Accounting Act, Act C, Section 95, 2000.

Hungary Current 2000

The EU Modernisation Directive (2003/51EC directive) was implemented in Hungary by Act XCIX, approved by the Hungarian Parliament in October 2004. The requirements of the directive were incorporated into the Accounting Act, Act C of 2000. There is no specific detailed guidance for reporting and assurance on these disclosures. The regulation resulted in very limited development of non-financial reporting. Most of the companies meet the requirements but the separate section dedicated to non-financial performance in annual reports is mostly descriptive and has limited quantitative content.

Scope

General sustainability/ESG/non-financial

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

All organizations except those in the public sector

Issuer type

Finance/Treasury

Type of instrument

Legislation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

Project Partners