It is now possible to have statutory financial reports prepared according to the IFRS instead of the Hungarian accounting rules. The switching to IFRS is regulated both from a taxation and accounting point of view.
On the basis of the relevant provisions, certain companies will be required to prepare their statutory reports according to the IFRS rather than the Hungarian accounting rules, while for others this will be optional. The law defines the conditions of switching to IFRS from a taxation and accounting point of view.
The introduction of the IFRS raises a number of questions that need to be answered before switching. The experts of Mazars can help you assess the risk related to the introduction of the IFRS, the necessary steps, development needs, as well as the taxation impacts of the switching. If any of the following questions was raised on your side, we would be pleased to help you clarify the answers:
- Is it worth for us to switch to IFRS?Do we need to officially notify anyone of the decision? If so, who and when?
- Does the current reporting system comply with the requirements of the IFRS?
- Does our group accounting policy comply with the requirements of the statutory reporting requirements?
- Are there any specific transitional rules?
- For what period is it necessary to compile comparative data?
If you already apply the international standards, but do not have the necessary resources to ensure compliance with the new regulations, our ACCA and DipIFRS certified experts can help you to comply with the new standards and to clarify any special IFRS accounting questions.
Our IFRS services:
- IFRS diagnostics before the introduction;
- The analysis of the tax effects related to the introduction of IFRS;
- The preparation and auditing of the IFRS opening balance sheet;
- The auditing of statutory- and group-level IFRS financial statements;
- The preparation and auditing of consolidated IFRS financial statements;
- Company-specific IFRS trainings for the employees;
- Regular IFRS workshop on the most recent changes in the rules.
On our blog, we also regulary share our thoughts related to the application of the IFRS, as well as raise and discuss professional questions.
Our previous blog post in this topic:
Our press releases in IFRS: