majandusaastal

Majandusaasta is the financial year used for accounting and financial reporting. It is the 12‑month period during which a company keeps its books, prepares its annual financial statements, and records its economic activity for that period. The term is used to distinguish the accounting period from the calendar year.

A majandusaasta can begin on any date and end 12 months later, and it may coincide with the calendar year (1 January to 31 December) or follow a different 12‑month cycle that better reflects a company’s business pattern. Once set, the end date of the majandusaasta is generally stable, and changes typically require formal action by the company and, in some cases, registration with authorities.

In Estonia, the majandusaasta is the period for which the accounting records are compiled and for which annual accounts are prepared in accordance with the Accounting Act. The resulting financial statements cover the entire majandusaasta and are used for reporting to stakeholders and, depending on the entity, for tax purposes. The annual accounts are usually submitted to the business register or relevant authorities after the end of the majandusaasta, following the applicable deadlines.

Changing the end date of the majandusaasta can affect reporting and filing timelines and may require notification or registration with the competent authorities. For practical purposes, many Estonian companies choose the calendar year, but any 12‑month period is permissible if properly implemented and legally documented.

See also: kalendriaasta (calendar year) and accounting practices.