This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Hungary extends the use of IFRSs to individual accounts

  • Hungary Image

19 Jun 2015

On 12 June 2015, the Hungarian Government decided to extend the use of IFRSs as adopted in the European Union to individual accounts of Hungarian companies in a phased approach from 2016 to 2018.

Under the European IAS Regulation, European companies listed in an EU securities market, including banks and insurance companies, have to prepare their consolidated financial statements in accordance with IFRSs. The member states of the European Union have the option the require or permit the use of IFRSs in separate company financial statements and/or in the financial statements of companies whose securities do not trade on a regulated securities market.

The Hungarian Government has now decided to extend the use of IFRSs to the individual accounts of Hungarian companies as follows:

  • Voluntary application of IFRSs from 1 January 2016 for companies whose securities are traded in the European Economic Area (EEA) or whose parent company prepares its consolidated financial statements under IFRS and requires its subsidiaries to prepare IFRS financial statements;
  • Mandatory application of IFRSs from 1 January 2017 for companies whose securities are traded in the EEA and most financial institutions;
  • Voluntary application of IFRSs from 1 January 2017 for insurance companies and companies with obligatory audit of their financial statements;
  • Mandatory application of IFRSs from 1 January 2018 for the remaining financial institutions.

The resolution was recorded in the official gazette on 12 June 2015 as decision 1387/2015. (VI. 12.) (Hungarian language only).

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.