All domestic companies in Estonia may use IFRS starting in 2003

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10 Jan 2003

A new Estonian law allows domestic companies to use either Estonian GAAP or International Financial Reporting Standards for accounting periods beginning 1 January 2003.

Listed companies have already been using IFRS, generally complying at the same time with Estonian GAAP by choosing the accounting policy prescribed by Estonian GAAP where IFRS allows a choice.

Estonian credit institutions and insurance companies, as well as listed companies, will be required to apply IFRS as of 1 January 2005.

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