Due to the insecure conditions on the financial markets, tied deposits i.e. deposited cash in banks represent one of the most frequent types of investments by entrepreneurs. Such investments bring lower returns but are usually safer than other types of investments in financial assets. The author of the article explains the accounting process of tied deposits by entrepreneurs in banks.
After using up a certain object of the long-term assets and expiration of its usability period companies try to sell such assets under the most favourable conditions, in order to maintain their equipment on the state-of-the-art level. The author of the article presents the book-keeping and the taxation procedure upon the sales of such assets. The article provides the answers to the questions regarding the book-keeping of sales of long-term assets including the payment of value added tax, as well as other taxes such as profit tax or income tax, primarily.
The costs for personnel take up a large part of the costs of the period in almost all the companies. Accordingly, a great attention is paid to such costs in the International Accounting Standards: the IAS no. 2 which determines the payments based on the rights from stocks and the IAS no. 19 which determines all other income of companies. The article explains the accounting position of short-term income of employees such as compensations of salaries and reservations for annual holidays, as well as the long-term reservations referring to the expenses for severance payments and jubilee awards.
The article analyses and compares financing by various types of contracts on leasing (operational, financial, sale and lease back) with various segments of the contract on leasing (advance payment, guarantee, transfer of ownership, etc.), including credit financing. The factors affecting the choice of leasing are analysed in details, including the presentation of the model of data structuring in order to make the decision on the most favourable way of financing aimed at its application in everyday management and entrepreneurial practice. One of the most relevant factors when choosing a particular contract on leasing is the accounting policy of leasing. Therefore, the existing accounting policies of leasing will be analysed first. Due to the fact that for a while a new approach to the accounting of leasing has been considered (the proposal of the new accounting standard is in preparation), the article presents a short insight into its main guidelines.
Autor: Mr. sc. Snježana BRKANIĆ, dipl. oec. i ovl. rač.
Upon establishment of a company the founders invest their assets (cash, objects or rights), which become the company’s assets and the company’s capital. Before the company has been entered into the court register and has become a legal person the founders have expenses for its establishment. The question arises whether the expenses for a company’s establishment can be regarded as the assets or the expenses of the established company. Such expenses usually comprise administrative costs, court fees, the charges of a public notary, a lawyer, an auditor, a certified property evaluator, the costs of publishing an advertisement, etc. The article explains the accounting procedure referring to recognizing the expenses for a company’s establishment, which is determined by the financial reporting standards.
Large companies on the Croatian market show a trend of diversifying their business activities, the introduction of new production lines and the penetration into foreign markets. Under such circumstances the segmentation has become rather important for the management and other users of business information. Even in the companies which already have the experience with management of the business entities, the concentration of the capital and the establishment of the corporate groups require a review of the present situation and the form of consolidation. The article presents the circumstances and models of business segmentation, including their presentation in the notes to financial statements. This also includes the requirements of the management, public disclosure and the accounting standards. Public disclosure of the information on the segments has an impact on the capital market and the inclusion of the International Financial Reporting Standards.
Various types of invoices issued by business partners are received in business practice. Some of them are addressed to the recipient of goods or services, whereas some of them are not. In view of the value added tax some of the invoices addressed to the recipient of goods or services are marked with an »R«, whereas some are not. Any of the above stated invoices can be settled in different ways. The article provides the examples of recording input invoices and unjustifiably received cash in the budgetary accounting.
Autor: Mr. sc. Nada DREMEL, dipl. oec., ovl. rač. i ovl. rev.
The delivery of goods and services by certain non-profit organizations do not subject to payment of value added tax according to the Value Added Tax Act, whereas certain non-profit legal persons, upon fulfilment of particular criteria, are principally obliged to pay value added tax on the delivery of goods and services. The non-profit organizations which realize income from the provision of catering and tourist services and from the sales of their own products realize the entrepreneurial income. The article presents the accounting procedures referring to the income realized by non-profit organizations and the criteria for their taxation with value added tax.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Non-profit organizations often purchase their assets according to the contract on leasing. This usually comprises equipment and cars. In view of its characteristics the leasing may be financial or operational. From the accounting viewpoint the types of leasing are very important, since they are recorded in different ways in the book-keeping of non-profit organizations. The article presents the recording of business events regarding leasing.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Frequently, employers are obliged to effect certain payments to their former employees or their successors. The article deals with some ambiguities regarding the above stated issues which appear in practice. Pursuant to the Act on Contributions, upon certain payments to the former employee, which determine the income from non-independent work, the contributions are calculated in accordance with the receipts which determine the second income. According to the viewpoints of the Ministry of Finance from 1 January 2009 the calculation of the receipts, according to which the contributions are calculated as those for the second income, whereas the income tax is calculated according to the receipts which determine the income from non-independent work.
A bankruptcy procedure as a specific out-of-court procedure is aimed at the settlement of the group of creditors of the debtor in bankruptcy. Among the creditors of the debtor in bankruptcy there are the employees who claim for the unpaid salaries, severance payments and other compensations they have the right to before the start-up of the bankruptcy procedure. The employees of the debtor in bankruptcy may collect a part of their receivables through the Agency for Insurance of Employees’ Claims in case of the debtor’s bankruptcy. The author of the article writes about the procedure of making claims, their collection and the accounting regarding this issue.
The provisions of the Value Added Tax Act are to be complied with the acquis communautaire of the European Union until the accession date in the EU at the latest. Besides the compliance of the Value Added Tax Act, the Rulebook on the Value Added Tax should also be complied as the implementing regulation. The compliance is primarily carried out with the Directive of the Council no. 2006/112/EC and its amendments. The author of the article writes about the amendments to the Rulebook on Value Added Tax, which became effective on 1 August 2011 and which has partially been complied with the Directive.
In order to improve the taxation system, to speed up the data important for determination of tax liabilities and to check up whether the data in tax returns have been filled in correctly and on time, the legal provisions determine the obligatory use of the electronic service of the Tax Administration within the ePorezna System for large and middle-sized companies. Besides the amended provisions of the Income Tax Act and the Profit Tax Act, which have since the beginning of this year determined the obligation of submitting certain tax forms to the Tax Administration by means of electronic services, the Ministry of Finance introduced the New Rulebook on submitting tax returns and other data by means of electronic services. The Rulebook will become effective on 1 January 2012. It determines the conditions and the ways of electronic transmission of data and the communication with the Tax Administration.
Autor: Mr. sc. Mirjana MAHOVIĆ KOMLJENOVIĆ, dipl. oec.
One of the three categories of the complied tariff products comprised by the Act on Tariffs is alcohol and alcoholic drinks. The category of alcohol and alcoholic drinks includes the following objects of taxation (5): beer, wine, other drinks produced by fermentation except beer and wine, intermediate products and ethyl alcohol. The author of the article analyzes each of these types of alcohol and alcoholic drinks and presents a brief review of some viewpoints of the Ministry of Finance and the Customs Administration.
The decision on appointing an auditor is made by the assembly of the companies which are according to the data presented in their financial reports for the pervious year obliged to have an audit for 2011. They are obliged to choose an auditor until the end of September. This year too, the obligation of audit depends on the organization of the company, the sum of income presented in the profit and loss account for the previous year (2010) and the activities of the company. A share holding company is obliged to have an audit every year, a limited liability company and a limited partnership subject to such an obligation if their annual income in 2010 exceeds the amount of 30 mil. kunas. The auditor is appointed by the assembly.
Although it has been generally accepted that the auditors and audit companies should not be blamed for the present crisis, there are still some ideas arising regarding the auditor’s profession, which is expected to contribute to the mitigation of the present crisis. Among numerous ideas which are considered to contribute to better functioning of the global market, there are some which refer to the regulation of the charges for audit services. The Republic of Croatia, which is about to become the 28th member of the European Union, should certainly find speculations in the EU interesting.
The need for respect of the principle of healthy i.e. reasonable egoism places new challenges and tasks for managers, company supervisors and other supporting organizations such as accountants, auditors, controllers, protectors of legal actions and investigators of crime acts in business. They are aimed at the systematic management of the key risks upon realization of the long-term business goals, as well as those connected to the moral acting. The authors of the article comment on frauds in businesses and the methods of their overcoming, the business egoism and the factors of erosion of such egoism, frauds and motives of prohibited acting and the dealing with frauds in the organization.
Autori: Prof. dr. sc. Franc KOLETNIK Melita KOLETNIK KOROŠEC
The article presents the agenda of the meeting of the International Financial Reporting Standards Board held in May 2011. They published four new standards. The article presents in details the IFRS 12 - Disclosure of Interests in Other Entities, which is applied by the companies which have interests in other branch offices according to contracts on joint venture with subsidiaries and similar investments.
In view of the EU Projects it seems in practice that it is easier to write the project proposal and obtain the EU Funds than to realize the project in the appropriate way. The preparation of the project proposal represents just a promise that the proposed idea can be realized. The first examination of each idea is the real realization of the project. The author of the article stresses the problems upon realization of the EU projects and suggests some solutions.
The European Commission proposed the new rules according to which banks will have to have a three times higher amount of their capital than it was so far. The proposal of the Commission is based on the internationally agreed directives regarding the amount of bank capital, which was adopted by the Basel Committee on Banking Supervision. The European Commission has also proposed the introduction of taxation of financial transactions.
The production of electromechanical components represents a specific production which has the elements of the discontinued and the elements of the process production. Accordingly, the planning of the production is essential. This article presents two models, i.e. two approaches to the planning of the production of electromechanical components in large series: the planning according to the customer’s orders exclusively and the planning according to the production plan, i.e. the planning of the stocks of finished products. The article also shows that the differences in planning of production of electromechanical components in large series depend on the approach to planning.
Autori: Prof. dr. sc. Marijan CINGULA Nenad TRETINJAK
In the developed economies of the west European countries and the USA there are approximately ten methods of evaluation of real estate. All these methods can with certain limits be classified into three basic approaches to evaluation of real estate: the approach based on expenses, the comparative approach and the approach of capitalization of returns. The application of the specific approach depends on a number of factors, the most important being: the goal of determination of the real estate value, the moment of evaluation, the type of real estate, the specifics of real estate, the developments on the real estate market, the skills and knowledge of the evaluator, etc. In the Croatian economic practice the most common method is the method based on expenses, which belongs to the category of the approach based on the expenses. The other method which belongs to the category of the comparative approach is used as the additional method to the method based on expenses.
The article explains in details the terms in the field of a distraint procedure, including obtaining the data on the capital amount, the court fees and the expenses of the distraint procedure. The article also presents a simple calculation of default interests on the capital amount and the calculation of the court fees in Excel, comprising the case when the distrainee and the distraint officer are legal persons and the case when one party is a physical person, including the creation of the complete specification of all the expenses for distraint.
The institute of temporary import and export of goods plays an important role in the customs system of each country. The main characteristic of the temporary import or export is the fact that the goods are temporarily moved from one customs area into another. The imported goods are temporarily under customs supervision of the importing country from the moment of crossing the border line up to the moment of its repeated export into the foreign country or their putting into operation, which not so frequent. The institute of temporary import and export of goods in the Republic of Croatia is regulated by the national regulations including the international convention on temporary import. The article presents the basic guidelines regarding the temporary import into the Republic of Croatia and the Annex C to the Istanbul Convention on Temporary Import – temporary import of means of transportation.
The persons who are engaged in independent activities such as craftsmen, doctors, lawyers, public notaries and similar professions, as well as the persons performing the activities in agriculture and forestry are obliged to pay pension and health insurance if they are not insured on some other basis, usually the status of employment. On the basis of the pension insurance they have the right to the insured years of service and pension and on the basis of the obligatory insurance they have the right to health protection and the compensations in case of incapability to work due to illness, injuries out of and at work and maternity and parental leave. The rights from such insurance are financed by the contributions which are paid by all the insured persons on the determined base according to the decision of the Tax Administration. The author of the article writes about exercising one’s rights to compensation and the way of determination of the compensation for sick leave, maternity leave and parental leave of the above stated insured persons.
Autor: Lucija TURKOVIĆ-JARŽA, dipl. oec. i ovl. rač.
Novodoneseni Zakon o uslugama koji je stupio na snagu krajem srpnja ove godine omogućuje tvrtkama iz EU koje se bave uslužnim djelatnostima da nakon ulaska RH u EU, bez kompliciranih i dugotrajnih zakonskih procedura, započnu svoje poslovanje, odnosno pružanje raznovrsnijih usluga na području RH. Jednako vrijedi i za hrvatske tvrtke koje se bave pružanjem određenih usluga, a koje od trenutka pristupanja RH Europskoj uniji mogu poslovati u bilo kojoj zemlji EU, a da prethodno u njoj ne trebaju registrirati sjedište ili podružnicu. U ovom se članku, uz obrazloženja iz prijedloga Zakona o uslugama, daje kratak pregled njegovih odredaba.
1. Razlozi zbog kojih je Zakon donesen i pitanja koja se njime rješavaju 2. Područje primjene Zakona i djelatnosti na koje se on ne odnosi 3. Načela postupanja nadležnih tijela 4. Pravo na slobodu poslovnog nastana za pružatelje usluga i odobrenje za obavljanje uslužne djelatnosti 5. Sloboda pružanja usluga i iznimke 6. Prava primatelja usluga te sigurnost i kvaliteta usluga 7. Nadzor nad provedbom Zakona, prekršajne odredbe i stupanje na snagu Zakona
At the session held on 8 July 2011 the Croatian Parliament adopted the Act on Amendments to the Act on Health Protection, which became effective on 20 July 2011. The amendments of the Act on Health Protection refer to the organization of the working time of the employees working in health service. Accordingly, the time spent on permanent duty is regarded as a working time and is calculated in the total number of working hours in a particular month. The article provides a comment on the Act on Amendments to the Act on Health Protection. The working time of the employees in health service is specifically analyzed.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Materijalno pravo radnika koje se ne temelji na nekom propisu ili autonomnom izvoru radnoga prava može se uspostaviti i realizirati, uvjetno rečeno, odlukom poslodavca, ali ne kao pravo iz radnog odnosa, nego kao pravo iz građansko pravnog odnosa (ugovor o darivanju). No stvar se može argumentirano postaviti i drukčije pa da ipak bude riječ o pravu iz radnog odnosa. O tome pišemo u nastavku iznoseći argumentaciju za svaku od dvije navedene teze.
1. Teza o ugovoru o darovanju 2. Teza o izmjeni ugovora o radu 3. Zaključak
Donesen je novi Zakon o javnoj nabavi koji se u pretežitom dijelu svojih odredaba primjenjuje tek od 1. siječnja 2012. Iako je donesen novi zakon, zamjetan dio njegovih odredaba sadržajno nije mijenjan u odnosu na važeći Zakon o javnoj nabavi. S obzirom na to, ovim se člankom daje sažetak bitnih promjena sustava javne nabave.
1. Uvod 2. Bitne promjene u sustavu javne nabave 3. Zaključno
1. Sažeti prikaz kretanja 2. Cijene 3. Indeks proizvođačkih cijena industrije 4. Industrijska proizvodnja 5. Vanjskotrgovinska razmjena 6. Trgovina na malo 7. Turizam 8. Plaće 9. Likvidnost i solventnost
