In issue 3/2015 of our newsletter we reviewed the major amendments to Act C of 2000 on Accounting (“Act on Accounting”), designed to harmonise the Hungarian law with Directive 2013/34/EU (“EU Directive”). This newsletter summarises the main points of the legislation clarifying these new provisions that are not yet in effect. Act CLXXVIII of 2015 containing these new provisions was promulgated on 26 November 2015. The amendments detailed below shall be applied for financial years beginning on or after 1 January 2016; earlier application is not permitted.