Accounting in Hungary

Overview by

Accounting System

Accounting Standards
Hungarian Accounting Standards are currently set by the Ministry of Finance and are incorporated in the Act on Accounting. The Act on Accounting includes very detailed accounting requirements based on the Fourth and Seventh EU Company Law Directives and IFRS.
Accounting Regulation Bodies
Hungarian Chamber of Auditors
PSZÁF, Hungarian Financial Supervisory Authority
Accounting Law
You can consult the Hungarian accounting system.
Difference Between National and International Standards (IAS/IFRS)
There has been a substantial effort in Hungary to reduce the differences between Hungarian Accounting Standards and IFRS but some significant differences remain. Specific differences between Hungarian Accounting Standards and IFRS include:
Capitalization of foreign exchange losses, capitalization of intangible assets or the deferral of similar costs.
Accounting News
Tax and accounting law - only available in Hungarian

Accounting Practices

Tax Year
The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting Reports
The balance sheet is presented into accounts with liabilities composed of constant capital and debts, because there is a distinction between long and short-term debts. The profit and loss account gives priority to the repository of the global production and lets the choice of the cost classification either by nature or by function.
Publication Requirements
Companies have to produce a balance sheet, a profit and loss account and an appendix. Publications are annual.

Accountancy Profession

Accountants associations have some difficulties to get organized, because of the importance of the State in the accounting system.
Professional Accountancy Bodies
Accounting & Bookkeeping
Member of the International Federation of Accountants (IFAC)
The Chamber of Hungarian Auditors is a member.
Member of Other Federation of Accountants
Member of The Federation of European Accountants.
Audit Bodies
The external control of the accounts must be given to a body of external auditors chosen by the company. Access the Chamber of Hungarian AuditorsChamber of Hungarian Auditors

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