Financial statements from Hungary

Schmidt & Schmidt offers financial statements from Hungary in electronic form and their translations into English.

According to law, most companies in Hungary must compile and publish annual financial statements. These data are reported in electronic form. Depending on the company’s revenue, balance, number of employees and nature of business the law requires different amounts of data to be published.

Reporting of financial statements in Hungary is subject to the Accounting Act and other regulations.

In Hungary, both national accounting standards and the IFRS are used. Companies participating in stock exchange are obliged to use the IFRS. Accounting standards for other companies are currently being reformed.

Financial statements in Hungary are filed to the “Company information service” which subordinated to the Ministry of Justice and copies the annual reports for tax authorities.

To have the right to compile financial statements in a simplified form, a company must meet following criteria:

• Balance up to 500 million HUF
• Income up to 1 billion HUF
• Number of employees up to 50 persons

Financial statements must be filed during five months after the end of the financial year. Delays are penalized.

Full annual financial statement includes:

• Balance sheet
• Profit and loss report
• Cash flow statement
• Business report
• Annexes
• Auditor’s report

Example of a financial statement from Hungary in the Hungarian language.

Financial statements provide detailed information about a company’s financial state, solvency and performance of an enterprise.

Depending on the size of the enterprise, its financial statement can contain up to several hundred pages.

Financial statements are provided by the “Company information service” and can be requested via a special online service.

Financial statements can provide valuable information about potential business partner which can be used for making decisions like purchasing capital shares or goods or taking legal action to collect debts.

To obtain financial statements of a specific company, its full name, identification number or tax number are required.

Financial statements collected by the “Company information service” are public. However, they are provided for a fee.

Financial statements are provided in accordance with the legislation of Hungary and legal requirements on personal data protection.

Requests are proceeded within one working day.

On our website, you can make a preliminary request if a certain company’s financial statements are obtainable.