Switching currencies under Hungarian accounting standards

A growing number of companies in Hungary with significant foreign exchange turnover want to minimise their losses and fluctuations in results caused by exchange-rate movements. Today’s changing world also has a significant impact on the national currency, which increasingly highlights the unpredictability in accounting for transactions due to the volatility of the forint. In this case, it is advisable to change the currency in which the accounts are kept, and thus prepare the financial statements in a foreign currency.

In our advisory projects we respond to questions about applying in practice the option of switching currencies, as permitted by the Act on Accounting, we help clarify issues that surface during the decision-making process for making such a switch, and we assist our clients in preparing the statutory accounting documentation associated with this move.