The application of International Financial Reporting Standards (IFRS) is becoming increasingly widespread in Hungarian accounting practices.
While multinational corporate groups have generally been using IFRS for many years as a uniform framework, Hungarian companies also frequently come across the challenges of international accounting issues, since preparing their statutory reports according to IFRS is mandatory for some companies while for most it is optional.
The interpretation and application of IFRS rules can be a complex exercise both for companies about to switch and for those already operating an IFRS-based accounting system. The standards are constantly changing, new standards and guidelines appear and the detailed rules of practical application are not always fully developed either.
The standards often provide options to choose from within the method of accounting, which can have a significant impact on financial statements.
Supplementary information provided in accordance with IFRS necessitates a detailed, accurate and comparable presentation which requires preparation and extra resources on behalf of accounting experts.
Based on our experience in audit, accounting and advisory services gained in the last decades in Hungary and based on the experience of the international network of Mazars, we provide background support for our clients in responding to IFRS-related issues prior to the introduction of IFRS and also during the daily operation of an accounting system set up according to IFRS.
- Impact assessment prior to introducing IFRS
- Advisory services during the first application of International Financial Reporting Standards
- Preparation and audit of IFRS opening balance sheet
- Analysis of the tax effects related to the introduction of IFRS
- Audit individual and group-level IFRS financial statements
- Preparation and audit of consolidated IFRS financial statements
- Assistance in preparation of IFRS accounting policy and notes
- Advisory services on specific standards
- Advisory services on the implementation of new standards
- Valuation services according to IFRS standards (IFRS 9, impairment tests)
- Deferred tax-related advisory services
- Company-specific IFRS training for the employees
- Regular IFRS workshops on the most recent changes in the rules
If you have any question, please, contact our expert.