The article presents the procedures regarding determination of annual financial reports and distribution of profit i.e. loss coverage according to the provisions of the Companies' Act and the corresponding tax regulations. The article also describes the accounting procedures upon determination of the financial results of operations, i.e. determination of the profit or the loss made in 2010, distribution of profit or loss coverage. Besides, it explains the prepayment of the profit in 2010 and payment of the realized net profits.
Autori: Dr. sc. Vlado BRKANIĆ, prof., ovl. rač. i ovl. rev. Tamara CIRKVENI, mag. oec., univ. spec. oec.
The obligation of profit tax upon the final recording of the company's business results is entered on the account of profit and as current liabilities. However, the tax liability is frequently determined by addition of the temporary differences. Such temporary differences cause deferred tax assets i.e. deferred tax liabilities. When the corresponding conditions have been fulfilled, the deferred tax liability i.e. the deferred tax assets have to be compensated i.e. used. The article shows some characteristic examples of such book-keeping and recording of the profit tax liability in financial reports.
Companies are obliged to submit to the Financial Agency their annual financial reports for statistical needs until 31 March 2011. Besides the balance sheet and the profit and loss account, other data should also be submitted to the Financial Agency. They mostly comprise the explanations of the specific entries in the balance sheet and the profit and loss account for statistical needs. The balance sheet and the profit and loss account are to be prepared in accordance with the provisions of the new Rulebook on Structure and Contents of Annual Financial Reports, whereas the additional data for statistical needs have been extended compared to those last year. The article presents only the changes of the structure and contents of such financial reports. It also includes the explanations entering the additional data in connection with the data from the balance sheet and the profit and loss account.
Autor: Mr. sc. Đurđica JURIĆ, dipl. oec. i ovl. rač.
The article presents in detail the companies obliged to submit their annual financial reports, the purpose and deadlines of submitting the annual financial reports, the documents to be submitted and in which way, the forms to be used upon preparation of their annual financial reports and how and where such annual financial reports and other documents will be published.
The author of the article comments on the contents of the Rulebook on Form and Amount of Company's Capital for Managing of Investment Funds. The Rulebook determines the way of calculating the minimum amount of a company's capital for managing, including the examples. The article specifically explains the protection of investors, securing the efficient functioning of the market and the reduction of the systemic risk. The systemic risk comprises the activities which influence the possibility of reducing bad performance of the financial mediators on the market including the corresponding negative consequences for the investors, the financial market and the society as a whole.
The accounting of the expenses of the current and investment maintenance of fixed tangible assets and the additional investments in such assets is regulated by the CFRS 6 – Fixed Tangible Assets and the IAS 16 – Real Estate, Plants and Equipment. The author of the article explains the accounting procedure of the additional investments into fixed tangible assets and the investments into the essential parts of such assets. Due to the fact that the essential parts of fixed tangible assets require a separated calculation of depreciation, the article also presents the accounting of depreciation of such assets.
Although the Act on Consumer Credit came into force on 1 January 2010, creditors and credit mediators have a transitional period of one year (until 1 January 2011) to align their operations with the provisions of the above stated Act. The Act regulates consumer credit agreements, the information and rights to consumer credit agreements, access to the database, supervision and protection of consumers, in which the user of the credit is the consumer who gets the credit under the conditions and for the purposes determined by the Act. The article deals with the above stated issues, other characteristics of consumer credits and the accounting and taxation viewpoints of such credits.
Autor: Mr. sc. Katarina HORVAT JURJEC, dipl. oec. i ovl. rač.
In some cases the employer may send a physical person, who does not have an employment status, on a business trip in order to perform some work. The article describes the procedures of recognizing, calculating and payment of the expenses in the country and abroad to the physical persons who are not employed in the company or to some other legal or physical persons. Such procedures are substantially different.
Environmental awareness of citizens and the impact of the recession have resulted in more and more people selling secondary raw materials. The buyers of secondary raw materials can record the purchased raw materials as commodity or material, depending on the purpose of raw materials and the type of activity. Upon purchase and payment of compensation buyers should pay attention what they buy and from whom, including other relevant data. The contents of the article describe the procedure of purchase of raw materials and data processing in accounting of buyers.
The article deals with the revealing of misuse in accounting, i.e. the recognition and revealing window dressing. Besides the techniques used in practice for data adjustment, for research and prevention of forging financial reports it is necessary to know the basic forms of this phenomenon of white-collar crime as well as the motives and reasons why the management should try the creative accounting. The application of the triangle concept of forging in forensic accounting can be substantially useful.
This workshop of budgetary accounting presents recording of the sales of fixed non-financial assets on loan and the release of debt regarding the previously received cash loan. The recording should include the sales of the fixed non-financial assets on loan and the recognized income and expenditure regarding the granted loans. The release of debt has a characteristic of gift-giving and therefore upon the debt release regarding the previously received debt, the income from donations should be recorded if the debt is released by the person outside the general budget.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
The provisions of the Act on Obligatory Relations determine gift-giving, whereas the term of donation is not defined by any regulation. The term of donation can be equated with gift-giving. Contrary to the above stated issues, a sponsorship has a totally different meaning from the accounting and taxation viewpoints. The article describes the differences between donations or gift-giving and sponsorships to non-profit organizations and provides the example of book-keeping in accounting records.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The article presents a brief review of some regulations regarding the distraint on salary with a special emphasis on the provisions of the new Distraint Act.
In the Croatian law and the Rulebook on VAT there are a few provisions regarding the correction of errors in invoices. In view of the correction of invoices, i.e. the illegally or incorrectly calculated VAT, the tax authorities should allow the procedure of correcting the invoice, because in such a way the application of the principle of the VAT neutrality is secured. The possibility of correction of the illegally or incorrectly calculated VAT amount is aimed at exercising the right to withholding of the prepaid tax, which secures the neutrality of such a tax. The author of the article presents the procedure regarding the above stated issues determined by the Directive 2006/112/EC and the practice of the European Court of Justice.
The latest amendments to the General Tax Act are aimed at complying certain provisions with the technological advancement and the modernization and improvement of submitting tax returns electronically, including the need to comply the provisions of the General tax Act with the Council Directive 85/611 EEC and the Council Directive 2003/48/EEC.
The amendments to the Act on Capital Transfer Tax comprise the creation of the legal preconditions for preparation of the IT-solutions for the procedures of determining the capital transfer tax. The support of the process of determining the tax base and the corresponding capital transfer tax by IT-solutions tries to simplify, speed up and make the system of collection of the capital transfer tax easier. The article provides the comments on the amendments to the Act on Capital Transfer Tax, including the taxation procedure.
The objective of the project of financial reporting is to set up the general standard which will be a guideline of the organization and presentation of information in financial reports. The proposal of the changes should directly affect the way how the company's management presents the information in the financial reports to the beneficiaries of the financial reports, including primarily the existing and prospective investors and creditors.
The European Commission proposed a number of bills aimed at reforming the rules on public procurement, VAT, waste and other issues important for economic activities. Keywords:
The article presents the contents and gives comment on the application of the new sub-legislation of the Ministry of Justice regarding promissory notes. It describes in details the forms of promissory notes, their contents, new forms and the expenses for their issuing.
The Act on Prevention of Money Laundry and Financing of Terrorism determines the obligation of drawing up the corresponding by-laws. Due to the fact that certain groups obliged to act according to the above stated Act have the same starting points, their by-laws may have similar contents. Such by-laws should contain certain measures, activities and procedures regarding prevention and revealing of money laundry and financing of terrorism. The author of the article describes the contents of such by-laws and presents an example. Keywords:
The new amendments to the Act on Foreign Currency Transactions became effective on 1 January 2011. Although some of its essential provisions have been changed and deserve a specific attention, their number is not substantial. A special attention should also be paid to the liberalized provisions in the field of foreign currency transactions, which have recently been changed but remained almost unnoticed. This article offers a brief summary of the essential provisions in the field of foreign currency operations, which comprise both types of information.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
As every year, the Croatian Trade Chamber determined the payment of contributions in a lump sum for 2011. Sole traders and other obligatory payers settle the contributions in a lump sum in a certain percentage of their income or profit. The obligation of payment of contributions arises on the date of entry into the trade register and ceases on the date of deleting from the register. Accordingly, the sole traders who perform their activities in the particular time of the year, have to pay the contributions during the temporary cessation of their activities as well as the new sole traders.
Autor: Mr. sc. Ljerka MARKOTA, dipl. oec. i ovl. rač.
The new Act on Catering Services and the corresponding regulations made according to this Act determines the deadlines of compliance with this Act, i.e. rulebooks. The article presents the obligations of compliance for the citizens providing catering services on their own premises and in the closed-up facilities (holiday resort, food-serving facilities, etc.) as well as the obligation of compliance for campsites, restaurants, bars and catering facilities.
Retired persons can realize additional receipts besides their pension from the activities for which there is no obligation of acquiring the status of the insured person within the pension system. This does not refer to the employment status, crafts businesses or free professions, neither being a member of the board of a company, due to the fact that such activities can be performed only on the basis of authorization of the competent bodies, i.e. it requires the registration which automatically establishes the status of the insured person in the pension insurance system, resulting in the payment of pension. However, there are many activities, whereby retired persons do not need to have the status of the insured person and pay only taxes, without contributions. In such a case the payment of pension is not cancelled. The article presents such activities and the conditions under which they can be performed.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
Employment of foreigners has become an increasingly common practice of domestic employers. Similarly, due to the globalization of business and the will of foreigners to conduct business many foreign citizens have established companies, crafts businesses and similar activities in Croatia. In terms of regulations on the work of foreign residents, the article presents the way of establishing a company or a crafts business by a foreign citizen in the Republic of Croatia, including the procedure of employing a foreign citizen.
In some economic activities the nature of business requires the work in shifts and frequently the re-arrangement of working time. Such situations cause uncertainties regarding the determination of the employment status and the issue of prohibition of termination of employment. The author of the article presents the legal provisions which should help employers upon solving the problem of working in shifts, re-arrangement of working time and prohibition of termination of employment.
The security of payment of various receivables may be achieved if a debtor or his/her guarantor signs the right to mortgage on real estate. The article explains the procedures prior to the entry of mortgage into land registers until its deleting – ceasing of mortgage i.e. collection of receivables from mortgage.
The Budget Act determines incurring debts, provision of securities and consent of the units of local and regional governments, legal persons directly or indirectly owned by them in majority and the institutions founded by the unit of local and regional government as well as those which are not budget beneficiaries. The article presents and analyses the Rulebook regarding the procedure of incurring debts and provision of securities and consent of the units of local and regional governments and their application.
The author of the article presents and comments on the contents of the Collective Agreement for the secondary school employees signed on 21 December 2010 between the Government of the Republic of Croatia and the Independent Trade Union of Secondary School Employees of Croatia. The main characteristic of the Collective Agreement is the fact that it was signed for the period of four years and that almost all the rights stated in the previous agreement were retained.
The expected changes in the structure of the world product show that the centre of the world economy will fastly continue to move to Asia, having far-reaching effects on the economic policy in all the areas (macro-economics, foreign trade policy, use of natural resources, development of agriculture and technology). It is therefore necessary to create the policy of development for each country, which will adjust to the new tendencies in the world economy. Even now this requires a wide range of changes in the whole world and the economic policy of specific countries.
1. Opći pregled 2. Cijene na malo 3. Indeks proizvođačkih cijena industrije 4. Industrijska proizvodnja 5. Vanjskotrgovinska razmjena 6. Trgovina na malo 7. Turizam 8. Plaće 9. Likvidnost i solventnost 10. Zaposlenost
