Due to the large number of business entities, accountants are mostly familiar with the business operations and accounting of companies- This article provides the basic guidelines on the non-profit accounting and should primarily help the accountants who encounter the non-profit accounting for the first time. It also points to the basic differences in the taxation systems and a few instructions regarding labour law and the contributions for the mandatory insurances of physical persons.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
In the non-profit accounting system for 2014 there were minor changes that which the persons engaged in non-profit accounting should take into consideration when checking the accounting volume of the business events and the way of their recording. Due to the fact that the final accounting checks, in principle, are performed at the end of the year, this article explains the accounting of a series of business events that are inherent in the work of non-profit organizations included in the accounting system. This article explains the check-ups of the data recorded in double-entry bookkeeping with a special reference to the changes that have been applied since 1 January 2014 and are relevant in accounting.
Autori: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
According to the Directive on Non-Profit Accounting non-profit legal persons are at the end of the business year obliged to adjust their bookkeeping state of assets and liabilities with the real state determined by the listing (stocktaking). The regular listing of the total assets and liabilities by non-profit legal persons represents an undisputable obligation. The obligation of performing the listing at the beginning of business operations and at the end of each business year enables the determination of the real state of the assets and liabilities as at 31 December. The listing of assets and liabilities enables the control of work and handling by all those persons to whom the assets have been entrusted for keeping and handling.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
Assets represent the resources controlled by the non-profit legal person as the result of the past events, from which benefits are expected in the future. The value of the fixed assets is gradually being reduced, resulting in the decreased net/estimated value. The persons applying the Directive on Non-Profit Accounting are obliged to calculate depreciation upon the decrease of the value of the fixed assets, i.e. a write-off (adjustment) of the value, according to the defined depreciation rates for fixed assets stated in the above stated Directive.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
After recording all the business events for 2014 in the non-profit accounting and before preparation of the financial reports, the surplus/deficit resulting from the business operations should be determined. The technique of the final recordings for 2014 is equal to the technique applied in 2013 due to the fact that there were no changes in the accounting procedure. It is determined by the corresponding legal regulations which have to be considered. This issue also contains the article on the check-up of the accounts. Besides the technique of determination of surplus or deficit of income (results), this article points to the procedures of dealing with the surplus/deficit of income, regardless of the year for which it was determined.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
The persons engaged in double-entry bookkeeping in the non-profit accounting system are principally obliged to submit the annual financial reports for 2014. The annual financial reports, except the notes to the financial reports, are to be submitted to the FINA and the State Audit Office. The contents of the financial reports for 2014 are slightly different than those of the financial reports for 2013.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
All the non-profit organizations, obliged to apply the new regulations on their business operations as of 1 January 2015, should not forget to take into consideration the essential changes compared to those applied until the end of 2014. Many non-profit organizations have not made the proper steps in view of their obligations of keeping the records and financial reporting for 2014. This article provides the instructions how to set a starting point for the correct application of the accounting system and the system of financial reporting in non-profit accounting.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
The Act which regulates the operations of associations also determines six reasons for termination of work of an association. Certain reasons are connected with the liquidation procedure, which is explained in detail in this article, with the specific stress on the liquidation procedures in the transitional period.
The deliveries of goods and services made by a certain number of non-profit organizations do not subject to VAT taxation according to the VAT Act, whereas a certain number of non-profit legal persons are in certain conditions obliged to pay VAT on the delivered goods and services. The non-profit organizations which receive income from rendering services in catering and tourism or the sales of their products and services acquire entrepreneurial income.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
