevant legal provision on which the response is based.
Annual report disclosure compliance assistant
The second AI assistant compares whether the information disclosed in an annual report complies with the disclosure requirements set out in RTJ 15 and other applicable disclosure requirements. In addition, the assistant checks whether the company’s size has been determined correctly, whether the appropriate disclosure criteria have been applied, whether the report is subject to a statutory audit or review requirement, and more.
Open annual report disclosure compliance assistant
What can the virtual annual report disclosure compliance assistant do?
The assistant specialises in reviewing the information disclosed in the annual report and its notes in accordance with RTJ 15. To perform the review, the annual report must be uploaded. The assistant identifies both the disclosure requirements that have been met and any deficiencies or areas requiring clarification. In its response, it refers to the relevant information in the annual report and the corresponding RTJ requirement, enabling the user to proceed with improving the report where necessary.
The assistant can be used repeatedly, meaning that you can upload and re-check a revised version of the annual report.
What these tools do not cover
It is also important to understand the limitations of the assistants:
- They do not provide legal, tax or financial advice and do not replace professional consultation.
- They do not prepare accounting reports or perform bookkeeping.
- They do not conduct company-specific analysis or assess a particular client’s situation as a whole.
- They do not use external sources or general accounting knowledge – if a matter is not directly addressed in the RTJ guidelines or legislation, the assistant will state this clearly.
- They do not address topics unrelated to accounting standards and regulations.
In other words, the assistant is a tool for exchanging ideas and providing direction, not a final decision-maker in complex cases.
We encourage you to try it and share your feedback
Use the AI assistant, ask questions, test it and see how it supports you in the world of accounting. If you feel that a topic requires deeper analysis or a specific professional opinion, Grant Thornton Baltic’s specialists are always ready to assist.
If you notice an error or see an opportunity to let AI handle an additional task, we welcome your feedback at info@ee.gt.com so that we can further improve the quality of accounting in Estonia with the help of AI.
Happy exploring!
