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Most important accounting changes in 2023

The 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.

Reporting and mandatory audit of companies established by way of separation

Upon separation, the provisions applicable to businesses established without a predecessor must be applied mutatis mutandis in the case of the company established by way of separation. This applies to the type of the company's financial statements and whether the company is subject to mandatory audit.

Ownership interests in healthcare, social, cultural and education institutions

Ownership interests in healthcare, social, cultural and education institutions must be disclosed in the financial statements as other long-term ownership interests if such ownership interests are different from the definition provided by law. Ownership interests must initially be recognised in the books against equity in the amount of the equity shown in the last balance sheet of the institution.

Change in the definition of an entity

In the Accounting Act, the definition of an entity now includes cultural institutions. This means that, from now on, cultural institutions will also be subject to mandatory audit, as determined by the establishing organisation.


Amount of financial lease liabilities

The amount of other long-term liabilities to be disclosed by the lessee with respect to investment projects implemented through a financial lease will be the difference between the amount invoiced and the instalment due in the financial year following the balance sheet date. In this case, the wording has essentially been clarified in that the instalment due in the following year must be deducted and shown in short-term liabilities.

Deviations from the requirements under the Accounting Act

Businesses preparing simplified financial statements which deviate from the requirements of the Accounting Act must present all such deviations along with explanations. In addition, the impact of deviations on assets and liabilities, financial position and profits must also be presented.

Deferral of subsidies

If an entity is entitled to a subsidy, the amount of expected subsidy proportional to the costs (expenditures) already incurred that has not yet been recognised may be shown as prepayment against other income. Of course, for this to apply, the business needs to be able to prove that the requirements attached to the subsidy will be met, and it must be likely that the subsidy will be granted. Such prepayment must be derecognised when the subsidy received is recognised or when the subsidy falls through.

Requirements for additional capital contributions

Under the Accounting Act, those applying the provisions on additional capital contributions will now include businesses as well, which include not only business organisations, but also cooperatives, amongst others. Previously, the wording had only referred to business organisations, which has been changed to businesses. Under the Civil Code, additional capital contributions have also been available to cooperatives, and the definition of a business includes cooperatives as well.

Changes to the definition of headcount

The law defines headcount as the average statistical headcount.

Amendments to the content of independent auditor's reports

In line with the provisions of the relevant EU directive, the requirements for auditor's reports have been amended. Accordingly, as part of the auditor's report, the auditor must also express an opinion on whether the financial statements comply with the statutory regulations.

Additions to IFRS financial statements

When drawing up their financial statements, businesses preparing IFRS financial statements must also take into account the requirements for reports on payments made to governments and reports containing information on corporate income tax.

Additions to the transformation balance sheets of successors established through transformation

The provision on determining the amount of the profit reserve to be disclosed in the balance sheet of the successor has been amended to include the amount of the reserve for taxes arising due to the transformation and the recognition of the waiver of additional capital contributions in the profit reserve.


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