Welcome to Kontír Digital Office website!


Call Us

 Accounting principles

Accounting principles

In the United Kingdom:

UK legislation and regulations

The legislation and regulations behind the UK anti-money laundering regime are set out on this page along with a selection of articles and useful links on the regulations.


Accountancy Policy iHungary

2000. year C. Act Section (14)

§ 14 (3) The accounting policy of an economic entity shall be defined in writing on the basis of the basic principles and valuation rules laid down in this Act, consistent with the characteristics and circumstances of the economic entity and laying down the methods and means necessary for the implementation of this Act.

(4) The accounting policy shall inter alia comprise - in writing - the rules, regulations, and methods tailored to the economic entity's characteristic, so as to define what the economic entity considers essential, significant or insignificant from an accounting point of view, and to determine the selection and measurement criteria the economic entity employs from among the ones provided for in this Act, and the conditions under which to adopt them, and the reasons under which the applied policy should be revised.

(5) The accounting policy shall also contain: (
a) the regulations and procedures for taking and maintaining inventories of assets and liabilities;
(b) the regulations for the valuation of assets and liabilities;
(c) the internal regulations relating to the costing system;
d) the cash handling policy.

(6) Economic entities drawing up simplified reports or simplified annual accounts and economic entities whose net sales revenue is below the limit specified in Subsection (7) shall be exempted from the obligation laid down in Paragraph c) of Subsection (5).

(7) Where the net sales revenue for any financial year, less the cost of goods sold and the value of mediated services, exceeds one billion forints, or the total of costs broken down by cost category exceeds 500 million forints, as of the start of the following financial year the cost of self-constructed assets and the cost of services supplied (Section  51 shall be determined according to the post-calculation method prescribed by the internal regulations relating to the costing system. No forward exemption shall be granted from this obligation under any circumstances, even if the relevant conditions are satisfied.

(8) The cash handling policy shall contain, inter alia, provisions for the procedures for conducting financial transactions (in cash or through bank accounts), personnel and infrastructure requirements for handling money, rules of liability, transactions executed between liquid assets kept in cash and on bank accounts, transaction codes and procedures for cash movements, the maximum amount of the daily closing cash balance, the procedures for checking and auditing cash stocks, the frequency of such audits, the requirements for cash delivery, documentation rules pertaining to cash handling and rules relating to transaction records and registers.

(9) The maximum amount referred to in Subsection (8) that may be kept in cash when closing out the day shall be determined in consideration that the daily average of cash on hand when closing out the day calculated for the calendar month may not exceed - unless otherwise prescribed by specific other legislation - 2 percent of the annualized total revenue for the previous financial year, or 500,000 forints if 2 percent of the total revenue for the previous financial year remains below 500,000 forints. The aforesaid average value shall be calculated based on the amount of cash on hand when closing out the days of the calendar month. In so far as the total revenue for the previous financial year is not known, the total revenue for the financial year before that shall be taken into consideration.

(10) In the case of an economic entity established without a legal predecessor, the maximum amount of the daily average - referred to in Subsection (9) - shall be determined based on the total revenue estimated for the given year.

(11) In the case of newly-established economic entities, the accounting policy described under Subsections (3) to (4) and the regulations referred to in Subsection (5) shall be drawn up within ninety days of the date of foundation. Any amendment to the accounting regulations shall be adopted within ninety days of its entry into force.

(12) Having the accounting policy drafted and amended shall be the responsibility of the person authorized to represent the economic entity.


E-mail Us E-MAIL

© 2020 All rights reserved Digcon • XLS.HU - Honlapkészítés
This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies. Find out more.