Switching to the IFRS
If the decision is already been made, and you wish to use IFRS from 2017, you don't have much time left until 30 September to prepare and draw up the opening balance statement.
As a result of a change in the Hungarian accounting legislation, it has become possible – in several steps – to introduce the International Financial Reporting Standards (IFRS) for use in entity-level financial statements in the country. Beginning from 1 January 2017, almost all businesses required to have their financial statements audited may opt to use the IFRS.
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