IFRSstandarditele

IFRSstandarditele is the Estonian term for International Financial Reporting Standards. These are a set of accounting standards developed by the International Accounting Standards Board (IASB) that are used in many countries around the world. The primary goal of IFRS is to create a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

Estonia has adopted IFRSstandards for listed companies, and for many other companies as well, depending on their size and specific circumstances. The use of IFRS aims to enhance transparency, accountability, and efficiency in financial markets. It allows investors and other stakeholders to make more informed economic decisions by providing a consistent framework for financial reporting.

The development of IFRS is a complex process involving consultation with a wide range of stakeholders, including standard-setters, preparers of financial statements, auditors, and users of financial information. The IASB continually updates and amends existing standards, and issues new standards, to reflect changes in the economic environment and accounting practices. Compliance with IFRS requires a thorough understanding of the principles and their application to specific transactions and events.