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.
Industry sectors covered by the instrument
Organizations covered by the instrument
All organizations except those in the public sector
Type of instrument
Mandatory or voluntary
The geographical scope