PwC: Gov’t to launch IFRS next year
In 2016, International Financial Reporting Standards (IFRS) will be available in accordance with the No.1387/2015 bill passed by the Hungarian government on June 12, 2015, PwC Hungary announced in a press release today.
According to the report, the new IFRS measure will be accessible to companies in 2016, while in 2017, it will be mandatory for the majority of businesses.
“The measure may have a positive impact on those Hungarian subsidiaries that are currently using a dual accounting system (Hungarian and IFRS) due to their foreign parent-company,” said Gábor Balázs, partner at CEE Accounting Consultancy Services at PwC. According to Balázs, the reports made in the IFRS system are more suited to the expectations of foreign investors.
The report also noted that the introduction of the IFRS accounting system may be beneficial for those companies that have international affiliations.
Avg Hourly Pay Rate for Blue-collar Workers Climbs 16% in Q1
Bulgaria's Household Income, Spending Rise 20% in 2023
Job Fair and Career Prep at Corvinus Starts Tomorrow
Spago Budapest Offering Unique Sunday Brunch Experience
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
