Hungarian Accounting Act Amendment Now In Force

Hungarian Accounting Act amendments regarding mainly the form and content of the Financial Statements (FS) were passed by the government last year, and have been in effect since 1 January 2016.

The changes in connection with the form of the FS enable the majority (approx. 97-98%) of Hungarian undertakings to prepare and publish simplified annual FS, since the thresholds have doubled. Those who are obligated to compile consolidated FS and previously had their total assets, net sales revenue and number of employees around the upper limits are now given an administrative facilitation as a result of threshold increases – although not as much as in the case of the simplified annual financial statements.