Hungarian Accounting Advisory Services
In several points, the Hungarian accounting principles differ significantly from the International Financial Reporting Standards. Moreover, due to its conciseness, the Accounting Act gives no explanation for the practical applications of accounting.
Therefore, if any of the following questions arise or if you have similar questions, please contact us.
- How to develop my scheme of accounts so that they comply with both the group and the national reporting obligations?
- What problems may we face should we choose to switch to book-keeping in a foreign currency (EUR, USD, etc.) under Hungarian legislation?
- What items in foreign currency need to be revaluated?
- How do I apply a fixed exchange rate determined by the group? How can I meet the domestic requirements as well?
- When is it allowed and when is it obligatory to make provisions?
- How to account for the various capital operations?
- How to account for the various intercompany operations?
In addition to the above, we offer assistance in the following:
- Developing an accounting policy that best suits the activities and the business interests of your company, or updating the existing one (also for IFRS or preparing any other international report)
- Making proposals for the settlement of complex business transactions
- Oral consultation possibility to discuss accounting issues which may involve using an ERP (SAP) system solution
- Written advice to tackle specific accounting issues