Hungarian Accounting Advisory Services

As we all know, there are numerous significant differences between the Hungarian accounting regulation and the International Financial Reporting Standards. For further information on differences see our training that takes a comparative look at the two sets of regulation.

The Hungarian act on accounting, being brief and concise, raises numerous questions when we use it. The most frequently arising issues in which our clients commonly need our assistance include:

• How should we account for portfolios, business operations obtained not in an acquisition of a company?
• Do we have to translate all foreign currency items at year end?
• What happens if we apply a fix exchange rate that was set on group-level during the year?
• What problems may we face if we switch to booking in euro under Hungarian accounting law?
• When should we recognise a grant?
• Do we have to make provision for items that are not explicitely specified by law?
• What group structure should I design to ensure that it meets my business objectives the most?

We can help you in different ways, taking into account your special needs:

• Designing, reviewing and updating of an accounting policy based on a company’s activity profile and considering policy choices which is the most appropriate to serve the company’s business interests.
• If it comes to preparation of IFRS financial statements, design of accounting policies which will, as far as possible, lead to the possible fewest differences.
• Making recommendation for treatment of complex transactions on the basis of industry best practice.
• Possibility of verbal consultation for discussion of accounting issues, which is a flexible way for quick resolution of problems.
• Preparation of written expert letter for our clients describing possible accounting treatment of specific accounting issues.
• Preparation of independent expert opinion in case of lawsuits.
  
  

Our professionals are recognised experts with statutory auditor and FCCA qualification and several years’ specific working experience, who regularly present lectures on various accounting issues on different forums. Furthermore, they are actively involved in the shaping of theory and practice of accounting in Hungary.