Summary 26 posts
On 1 January 2024, the new return system for beverage packaging, the so-called mandatory deposit refund scheme (DRS),entered into force in Hungary. Certain provisions of the Accounting Act have also been amended accordingly. In the following blog post we summarise the most important accounting rules for DRS products.
Read moreIFRS 18, which was published in April 2024, represents a significant change in the way entities adopting IFRS will present their financial performance. Companies covered by IFRS will be required to prepare their financial statements using a new structure to make their financial performance more comparable.
Read moreIn Hungary the resolution on dividend is taken once a year when the financial statements are approved and the company\'s supreme body decides on the amount and payment of the dividend. Under the effective legal regulations, untied retained earnings supplemented by the after-tax profit from the previous financial year may be disbursed as dividend.
Read moreThe tasks pertaining to the preparation of the annual financial statements and the year-end closing place a considerable burden on the accounting and tax professionals of Hungarian companies, who must also keep in mind the legal implications and obligations related to the year-end closing. Let\'s take a look at the legal tasks involved in the preparation of the financial statements and the year-end closing.
Read moreFind below the most important changes in accounting coming into force in 2024, which companies should integrate into their accounting and auditing systems at the beginning of the year. Please note that the Accounting Act was amended several times in 2023, and these accounting changes were regulated in various pieces of legislation*.
Read moreIn Hungary, all listed companies, credit institutions and financial enterprises equivalent to credit institutions are required to prepare their annual financial statements in accordance with IFRS. In addition, certain companies have the option to prepare their annual financial statements in accordance with IFRS. The rules for the first-time adoption of IFRS are complex, and we will go through the details in our blog post below.
Read moreThe beginning of the year is a busy period for the accounting and finance departments of every company, since this is the time when the accounting changes and regulations that entered into force at year-end are being implemented and applied in the company\'s accounting and audit systems. We have summarised the most important accounting changes that businesses need to be aware of in 2023.
Read moreIFRS does not only address current tax effects and current tax, but also future income tax consequences, taking into account the so-called deferred tax, which is to be recognised in the IFRS financial statements under IAS 12.
Read moreRecent changes in the forint exchange rate have had a marked impact on the operation and profitability of companies. Currently, less than half a percent of domestic companies keep their books in foreign currency, although for companies where a significant proportion of transactions are not HUF-based or where there are significant amounts of forex transactions, a change in the currency of accounting or even tax payment may be justified. For CIT and LBT tax payments in foreign currency, companies must already take steps by 1 December.
Read moreReporting is a recurring task that companies subject to the reporting obligation must perform routinely but never mechanically. The reporting obligation applies in many cases, in addition to the annual reports, and many processes are the same as the tasks performed as part of the annual reporting. The following summary focuses on these main tasks.
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