Consolidated financial statements in light of the Hungarian regulations and the IFRS standards
Companies today have diverse relationship systems. In a legal sense, individual companies exercising influence on each other engage in significant transactions with each other during their operations. Market participants require knowledge of the financial, monetary, and income status of these corpo...
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| Format: | Article |
| Language: | English |
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University of Debrecen, Faculty of Economics and Business
2025-01-01
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| Series: | Competitio |
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| Online Access: | https://ojs.lib.unideb.hu/competitio/article/view/15396 |
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| author | Alexandra Szekeres Angelika Dienes |
| author_facet | Alexandra Szekeres Angelika Dienes |
| author_sort | Alexandra Szekeres |
| collection | DOAJ |
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Companies today have diverse relationship systems. In a legal sense, individual companies exercising influence on each other engage in significant transactions with each other during their operations. Market participants require knowledge of the financial, monetary, and income status of these corporate groups. Therefore, in addition to individual annual reports, it is also important to prepare consolidated financial statements that present the group as a single entity, following either national or international accounting standards.
In our study, the legal background of consolidation will be presented, as well as the rules of consolidation based on Hungarian regulations and the International Financial Reporting Standards (IFRS). Two IFRS consolidated financial statements will be compared, with a particular focus on the consolidated notes on the accounts (Notes), highlighting those intangible assets whose representation and evaluation are significantly different from Hungarian rules. While the selected parent companies present their corporate groups to varying extents and levels of detail, the requirements of the standards are reflected throughout.
JEL code: M40
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| format | Article |
| id | doaj-art-6265126153be43aa9d38fe56ea1d2767 |
| institution | Kabale University |
| issn | 1588-9645 2939-7324 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | University of Debrecen, Faculty of Economics and Business |
| record_format | Article |
| series | Competitio |
| spelling | doaj-art-6265126153be43aa9d38fe56ea1d27672025-01-19T10:50:43ZengUniversity of Debrecen, Faculty of Economics and BusinessCompetitio1588-96452939-73242025-01-01231-210.21845/comp/2024/1-2/4Consolidated financial statements in light of the Hungarian regulations and the IFRS standardsAlexandra Szekeres0Angelika Dienes1Debreceni Egyetem, Gazdaságtudományi KarDebreceni Egyetem, Gzadaságtudományi Kar Companies today have diverse relationship systems. In a legal sense, individual companies exercising influence on each other engage in significant transactions with each other during their operations. Market participants require knowledge of the financial, monetary, and income status of these corporate groups. Therefore, in addition to individual annual reports, it is also important to prepare consolidated financial statements that present the group as a single entity, following either national or international accounting standards. In our study, the legal background of consolidation will be presented, as well as the rules of consolidation based on Hungarian regulations and the International Financial Reporting Standards (IFRS). Two IFRS consolidated financial statements will be compared, with a particular focus on the consolidated notes on the accounts (Notes), highlighting those intangible assets whose representation and evaluation are significantly different from Hungarian rules. While the selected parent companies present their corporate groups to varying extents and levels of detail, the requirements of the standards are reflected throughout. JEL code: M40 https://ojs.lib.unideb.hu/competitio/article/view/15396consolidated financial statementInternational Financial Reporting Standardsbusiness combinationintangible assets |
| spellingShingle | Alexandra Szekeres Angelika Dienes Consolidated financial statements in light of the Hungarian regulations and the IFRS standards Competitio consolidated financial statement International Financial Reporting Standards business combination intangible assets |
| title | Consolidated financial statements in light of the Hungarian regulations and the IFRS standards |
| title_full | Consolidated financial statements in light of the Hungarian regulations and the IFRS standards |
| title_fullStr | Consolidated financial statements in light of the Hungarian regulations and the IFRS standards |
| title_full_unstemmed | Consolidated financial statements in light of the Hungarian regulations and the IFRS standards |
| title_short | Consolidated financial statements in light of the Hungarian regulations and the IFRS standards |
| title_sort | consolidated financial statements in light of the hungarian regulations and the ifrs standards |
| topic | consolidated financial statement International Financial Reporting Standards business combination intangible assets |
| url | https://ojs.lib.unideb.hu/competitio/article/view/15396 |
| work_keys_str_mv | AT alexandraszekeres consolidatedfinancialstatementsinlightofthehungarianregulationsandtheifrsstandards AT angelikadienes consolidatedfinancialstatementsinlightofthehungarianregulationsandtheifrsstandards |