Accounting | Blog | RSM Hungary

2016.08.03Accounting RSM

Michael Wells on the future of the accounting profession

Many among us may sense that the combination of technological developments, financial market innovation and changes in business models impacts our profession more than ever before. This may well make the profession all the more interesting, but it also creates some dissonance with the wider perception of accountants, which often associates us with conservative principles and unchanging techniques. It is therefore timely that we debate whether we should embrace ‘change’ to successfully drive accounting into the future before ‘change’ becomes imposed on us as a necessity, in order to maintain our highly impactful role in advancing firms’ good stewardship.

RSM Global

2016.04.11Accounting RSM

Issue 58 – IFRS News In Brief

The following is a summarised update on some of the main discussions or provisional decisions taken by the IFRS Interpretations Committee (IC) at its meeting on 22 March 2016.

Réka Märtel

2016.04.01Accounting

IFRS: Should I Stay or Should I Go?

I was very enthusiastic about the opportunity to apply IFRS in Hungary.

RSM Global

2016.03.04Accounting RSM

Issue 57 – IFRS News In Brief

The following is a summarised update on the main provisional decisions taken by the IASB at its meeting on 16-17 February 2016.

RSM Global

2016.02.10Accounting RSM

Issue 56 – IFRS News In Brief

Release of the final standard on leases The biggest change introduced by IFRS 16 is that almost all leases will be brought onto lessees’ balance sheets under a single model (except leases of less than 12 months and leases of low-value assets),eliminating the distinction between operating and finance leases. Lessor accounting however remains largely unchanged and the distinction between operating and finance leases is retained.

RSM Global

2016.01.07Accounting RSM

IFRS News In Brief

PUBLICATIONS AND ANNOUNCEMENTS Accounting changes for transactions between investors and associates or joint ventures postponed On 17 December 2015, the IASB confirmed the indefinite deferral of the effective date of the September 2014 narrow-scope amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture until such time as it has finalised a broader review of the equity method of accounting.

Miklós Héhn

2013.11.06Accounting Professional

Hungarian Branch Offices of Foreign-Registered Companies

Regarding the establishment, operation and dissolution of Hungarian branch offices of foreign-registered companies, the rules of the Accounting Act pertaining to entrepreneurs shall be applied.Branch offices are obliged to maintain accounting records and financial statements in the same way as independent companies.

RSM Global

2013.09.26Accounting Tax

Impact of ‘new UK GAAP’ on corporation tax charges

It will apply to accounting periods beginning on or after 1 January 2015 and will apply to all UK companies who do not report under IFRS, FRS 101 or who do not qualify as a small entity. In some areas the new standard represents a significant change from existing GAAP. It is expected that the changes will impact both the current and deferred tax calculations with larger entities expected to be most affected.

Miklós Héhn

2012.09.28Accounting Consultancy Professional

How shall we keep and store electronic invoices?

Electronic invoicing is a promising solution for smaller companies too (as I have pointed out in my post Major opportunities presented by electronic invoicing, as for now, available only in Hungarian). However, the administration and archiving of e-invoices is also especially important. A summary of information on these matters follows below.

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