Government could allow more companies to file simplified annual reports
The government could change accounting regulations to allow nearly all Hungarian companies to file simplified annual reports, draft legislation posted on the government website yesterday reveals.
At present, companies eligible to file simplified annual reports must meet two of three requirements in two consecutive years during a three-year period: their total assets and revenue must not exceed HUF 500m and HUF 1 bln, respectively, and they must employ no more than 50 people on average.
The draft legislation would raise the total assets threshold to HUF 1.2 bln and the net revenue limit to HUF 2.4 bln. The headcount threshold would remain unchanged. If the rules are approved, about 97% of companies would be eligible to file simplified annual reports.
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