Doing Business in Hungary: Rules of Accounting

Lawful necessities

Rules connecting with the detailing and accounting commitments of business associations

In Hungary, the bookkeeping prerequisites and the examining exercises are controlled by the Accountancy Act in view of the bookkeeping standards of the EU.

The Accountancy Act characterizes the announcing and accounting commitments that go under its extension, the standards to be kept when

accumulating reports and continuing to account records, the connected guidelines, as well as the prerequisites associated with distributing and uncovering reports, and reviewing.

Arrangements connecting with sole brokers and other people who are dependent upon the worked on big business charge

The bookkeeping and revealing commitments of sole dealers are administered by the Personal Income Tax Act. Notwithstanding, a different regulation applies to business visionaries and organizations that are enrolled for installment of improved on big business charge.

Arrangements connecting with bookkeeping and accounting administrations

Bookkeeping and accounting administrations may just be given by an individual qualified for perform bookkeeping and accounting administrations and who is recorded in the register held by the Ministry for National Economy.

Rules connecting with required reviews

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

Regulatory methodology


Fundamentally, organizations should uphold their reports with twofold passage bookkeeping records. In few cases (for example establishments, affiliations, sole merchants, and so on), single-passage – turnover approach – bookkeeping records may likewise be kept.

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

Endeavors and organizations that are enrolled for installment of improved Accountant Adelaide on big business charge (SET) can fundamentally be arranged in two huge gatherings:

the people who go under the Accountancy Act,
what’s more, the people who don’t.

Doubly-section is obligatory for a piece of the undertakings as per the Accountancy Act, while it is just discretionary for other people.

Monetary associations without legitimate character (restricted organizations, general associations), privately owned businesses with limitless responsibility, as well as deals organizations of outsiders in Hungary might keep improved on books (just section records).

Bookkeeping records and report stockpiling

Continuing to account records

Organizations are obliged to save the report for the financial year, as well as the supporting stock, appraisal, record separate, diary record or different records in neat structure for no less than 8 years.

The assertion of records that upholds the records straightforwardly and in a roundabout way should be saved for something like 8 years in clear structure and in such a way that it tends to be recovered utilizing the bookkeeping record’s reference. Bookkeeping records should be put away safely at the organization’s base camp/premises, or at somewhere else answered to the duty authority.

Reports not initially ready in electronic configuration may likewise be put away in electronic organization, while records initially ready in electronic arrangement should be put away in electronic arrangement.


To close the records for the financial year, set up the report and backing the things yet to be determined sheet, a stock should be aggregated that contains, in an organized, irrefutable way, the assets and assets that the organization has on the accounting report day.

Yearly reports

The Hungarian Accounting Act recognizes four sorts of reports in regards to the organization:

Yearly report

A worked on yearly report, which the organization might get ready utilizing twofold passage bookkeeping records if, in two back to back financial years, any two of the accompanying three volume markers don’t surpass the base qualities on the accounting report day:
the terrific absolute of the accounting report is 500 million Forints;
yearly net deals income is 1000 million forints;
the typical number of workers over the financial year was 50 individuals.

Merged yearly report

Improved on report

Because of endeavors made to diminish the managerial weight, miniature substances have the decision to make their own miniature elements’ worked on yearly report in a purported explicit manner in the event that any two of the following three figures demonstrating their sizes don’t surpass as far as possible qualities in two sequential monetary years on the bookkeeping day: