The financial year is the period from which financial statement shall be prepared. The period of the financial year is identical with the calendar year not considering the exceptions (1st January – 31st December).
The financial year differing from the calendar year means that the calendar year differs from this period (e.g. financial year: 1st March 2012 – 28th February 2013).
The modification of the balance sheet date of financial year:
It is possible to modify it:
– after three years closed with annual financial statements,
– if changes occur in the person of the parent company.
If the financial year is modified, then:
– the instrument of constitution shall be amended accordingly,
– a petition shall be submitted to the court of registry.
After the registration by the court of registry, the modification of balance sheet date of financial year shall also be reported towards the tax authority.
Speciality of the financial statement prepared in the year of modification:
– it is not prepared about 12 calendar months, so, its comparability meets the difficulties both in case of the data of previous and following periods.
Sources: Act Nr. C of 2000 on Accounting; http://ado.hu/rovatok/szamvitel