In this issue of our newsletter we take a look at the main amendments to Act C of 2000 on Accounting (“the Accounting Act”) which serve the integration of Directive 2013/34/EU (“the EU Directive”) into the Hungarian law. Act CI of 2015 amending the provisions of the Accounting Act was promulgated on 3 July 2015. The amendments shall be applied from the financial year beginning on 1 January 2016; earlier application is not permitted.