{"id":4972,"date":"2024-10-18T15:48:10","date_gmt":"2024-10-18T13:48:10","guid":{"rendered":"http:\/\/mgi-bpo.hu\/?post_type=szakmai-hirek&p=4972"},"modified":"2024-10-18T15:48:10","modified_gmt":"2024-10-18T13:48:10","slug":"planned-amendments-to-the-accounting-act-and-audit-obligation-open-for-public-consultation","status":"publish","type":"szakmai-hirek","link":"https:\/\/mgi-bpo.hu\/en\/news\/planned-amendments-to-the-accounting-act-and-audit-obligation-open-for-public-consultation\/","title":{"rendered":"Planned Amendments to the Accounting Act and Audit Obligation \u2013 Open for Public Consultation"},"content":{"rendered":"

The government has opened the draft amendments to the Accounting Act for public consultation, introducing several important changes to auditing and reporting obligations. Feedback can be submitted via email to tarsadalmiegyeztetes@pm.gov.hu<\/a> until October 24, 2024.<\/p>\n

Below is a detailed overview of the proposed amendments:<\/p>\n

    \n
  1. \n

    Section 9 (2) \u2013 Thresholds for Simplified Annual Reports<\/strong><\/h4>\n
      \n
    • The balance sheet total threshold increases from HUF 1.2 billion to HUF 2 billion.<\/li>\n
    • The net revenue threshold increases from HUF 2.4 billion to HUF 4 billion.<\/li>\n
    • Applicable from the financial year starting in 2024.<\/li>\n
    • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
    • \n

      Section 14 (7) \u2013 Obligation to Have a Cost Accounting Policy<\/strong><\/h4>\n
        \n
      • Net sales revenue, reduced by the cost of goods sold and intermediary services:\n
          \n
        • Previous threshold: HUF 1 billion<\/li>\n
        • New threshold: HUF 4 billion<\/li>\n<\/ul>\n<\/li>\n
        • Total costs by cost category:\n
            \n
          • Previous threshold: HUF 500 million<\/li>\n
          • New threshold: HUF 2 billion<\/li>\n<\/ul>\n<\/li>\n
          • Applicable from the financial year starting in 2024.<\/li>\n
          • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
          • \n

            Section 117 (1) \u2013 Consolidated Financial Statement Obligation<\/strong><\/h4>\n
              \n
            • The balance sheet total threshold increases from HUF 6 billion to HUF 10 billion, and net revenue from HUF 12 billion to HUF 20 billion.<\/li>\n
            • Applicable from the financial year starting in 2024.<\/li>\n
            • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
            • \n

              Section 154 (11) \u2013 Disclosure and Filing Obligations<\/strong><\/h4>\n
                \n
              • This amendment allows third parties to initiate a supervisory legal procedure at the Court of Registration if a business fails to meet its obligations.<\/li>\n
              • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
              • \n

                Section 155 (7a) \u2013 Appointment of an Auditor<\/strong><\/h4>\n
                  \n
                • Any contractual provision obliging a company to choose a specific auditor or audit firm is considered void.<\/li>\n
                • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
                • \n

                  Section 155 (3)(a) \u2013 Audit Obligation Threshold<\/strong><\/h4>\n
                    \n
                  • The threshold increases from HUF 300 million to HUF 600 million.<\/li>\n
                  • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
                  • \n

                    Section 158\/A (3) and (4) \u2013 Sustainability Report Audit<\/strong><\/h4>\n
                      \n
                    • Companies preparing a sustainability report must appoint an auditor certified in sustainability.<\/li>\n
                    • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
                    • \n

                      Section 158\/C \u2013 Review of the Sustainability Report<\/strong><\/h4>\n
                        \n
                      • Owners of the company are entitled to propose another auditor for the review of the sustainability report.<\/li>\n
                      • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n
                      • \n

                        Section 175 (2) \u2013 Incorporation of EU Directives<\/strong><\/h4>\n
                          \n
                        • The new 2023\/2775 (EU) Commission Directive, adjusting size criteria for micro, small, medium, and large enterprises, is incorporated.<\/li>\n
                        • Mandatory from 2025.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n


                          \nTax Conference on the 2025 Changes<\/strong><\/h3>\n

                          Our Clients will receive detailed information on the most important tax changes at our annual tax conference on December 6, 2024. For over ten years, we have been organizing this event to briefly and concisely explain the changes that will most affect their businesses and organizations.<\/p>\n

                          Attendance is free for our Clients, and as a token of appreciation for your cooperation throughout the year, we will offer a pleasant lunch and small gifts. Additionally, there will be opportunities to personally engage with our experts, ask questions, and prepare for the regulatory challenges of the upcoming year.<\/p>\n

                          We look forward to welcoming you for a productive and informative day!<\/p>\n

                          Photos from the previous tax conference:<\/p>\n\"\"\"\"\n","protected":false},"featured_media":4979,"template":"","tags":[],"evszam":[730,765],"szakmai_cimke":[766,528],"class_list":["post-4972","szakmai-hirek","type-szakmai-hirek","status-publish","has-post-thumbnail","hentry","evszam-2024-en","evszam-2025-en","szakmai_cimke-2025-changes","szakmai_cimke-business-tax"],"yoast_head":"\nPlanned Amendments to the Accounting Act and Audit Obligation \u2013 Open for Public Consultation - MGI-BPO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mgi-bpo.hu\/en\/news\/planned-amendments-to-the-accounting-act-and-audit-obligation-open-for-public-consultation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Planned Amendments to the Accounting Act and Audit Obligation \u2013 Open for Public Consultation - MGI-BPO\" \/>\n<meta property=\"og:description\" content=\"The government has opened the draft amendments to the Accounting Act for public consultation, introducing several important changes to auditing and reporting obligations. 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