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Summary 23 posts

Closing the business year – legal tasks

The 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.

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Accounting in Hungary 2024 – What’s new?

Find 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*.

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Key rules for IFRS transition – who are affected?

In 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.

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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.

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When should a company opt for foreign currency accounting and taxation?

Recent 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.

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Reporting: what to care for during the closing process

Reporting 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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Rules for the approval and accounting of dividends in Hungary

It is wise to update the rules on the approval and accounting of dividends when preparing the report. It is important for business owners to be aware that the accounting rules for waived dividends were amended in autumn 2020, since the possible decrease in profits in the light of the epidemic situation cannot be rectified by waived dividends.

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Tax payment and Hungarian Instant Payment system

The Hungarian Instant Payment system, which will apply to B2B transfers and payments made to the tax authority as well, has been launched on 2 March, 2020. It is important that only payments between Hungarian HUF accounts are going to be instant; the change will not affect accounts in any other currency.

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