• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Email: accace@accace.com

Tel.: + 421 232 553 000

Contact us
Sign up for news
  • Locations
  • Websites
    • Global (English)
    • Global (German)
    • Czech Republic
    • Germany
    • Hungary
    • Poland
    • Romania
    • Russia
    • Slovakia
    • South Africa
    • Ukraine
    • United States of America (USA)

Accace - Outsourcing and advisory services

  • Our services
    • OUTSOURCING
    • Payroll and HR
    • Accounting and Reporting
    • Accounts Payable Management
    • Microsoft Dynamics NAV
    • ADVISORY
    • Tax Advisory
    • Transaction Advisory
    • Legal Advisory
    • Corporate and Secretarial
    • Tax, legal and financial training
  • About us
    • Who we are
    • Case studies
    • Meet our key People
    • Partner with us
    • Corporate Social Responsibility
  • Careers
    • Open positions
    • Who we are
    • Our values
    • Success stories
    • How we care
    • How we act
    • We volunteer
  • Newsroom
  • Events
  • Locations

Accounting to do list on the exchange of HUF to another currency

22 Oct 2018

Accounting to do list on the exchange of HUF to another currencyFind a short summary below on what to do when a business decides to conduct its books in another currency, instead of HUF.

The first, and most important step to take, is that the company’s shareholders decide on the currency change with a shareholder resolution. The fact of the change of the currency than shall be registered by the Court of Registry and from that date on, the company may conduct its books in the currency chosen.

According to the Section 145 (1) of the Accounting Act, an annual report or simplified annual report shall be prepared by the transition date, in the currency used before the change occurred. In this case, it is advisable to switch currency at the end of the financial year, thus the creation of a separate report is not necessary. It is important to point out that the pre-transition annual report are to be published according to the general rules (last day of the fifth month following the end of the financial year).

The next step is to convert the data contained in the annual report or simplified annual report to the selected currency, and an annual report or simplified annual report, which contains the opening data, must be prepared in the selected currency.

During recalculation the following points should be taken into consideration:

  • Recalculation has to be carried out at the official exchange rate published by the National Bank of Hungary using a reciprocal value. (special rule that must be pay attention to)
  • Claims, foreign currency stocks, and liabilities in the chosen foreign currency shall be shown on the registered value
  • The registered capital must be displayed in the chosen currency registered at the Court of Registry

During the above-mentioned recalculations, differences may arise, which should be settled as follows:

  • With profit-type differences, the capital reserves need to be increased
  • With loss-type differences, the retained earnings need to be reduced

The differences in the registered capital should be shown as follows:

  • In case the recalculated value is lower, the capital reserve must be reduced till the amount of the capital reserve, than the retained earnings must be reduced
  • In case the recalculated value is higher, the capital reserve needs to be increased

The opening annual report or simplified annual report in the chosen currency must be verified by the auditor, but does not have to be published. This annual report shall be the basic document for the opening ledger of the chosen currency.

Contact us!

CONTACT

Licska Péter
Senior Accountant | Hungary
Tel: +36 141 235 48
E-mail: peter.licska@accace.com

Related news

Year-end top-up obligation in Hungary: do not forget about it! | News Flash

on 13 November 2019, in Hungary, Local news, Taxation
Read more

Partnership agreement: Erna Evans Ltd. continue its professional work as part of Accace Hungary | Press Release

on 26 September 2019, in Hungary, Local news, Press releases and interviews
Read more

Our colleagues helping to preserve the Peszéri forest in Hungary | CSR

on 20 September 2019, in Corporate social responsibility, CSR, Hungary, Local news
Read more

Can white-collar workers be provided with protective glasses in Hungary? | News Flash

on 11 July 2019, in Hungary, Local news, News Flash, Other industries, Taxation
Read more

TAX updates in Hungary as of July 1, 2019 | News Flash

on 10 July 2019, in Hungary, Local news, News Flash, Other industries, Taxation
Read more

Audit Obligation in Hungary | News Flash

on 12 March 2019, in Accounting and finance, Hungary, Local news, News Flash, Products and services, Taxation
Read more

Labour Law and Employment in Hungary – 2019 Guide

on 05 March 2019, in Country guidelines and eBooks, Hungary, Payroll, HR and Labour Law, Regional Studies
Read more

2019 Company formation in Hungary

on 16 February 2019, in Country guidelines and eBooks, Hungary, Legal and corporate, Regional Studies
Read more

VAT Exchange rate differences in Hungary | News Flash

on 14 February 2019, in Hungary, Local news, News Flash, Payroll, HR and Labour Law, Products and services
Read more

2019 Tax Calendar | Hungary

on 07 February 2019, in Calendars, Hungary, Other industries, Taxation
Read more

10 facts about taxation in Hungary | Infographic

on 06 February 2019, in Hungary, Infographics, Regional Studies, Taxation
Read more

2019 Transfer Pricing Overview for Hungary

on 04 February 2019, in Country guidelines and eBooks, Hungary, International transactions, Regional Studies
Read more

2019 Tax Guideline for Hungary

on 01 February 2019, in Country guidelines and eBooks, Hungary, Legal and corporate, Regional Studies, Taxation
Read more

Important information for cashier handling companies in Hungary | News Flash

on 19 November 2018, in Hungary, Local news, News Flash, Payroll, HR and Labour Law, Products and services
Read more

Cafeteria changes from 2019 in Hungary | News Flash

on 16 November 2018, in Hungary, Local news, News Flash, Payroll, HR and Labour Law, Products and services
Read more

Accounting specialties for startups | News Flash

on 02 November 2018, in CEE, Hungary, Local news, News Flash, Other industries, Products and services, Technology
Read more

Accounting to do list on the exchange of HUF to another currency

on 22 October 2018, in Accounting and finance, Articles and expert opinions, Hungary, Local news, Other industries
Read more

VAT treatment of vouchers | News Flash

on 16 October 2018, in Accounting and finance, Hungary, Local news, Other industries, Payroll, HR and Labour Law, Taxation
Read more

Accace Hungary saving the Old Linden Tree

on 04 October 2018, in Corporate social responsibility, CSR, Hungary, Local news
Read more

Accace Hungary participates on half marathon for good cause

on 18 September 2018, in Corporate social responsibility, CSR, Hungary, Local news
Read more

Primary Sidebar

Please fill out all required fields.

Categories

  • News per country
    • CEE
    • Czech Republic
    • Hungary
    • Poland
    • Romania
    • Russia
    • Slovakia
    • Ukraine
  • Professional areas
    • Accounting and finance
    • International transactions
    • Legal and corporate
    • Payroll, HR and Labour Law
    • Taxation
    • Technology
  • Resource type
    • Articles and expert opinions
    • CALCULATORS 2019
    • Calendars
    • Corporate social responsibility
    • Country guidelines and eBooks
    • Infographics
    • News Flash
    • Press releases and interviews
    • Regional analysis / comparisons
  • WeBlog

Footer

Headquarters: Accace Management s.r.o.

Twin City C, Mlynské Nivy 16
821 09 Bratislava, Slovakia

Locations

Accace operates internationally as Accace Circle, a business community of Accace branches and our reliable partners, that provides unified, expert services and streamlined processes under one account management and shared online platform. Accace Circle has global reach yet provides local expertise, while keeping a consistent level of service quality, outputs, and business standards across borders.

Please visit: www.circle.accace.com for more information.

Discover our locations!

Recent Posts

  • VAT and withholding tax obligation in Poland | News Flash
  • Changes in income tax as of 1.1.2020 in Slovakia | eBook
  • 2019 Company formation in Russia
  • Annual vacation leave: Conditions for employees and businesses in CEE | eBook
  • Digitalization of employees’ sickness reporting in the Czech Republic | eBook
  • Giving Tuesday in Accace Czech Republic | CSR
  • Main statements and payments due in December 2019
See all news

We are GDPR Compliant!

GDPR Statement

GDPR Services

 

ISO certified company

ISO 9001 ISO 27001

 

Follow us:

Facebook LinkedIn Twitter Instagram Youtube

© Accace all rights reserved  |  General Disclaimer | Disclaimer Newsroom  |  Cookie policy  |  Privacy policy |  GDPR Statement

Get free access to
valuable insights
expert knowledge

Our legislation updates make it easy for you to keep on top of the latest changes affecting your business. Receive our articles, opinions, tips, industry news, country profiles, regional overviews and studies, latest events and even more, directly into your mailbox.

Check out our Newsroom to see what is included!

Please fill out all required fields.

We will send you only relevant information we consider may be of your interest and treat your personal data in compliance with our Privacy policy and GDPR statement.

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies. Find out more.