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On October 15-17, 2018, representatives of SARAS and Financial Analytical Service went on a business trip to Estonia within the frames of a project approved by the UK’s GGF project - “Improvement of Accounting and Reporting for Fourth Category Entities”. The noted project considers collaboration between parties, including countries with best practices, to develop a simplified reporting standard and reporting process based on international practices.
Meetings held in Estonia aimed to discuss following issues: the process of presentation and procession of financial statements of micro and small entities, availability of public access to presented financial and non-financial information, reporting standard development process, development of reporting system based on XBRL standard, quality assurance - high level review of submitted statements, general terms and conditions of usage of the information aggregated in system, including tax, statistical and other - private or state services. Legal requirements related to financial reporting, the involvement of auditors in the reporting system functioning and oversight, results of auditing and accounting reform implemented in Estonia were discussed separately.
During the visit, representatives of SARAS and Financial Analytical Service met representatives of the Ministry of Finance of Estonia, the Ministry of Justice of Estonia, the Center of Registers and Information Systems, audit oversight body, statistics agency, Tax Service and Estonian Auditor’s Association.