International Financial Reporting – IFRS

What does it mean?

It is a complex accounting system that incorporates international accounting standards to help businesses around the world to be transparent and comparable.

From 2016, it has also become possible in Hungary for some companies to prepare their annual accounts in accordance with International Financial Reporting Standards (IFRS) instead of domestic accounting rules.

Those who opted to prepare their accounts under IFRS were exempted from applying Hungarian accounting rules. In addition, reporting under IFRS will also become internationally comparable for market participants.

Our office can help you prepare for the changes – whether you are transitioning to IFRS or need professional support for companies already using IFRS.

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