Annual Reports

Annual Reports

At BDO, we have extensive experience in preparing financial statements and would be pleased to help you with qualified advice and assistance, whether in respect of reporting in accordance with the Republic of Estonia financial reporting standard or International Financial Reporting Standards (IFRS).

At the end of each financial year, an accounting entity is required to prepare an annual report consisting of the financial statements, the management report, the auditor’s report (if an audit is required) and the profit distribution proposal or proposal for covering the loss for the financial year. Annual reports must be filed with the register even if the company had no transactions during the financial year. The approved annual report must be submitted to the Commercial Register within six months after the end of the financial year.

Enterprise categories and requirements to their annual reports:

Enterprise Assets (million) Revenue (million) Average number of staff Other conditions
Micro (limited company of the type of osaühing) Up to 0.175 Up to 0.05 No conditions Liabilities do not exceed equity. One shareholder who is a member of the management board.
Small 4 8 50 Not a micro enterprise
Medium-sized 20 40 250 Not a micro or small enterprise

At least two indicators exceed the criteria for a medium-sized enterprise.




Enterprise Minimum requirements to the annual report
  • Balance sheet (up to 8 items), income statement and up to 4 notes (condensed report)
  • Fair value method not allowed
  • Management report is not required
  • Balance sheet, income statement and up to 14 notes (condensed report)
  • Sub-classifications of balance sheet and income statement line items  may be disclosed in the notes
  • All primary financial statements and notes
  • Sub-classifications of balance sheet and income statement line items must be disclosed in the notes
  • Large companies have to comply with additional requirements that apply to the management report