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Hungary expands use of IFRS

 10 August 2015


On 12 June 2015 the Government of Hungary issued a final Resolution on adoption of IFRS for individual (separate company) financial statements. The Resolution replaces national GAAP on a mandatory or optional basis for certain companies.

The Resolution provides for:

  • voluntary adoption of EU-endorsed IFRS in the separate company financial statements of a wide group of entities from 2016 (with comparative information required for 2015);
  • mandatory adoption for credit institutions and financial enterprises from 2017;
  • optional adoption for certain insurance companies (except insurance companies that are not subject Solvency II) and for companies that are subject to statutory audit from 2017; and
  • mandatory adoption for cooperative credit institutions and other small credit institutions from 2018.

Entities electing or mandated to use EU-endorsed IFRS will no longer be required to maintain their accounting records in line with national GAAP. They will calculate taxes, measure capital adequacy, and provide statistical information under IFRS figures.

We have accordingly updated our website profile on the use of IFRS in Hungary. The profiles are here.



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