The Role and Current Status of IFRS in the Completion of the National Accounting Rules – Evidence from Estonia

Lehte Alver and Jaan Alver

Accounting in Europe, 2017, vol. 14, issue 1-2, 80-87

Abstract: The main purpose of this paper is to provide an overview of International Financial Reporting Standards (IFRS) application in Estonia. After restoration of independence, development of the Accounting and Financial Reporting System in Estonia has been based on internationally accepted accounting principles where IFRS and EU Directives have had an important role. From 2003 to 2013, the system based on the Full IFRS and after that, the switch from the Full IFRS to the IFRS for Small and Medium-sized Entities (SMEs) took place. Estonian position on IFRSs is very positive. IFRSs were heavily used in the system of setting local guidelines and despite switching to the IFRS for SMEs as base for the local guidelines, they are still used as a very important reference point and source of interpretation for national accounting rules based on the EU Accounting Directive.

Date: 2017
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DOI: 10.1080/17449480.2017.1298138

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