Specialities of project accounting – SME INFO 2020-18

As from 2020 on, also with the intention of IFRS harmonization, project accounting and the method of accounting for sales revenue based on the completion degree of the project was introduced in the Hungarian Act on Accounting. This change can have significant effect on the annual report and the profit of companies meeting the criterias of applying project accounting (e.g. in the building industry).

With the short summary of the topic published in Process Solutions’ SME INFO Nr.2020-18 released on 12 November, we would like to draw the attention to the importance of careful consideration and would like to support the year end preparation works.

The newsletter can be downloaded here in Hungarian .

A magyar nyelvű hírlevél pdf-verziója ide kattintva tölthető le.

Latest newsletters

Report on corporate income tax information

SME INFO Nr.2024-1 Hungary – Looking back at the Community directives adopted in previous years, it can be said that companies, established in the EU, increasingly face with harmonised reporting obligations across Member States. Several such reports have already been introduced in Hungary, such as the Country-by-Country (CbC) report to be submitted to the tax authority or the report on payments to governments to be published together with the annual accounts. In this publication, we review the latest corporate tax information reporting requirements, applicable for the first time for the financial year, starting on or after 22 June 2024.

Changes to Act on Social Contribution Tax concerning the tax allowance for labour market entrants

SME QUICK INFO Nr.Q2024-01 –The amendment Social Contribution Tax will affects the preconditions and the period of application of the social contribution tax allowance for employees who are considered to be entrants to the labour market.

Changes for employers in social insurance when employing Agreements to work

Registration is compulsory from 1 July 2024 for all employees with Agreement to work (ATW) as well as for all employers who have only employees with ATW.

Latest blog posts

Securing Executive Buy-in for Digital Transformation

PS Digi-Blog 7 — In the complex and fast-paced journey of digital transformation, having the executives on your side isn't just helpful; it’s essential. Imagine trying to drive a car without a steering wheel—that's what trying to implement digital changes without executive support might feel like. The commitment from those at the top greatly increases the chance of everyone cooperating, and provides both the resources and the strategic oversight needed to navigate through the digital age

PS APPS: Accounts Payables (AP) processing by automated system

Top 5 Accounts Payable Challenges Faced by Businesses

Processing accounts payable (AP) invoices can feel like an Olympic event for many finance teams, whether it's an internal accounting team or an outsourcing partner.

PS In-Voice – PS APPS touchless accounting: A new step in the evolution of accounting

PS In-Voice podcast series: In this episode, two PS experts discuss touchless accounting and its practical applications. They introduce the PS APPS integrated system, which enables the automation of AP processing, minimizing the need for human intervention.