Working together in Hungary: Rules of Accounting

Lawful prerequisites

Standards identifying with the announcing and accounting commitments of business associations

In Hungary, the bookkeeping necessities and the reviewing exercises are managed by the Accountancy Act in view of the bookkeeping standards of the EU.

The Accountancy Act characterizes the detailing and accounting commitments that gone under its degree, the standards to be taken after when

incorporating reports and continuing bookkeeping records, the related controls, and the necessities associated with distributing and unveiling reports, and evaluating.

Arrangements identifying with sole dealers and other people who are liable to the improved endeavor impose

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The bookkeeping and revealing commitments of sole brokers are represented by the Personal Income Tax Act. In any case, a different law applies to business visionaries and organizations that are enlisted for installment of improved undertaking charge.

Arrangements identifying with bookkeeping and accounting administrations

Bookkeeping and accounting administrations may just be given by a man qualified for perform bookkeeping and accounting administrations and who is recorded in the enroll held by the Ministry for National Economy.

Tenets identifying with required reviews

Compulsory reviews are administered by the Act on the Hungarian Chamber of Auditors, the Activities of Auditors and the Public Supervision of Auditors.

Authoritative strategies


Fundamentally, organizations must bolster their reports with twofold section bookkeeping records. In few cases (e.g. establishments, affiliations, sole dealers, and so forth.), single-section – turnover approach – bookkeeping records may likewise be kept.

Sole brokers may apply the tenets for single-section bookkeeping records. The extent of the records they should keep is represented by Annex V to the Personal Income Act.

Endeavors and organizations that are enrolled for installment of rearranged venture assess (SET) can essentially be sorted in two expansive gatherings:

the individuals who gone under the Accountancy Act,

also, the individuals who don’t.

Doubly-section is mandatory for a piece of the ventures as per the Accountancy Act, while it is discretionary for others.

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