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Accounting Act changes

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​Published on 20.12.2022 / reading time approx. 1 minute


Financial leasing

The amount of the long-term liabilities taken under the legal title of financial leasing obligation cannot include the number of repayments due in the financial year following the balance sheet date. 

Report containing corporate tax information

The Accounting Act is amended by a report containing corporate tax information.

The scope of persons concerned includes mainly parent companies at the top and subsidiaries or independent companies or branches of parent companies at the top level not falling within the scope of the law of any EU member state, which have an annual (consolidated) revenue exceeding HUF 275,000.- million for two consecutive years. The independent companies not included in the consolidation are also obliged to prepare the report if their annual revenue set out in their financial statement exceeds the above threshold.
Only companies established or having their permanent place of business or a permanent business activity in Hungary and companies preparing reports in line with the Directive No. 2013/36/EU are exempted from this reporting obligation.

The scope of information included in the report containing corporate tax information is similar to the content of the country-by-country report. Based on the provisions of the Accounting Act, the mentioned information is required to be reported separately at EU member state level, while information for other tax jurisdictions is required to be reported in aggregate. The reports must be prepared using a standard form and published together with the annual financial statements. The financial data in the report generally relate to group level data of the previous financial year.

The reporting obligation has to be applied for the first time regarding the financial year starting on 22. June 2024 or following this date.

Indicators related to the preparation of the simplified annual financial statement

In case of an enterprise founded without a legal predecessor – if data for one or both of the two financial years preceding the financial year are missing or are only partially available, the expected data for the respective year, and if available, the data for the preceding (first) financial year (annualized) should be taken into consideration. The same procedure should be followed in case of a spin-off also at the company created by such spin-off.

Derogation from the Accounting Act when preparing the simplified annual financial statement

If the enterprise preparing a simplified annual financial statement deviates from the provisions of the Accounting Act in its financial statement in order to ensure a true and fair view, it must disclose the reasons for and circumstances of the deviation in the notes to the financial statement.

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Dr. Roland Felkai

Graduate in Economics, M.A. (London), Tax Consultant

CEO and Partner

+36 1 8149 800

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