PwC: Gov’t to launch IFRS next year

History

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.

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