Arvestuseeskiri

Arvestuseeskiri, often translated as accounting regulations or rules of accounting, refers to a set of principles, standards, and guidelines that govern how financial transactions are recorded, summarized, and presented by an organization. These rules ensure that financial information is consistent, comparable, and reliable, providing a basis for decision-making by various stakeholders.

In Estonia, the primary framework for accounting is established by the Accounting Act (Raamatupidamise seadus). This act, along with subsequent regulations and Estonian Financial Accounting Standards (Estonian Financial Reporting Standards - EFR), dictates the specific methods and requirements for accounting practices. These standards are largely harmonized with international financial reporting standards, particularly International Financial Reporting Standards (IFRS), to facilitate cross-border comparability.

Key elements covered by Arvestuseeskiri include the chart of accounts, principles of recognition and measurement of assets, liabilities, equity, income, and expenses, valuation methods, depreciation policies, inventory management, and the preparation of financial statements such as the balance sheet, income statement, and cash flow statement. Adherence to Arvestuseeskiri is crucial for legal compliance, tax purposes, and for maintaining transparency with investors, creditors, and other interested parties. Auditing practices also rely on these established rules to assess the fairness and accuracy of financial reporting.