Our accountants in Hungary provide complete accounting services that are developed for the needs of any company type. Businesses operating in all economic sectors can benefit from our basic accounting services.
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What are some of the accounting services available in Hungary in 2026?
Our team provides a variety of corporate services, including accounting ones. In the list below, businessmen can observe some of the accounting services they will obtain if they opt to collaborate with us:
- bookkeeping;
- processing of bank statements;
- VAT registration;
- preparation and submission of VAT reports;
- legal representation in front of the financial and tax authorities in Hungary;
- payroll services;
- specialized financial reporting (this can vary in accordance with the company’s type and its size, which is determined by the number of employees, annual revenue, etc.).
| Quick Facts | |
|---|---|
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Legislation on accounting in Hungary |
The Accounting Act
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IFRS applicable in Hungary (yes/no)
| Yes |
Accounting laws for sole traders in Hungary | The Accounting Act and the Personal Income Tax |
| Types of annual accounts |
Simplified annual accounts and |
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Conditions for simplified annual reports | In 2022, companies qualify for simplified annual reports if 2 of the following are met: the company's assets are of maximum HUF 1,200 million, the annual revenues are below HUF 2,400 million, the number of employees is below 50 persons. |
| Basic accounting services in Hungary | In-depth advice on the applicable accounting laws and procedures, bookkeeping services, applying the tax rules imposed to companies based on their size and type, preparing the yearly financial documents, submitting financial documents with the Hungarian institutions, etc. |
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Financial year in Hungary |
The calendar year (1 January – 31 December)
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| The deadline to submit documents for the previous financial year | 20 May for individuals/31 May for corporate taxpayers |
| Basic financial papers submitted by companies | The profit and loss statement, the balance sheet and the additional notes. |
| Financial documents imposed to large companies | Our accounting services in Hungary include the preparation of financial documents that must be submitted by large companies, such as the audit report and the business report. |
| Law on audit in Hungary |
The Accounting Act (on the appointment of an auditor), the Hungarian National Auditing Standards (on audit procedures), the Act LXXV of 2007 on the Chamber of Hungarian Auditors, the Activities of Auditors, and on the Public Oversight of Auditors, etc. |
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Companies that use the IFRS | Large foreign companies, listed foreign companies, local public companies. |
| When are consolidated annual reports required | When a company is part of a large grouping – the parent company has the obligation to prepare the consolidated annual accounts, but exemptions are granted from this when the parent company has had, for the last 2 financial year, 2 of the 3 following criteria: maximum HUF 6 million in total assets, maximum annual revenues of HUF 12 million, not more than 250 employees. |
| Bookkeeping principles | Single entry and double-entry |
| Accounting services in Hungary for individuals (yes/no) | Yes |
| Accounting law for individuals | Personal Income Tax Act |
Accounting law for sole traders | Sole traders are also taxed following the rules of the Personal Income Tax Act. |
Who can perfom accounting/bookkeeping services | Accounting services in Hungary can only be provided by persons who are qualified to offer accounting/bookkeeping services and who are registered with the Hungarian Ministry of National Economy. |
| Entities that can apply single-entry bookkeeping | Sole traders, limited partnership, general partnerships, agencies of foreign companies. |
| Entities that must apply double-entry bookkeeping | All corporate entities must maintain double-entry bookkeeping. Companies that qualify for the simplified enterprise tax that fall under the rules of the Accounting Act must maintain the double-entry system as well. |
| Obligation to maintain accounting documents (yes/no) | Yes |
| Period of time in which entities are obligated to keep their accounting documents | Companies must maintain their financial documents for a period of 8 years. |
| Institution in charge with overseeing accounting laws and procedures | Ministry of National Economy |
| Accounting obligations after the incorporation of a company | A company must establish all its accounting rules and procedures in a period of maximum 90 days since the incorporation of the legal entity. |
| EU accounting law applicable in Hungary | Accounting services in Hungary, rules and procedures are harmonized with the European Commission (EC) Regulation No. 1606/2002. |
| Where to submit accounting reports | On the online platform of the Service of Company Information and Electronic Company Registration of the Ministry of Justice. |
| Code of ethics available for accountants (yes/no) | Yes |
| What is the applicable code of ethics in Hungary? | The Hungarian Code of Ethics, created following the International Code of Ethics established by the International Ethics Standards Board for Accountants (IESBA). |
| Institution in charge with investigative/disciplinary measures for accounting professionals | When accounting services in Hungary and any other accounting obligations are not concluded following the stipulations of the law, the Hungarian Chamber of Auditors will enforce investigative and/or disciplinary procedures. |
| Are annual financial reports public? (yes/no) | Yes |
What are the accounting principles a Hungarian company must abide by?
Companies incorporated in Hungarymust adhere to the accounting principles stipulated by the Act C of 2000 on Accounting.
Does Hungary apply the IFRS standards?
IFRS standards are international financial reporting standards that are used at a global level; they are a set of rules and regulations regarding the manner in which companies should maintain and prepare their financial documents. An accountant in Hungary can use the IFRS standards when completing accounting reports and documents for international companies that have set up their operations in this country.
What types of companies must follow the IFRS principles?
IFRS are mandatory for:
- listed companies;
- credit institutions;
- financial entities.
What are the main financial reports that companies must prepare?
For most Hungarian companies, the legal requirement is to prepare the following 3 documents: 1) the profit and loss statement, 2) the balance sheet, 3) the additional notes.
Are large companies required to prepare additional financial documents?
Yes, for larger companies, additional documents must be prepared by an accountant in Hungary. Such documents can refer to:
- the business report;
- the audit report;
- the owners’ resolution.
When is a company required to complete consolidated annual accounts in Hungary?
The procedure is necessary if the company meets 2 of the following 3 criteria (if it exceeds 2 of them):
- the balance sheet of HUF 6,000 million;
- the annual net revenue exceeds HUF 12,000 million;
- the number of employees of at least 250 in a financial year.
When is it required to prepare simplified annual reports?
Regarding the rules and laws accountants have to apply, the following are available:
- matters related to accounting and bookkeeping are prescribed by the Act C of 2000 on Accounting – the Accounting Act, issued by the Ministry of National Economy;
- companies can complete simplified annual reports if they meet 2 of the 3 conditions stipulated below;
- the company has a balance sheet of maximum HUF 1,200,000;
- the company’s net revenue is limited to HUF 2,400,000;
- the company employs a maximum of 50 employees in a financial year.
Below, we invite you to watch a short video on our accounting services in Hungary:
What is the accounting regime for micro-companies in Hungary?
Companies that qualify as micro-enterprises must submit only 2 main financial statements:
- the balance sheet;
- the profit and loss statement.
What are the accounting procedures applicable to a sole trader?
A sole trader needs to comply with bookkeeping procedures, and this implies that the business must maintain evidence on the bills and other documents that attest the income and the expenditures. However, this has to be done in accordance with the regulations of the Personal Income Tax Act, given that the sole trader is, from a legal point of view, the same entity as its founder.
When is a company required to initiate an audit in 2026?
According to the Hungarian accounting rules, an accountant in Hungary is required to start the audit procedures on a local company if 2 thresholds are met. The 2 thresholds refer to the company’s annual net sales (the minimum is of HUF 600 million in a financial year) and the company’s employees (the company hired more than 50 employees in the last 2 financial years).
What types of companies are obligated to conclude an audit?
Besides the thresholds that we have mentioned above, the audit formalities are also influenced by the company’s type. In this sense, it must be noted that audit is mandatory for:
- companies maintaining double-entry bookkeeping;
- Hungarian branch offices that have been set up by foreign companies;
- public-private entities;
- consolidated companies;
- mutual savings banks.
Below, you can observe some of the accounting formalities in Hungary applicable in 2026:
Is it mandatory to maintain a company’s accounting documents?
Yes, by law, companies have to store all their accounting documents. Documentation must be preserved for a period of up to 8 years (it cand depend on the nature of the document) and failure to do so can result in penalties; our consultantscan provide more information on the current penalties, categories of documents and their minimum mandatory storage period.
What is the financial year in Hungary?
In Hungary, a financial year starts on 1st of January and ends of 31st of December, therefore it is the same as the calendar year.
When should companies submit their yearly financial reports?
A company is required to submit the documents concerning the current financial year no later than 31st of May of the following year.
We invite you to address our team of specialists for further information on the accounting services in Hungary that we provide for corporate entities.