ARTICLE · 22 DECEMBER 2015

IFRS Adoption In Hungary - Requirements And Consequences

TMF Group BV

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In June of this year, the Hungarian government decided to allow Hungarian companies to prepare stand-alone financial statements in accordance with IFRS. The relevant laws were then amended and passed on 17 November.

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In June of this year, the Hungarian government decided to allow Hungarian companies to prepare stand-alone financial statements in accordance with IFRS. The relevant laws were then amended and passed on 17 November.

According to Act CLXXVIII, the adoption of IFRS will take place in several phases. The changes open the door to the application of IFRS instead of Hungarian GAAP for statutory reporting purposes as follows:

Companies who would like to take advantage of the rule are already faced with a very busy 2015 year-end, as the change is conditional on having a positive opinion from an IFRS-licensed auditor stating that the company is ready for the preparation of IFRS financial statements. The auditor should review whether the company:

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